道琼运输平均指数已连续九日上涨，本世纪仅出现过另外五次类似涨势，并突破过去一年多次受阻的技术压力位，创下自去年12月以来新高。依据道琼理论，运输股与工业股同步走强，代表企业不仅在生产，也在实际出货，有助缓解市场对经济成长放缓的疑虑，被视为这波美股涨势可持续的强烈确认讯号。

这波运输股循环性上涨出现在联准会预期将于下周降息之际，也伴随资金自大型科技与AI题材股撤出，转向较小型、对景气更敏感的个股。上个月，华盛顿国际快递、西南航空与达美航空股价各自上涨逾10%，相较之下，辉达同期下跌13%，显示市场领涨结构明显从少数科技龙头扩散至更广泛族群。

产业面上，新商用驾照与英语能力规范恐削减卡车司机供给，长期收紧运能并推升运价，有利运输商获利。策略师指出，运输股在过去三年于「二元化经济」中表现长期落后，如今若能持续跑赢大盘，将是美股涨势「由点到面」扩散、行情真正转向更广泛产业与公司的一个关键且看多的讯号。

The Dow Jones Transportation Average has risen for nine consecutive sessions, a streak seen only five other times this century, and has broken through a resistance level that capped gains over the past year, reaching its highest point since last December. Under Dow Theory, transports advancing alongside industrials signal that companies are not only producing but also delivering, easing fears about slowing growth and reinforcing the durability of the ongoing US equity rally.

The transport-led cyclical upswing comes as investors expect the Federal Reserve to cut interest rates next week and as leadership rotates away from mega-cap technology and AI-related stocks toward smaller, economically sensitive names. Last month, Expeditors International of Washington, Southwest Airlines, and Delta Air Lines each gained more than 10%, while Nvidia fell 13% over the same period, indicating that market gains are broadening beyond a narrow group of tech high-flyers.

Industry-specific dynamics also support the bullish outlook: new Commercial Driver’s License and English proficiency rules are likely to reduce the supply of truck drivers, tightening capacity and pushing freight rates higher over the long run. Strategists note that transportation stocks have persistently underperformed over the past three years in a bifurcated economy, so sustained outperformance by transports now would be a powerful signal that the market rally is widening across sectors and company sizes.