Friday night was really tense. Global futures markets collectively plummeted, with the Nasdaq dropping nearly 2%, gold also taking a hit, and Hong Kong stock futures falling sharply as well. Looking at this start, it’s clear we need to be mentally prepared for the weekend.

There are many opinions about this decline. The negative news in the tech sector is at the forefront—Oracle delaying data center construction directly fueled market doubts about AI earnings growth. But to be honest, it’s fundamentally an old issue: prices surged too rapidly. Gold is approaching previous highs, and after the rate cut expectations materialized, a correction is expected—it’s a natural rhythm.

Here’s the interesting part: US stocks and gold have at least rebounded once, but the A-shares market is a bit awkward. Everyone knows—A-shares are like that—they lag when prices rise and never miss a dip when they fall. Trying to break out with an independent trend on Monday? That’s quite challenging. As for Hong Kong stocks, futures have already led the decline, and a low open next week is highly likely. The only hope now is some positive news over the weekend to hedge against the downside.