#美联储降息 The recent correction in the US stock market has been quite intense. All three major indices are down across the board, with the Dow falling 0.51%, the S&P dropping 1.07%, and the NASDAQ plunging 1.69% — technology stocks have become the hardest-hit sector in this round of adjustment.

The chip sector is especially painful; Broadcom’s stock plunged over 11%, dragging the entire semiconductor sector down with it. The AI concept stocks aren’t doing much better, with Nvidia falling over 3%, and tech giants like Google, Microsoft, Meta, and Amazon all dropping more than 1%. Frankly, the market is starting to doubt whether the valuations of these tech stocks are a bit inflated. Oracle’s earnings report missed expectations, further fueling concerns about the return on AI investments. As a result, funds are shifting away from these high-valuation tech assets into defensive sectors, with selling waves continuing one after another.

Chinese concept stocks are not immune either. The NASDAQ Golden Dragon China Index closed down 0.3%, with many popular Chinese stocks declining. E-commerce and tech-related Chinese stocks are especially struggling amidst regulatory uncertainties overseas and year-end profit-taking, leading to increasing sector divergence. However, compared to the turbulence in US tech stocks, the declines in Chinese stocks are relatively mild, with some defensive assets showing more resilience.

This correction in the US stock market actually reflects how strong the global capital market linkage is. Tech stocks need to digest valuations, and policy expectations are also changing — these two factors are the real key. With year-end approaching, institutional funds are rebalancing their portfolios, and market liquidity and risk appetite are likely to continue fluctuating. The future direction of the market will largely depend on the Federal Reserve’s policy moves and the fundamental performance of listed companies. $BTC $ETH