Sou Hu Cai Jing·2025-09-25 23:33Core Viewpoint - The recent decline in U.S. stock markets, particularly in technology stocks, is attributed to a recalibration of valuations and risks, especially concerning Oracle's cloud business and AI expectations [3][4]. Group 1: Market Performance - The S&P 500, Dow Jones, and Nasdaq have all experienced a three-day decline, with Oracle's stock dropping 5.6% due to concerns over overly optimistic AI projections [3]. - Tesla's stock also fell by 4.4%, contributing to the overall market downturn [3]. Group 2: Economic Indicators - The U.S. 10-year Treasury yield rose to 4.2%, causing anxiety among technology stocks as higher yields imply more expensive borrowing [3]. - Initial jobless claims were reported at 218,000, nearly 20,000 lower than expected, indicating a stable job market [3]. - The second quarter GDP was revised upward to 3.8%, reinforcing the notion that the Federal Reserve may delay interest rate cuts [3][4]. Group 3: Investment Strategy - Long-term investors are advised to focus on the Federal Reserve's stance rather than daily market fluctuations, as stable employment and strong GDP growth suggest a slower pace for interest rate cuts [4]. - The upcoming personal consumption expenditures price index and potential government shutdown may add further market volatility [5].