中国资产深夜拉升，加密货币集体大跌，超16万人爆仓

Market Overview - As of August 25, US stock indices opened lower, with the Dow Jones down 0.41%, S&P 500 down 0.15%, and Nasdaq up 0.1% [1][2] - The Nasdaq China Golden Dragon Index increased by 1.22%, with most popular Chinese stocks rising, including notable gains from NetEase and High Tide [2][3] Key Company Performances - Major US tech companies showed mixed results, with Google up 1.25%, NVIDIA up 0.81%, and Apple up 0.58%, while Meta Platforms declined by 0.21% [3] - Pinduoduo's stock experienced significant volatility, initially rising over 10% before settling at a 0.82% increase, following a Q2 report showing a revenue growth slowdown to 7% year-on-year, totaling 104 billion yuan, and a net profit decline of 4% to 30.75 billion yuan [7][8] Economic Indicators - Federal Reserve Chairman Jerome Powell indicated a potential for interest rate cuts in the coming months, despite inflation risks, emphasizing the need for action due to a softening job market [11][12] - Recent data showed a concerning trend in the US job market, with significant layoffs across various sectors, suggesting a potential economic downturn [12][16] - Retail giants like Walmart and Target have begun to feel the impact of tariff costs, with Walmart considering price increases and Target lowering its revenue forecast [16] Cryptocurrency Market - The cryptocurrency market faced a significant downturn, with Bitcoin dropping below $112,000, reflecting a 2% decline over 24 hours, and over $860 million in liquidations reported [8][9]