U.S. tech stocks lead the decline, dragging down the market; Chinese concept stocks also feel the pressure

During recent trading in Eastern U.S. time, the three major U.S. stock indexes collectively experienced a pullback, with market risk appetite significantly cooling. By the close, the Dow Jones Industrial Average fell 0.51%, the S&P 500 Index dropped 1.07%, and the Nasdaq Composite Index, which is heavily weighted towards tech stocks, saw the most significant decline at 1.69%, becoming the hardest-hit area in this adjustment.

The technology sector became the main force behind the decline, with leading companies generally under pressure. Chip giant Broadcom's stock plummeted over 11%, dragging down the semiconductor sector as a whole; AI leader NVIDIA's decline exceeded 3%, and the tech giants including Google, Microsoft, Meta, and Amazon all fell more than 1%, reflecting growing market concerns about tech stock valuations and industry prospects. The doubts about AI investment returns raised by Oracle's disappointing earnings report further amplified the selling pressure in the tech sector, as funds began to shift from overvalued tech assets to defensive sectors.

The Chinese concept stock market was also affected by sentiment, with the Nasdaq Golden Dragon China Index closing down 0.3%, and most popular Chinese concept stocks declining. E-commerce and tech-related Chinese concept stocks performed poorly, compounded by uncertainties in overseas regulatory policies and year-end profit-taking factors, leading to increased internal sector divergence. However, compared to the significant fluctuations in U.S. tech stocks, the declines in Chinese concept stocks were relatively moderate, with some defensive targets showing a certain level of resilience.

This adjustment in the U.S. stock market highlights the interconnectedness of global capital markets, with tech stock valuation digestion and changes in policy expectations becoming core influencing factors. As the year-end rebalancing process of institutional funds progresses, market liquidity and risk appetite may continue to fluctuate, with subsequent Federal Reserve policy directions and corporate fundamentals becoming key determinants of market trends. $BTC $ETH #美联储降息 #加密市场反弹 #美联储FOMC会议 #美SEC推动加密创新监管 #加密市场观察