Sou Hu Cai Jing·2025-09-03 02:59Market Overview - Long-term government bond yields have surged significantly due to a combination of heavy corporate bond issuance and concerns over the fiscal situation in developed countries, directly impacting U.S. stock valuations, particularly high-valuation large tech stocks [1] - The U.S. stock market experienced a broad decline, with the "Magnificent 7" tech giants all falling, led by Nvidia [1][12] - The 30-year U.S. Treasury yield approached the psychological threshold of 5%, while gold prices surged to a historical high, supported by safe-haven demand [1][34] U.S. Stock Performance - Major U.S. stock indices opened lower, with the Nasdaq down 1.7% and semiconductor stocks leading the decline [5] - The S&P 500 index closed down 44.72 points, a decrease of 0.69%, while the Dow Jones Industrial Average fell by 249.07 points, or 0.55% [6] - The Nasdaq index dropped 175.992 points, a decline of 0.82%, marking the first time since April that it fell below the 50-day moving average [8] Sector Performance - The semiconductor ETF fell by 1.31%, leading declines among U.S. industry ETFs, while the Magnificent 7 index decreased by 1.10% [10][8] - The real estate sector also faced challenges, with the S&P real estate sector dropping over 1.7% [3] International Market Impact - European stock markets also declined, with the STOXX 600 index down 1.5%, and the real estate sector experiencing a 3.6% drop [14][18] - The German DAX 30 index fell by 2.29%, while the French CAC 40 index decreased by 0.70% [18] Bond Market Dynamics - U.S. Treasury yields rose across the board, with the 10-year benchmark yield increasing by 3.30 basis points to 4.2614% [22] - The 30-year German bond yield reached a multi-year high, reflecting a broader trend of rising yields in developed markets [19] Commodity Market Movements - Gold prices broke the $3,500 mark, reaching a historical high, while silver prices surged to a 14-year high [5][34] - Crude oil prices also saw significant movement, with WTI crude oil futures rising approximately 2.5% [30][32]