深夜急跌，大地震前的震颤

Market Overview - The Nasdaq index experienced a significant drop of 1.4%, marking the second-largest decline since the trade tariff turmoil in April, erasing gains from the previous seven trading days [2] - Nvidia's stock plummeted by 3.5%, contributing to the overall market decline, highlighting the heavy reliance of the U.S. stock market on a few tech giants [2] Market Dynamics - Despite over 350 companies in the S&P 500 seeing stock price increases, the downturn of major tech stocks overshadowed these gains, indicating a potential vulnerability in the market structure [2] - The market is showing signs of risk aversion, with U.S. Treasury bonds and the dollar strengthening as investors seek "insurance" against risk assets, similar to behaviors observed during the 2008 financial crisis [2] Investor Sentiment - Concerns are rising on Wall Street regarding the current market conditions, drawing parallels to the internet bubble of the 1990s, with discussions around inflated valuations reminiscent of that era [3] - The volatility of individual Nasdaq stocks has exceeded the index's volatility by 19 points over the past month, indicating a potential prelude to significant market movements [3] Future Outlook - The market's direction is heavily dependent on Federal Reserve Chair Jerome Powell's upcoming statements, with current market pricing reflecting an expectation of dovish monetary policy [3] - Any deviation from these expectations could lead to increased volatility, as the market is currently positioned for a potential rate cut [3]