避险模式重启：纳指跌逾3%，黄金再破4000美元｜美股一线

Market Overview - On October 10, U.S. stock markets experienced a significant decline, with the S&P 500 dropping 2.71% to 6552.51 points, marking its largest single-day drop since April [1] - The Nasdaq Composite fell 3.56% to 22204.43 points, also the largest drop since April, while the Dow Jones Industrial Average decreased by 1.90% to 45479.60 points [1] - Following the market downturn, major tech stocks like Nvidia, Tesla, and Oracle saw declines exceeding 2%, with some stocks like Cadence dropping over 3% [1] Commodity Market Reaction - The commodity market faced a downturn, with WTI crude oil prices falling over 4%, nearing their lowest point of the year, and copper prices also dropping more than 4% [1] - Investors shifted towards safe-haven assets, leading to a surge in spot gold prices, which surpassed $4000 per ounce [1] - The yield on 10-year U.S. Treasury bonds decreased by nearly 8 basis points, indicating a flight to safety among investors [1] Government Shutdown Impact - The U.S. federal government entered its tenth day of shutdown, with layoffs beginning as announced by the White House Office of Management and Budget [2] - The ongoing budget dispute has led to tensions between Democrats and Republicans, with each side blaming the other for the situation [2] - Market reactions to the shutdown indicate a mix of policy impact and investor sentiment, with some analysts noting a prevailing blind optimism among investors [2] Earnings Season Outlook - The earnings season is set to commence next week, with major banks like Citigroup and JPMorgan expected to report their Q3 results [3] - Since the April lows, global markets have rebounded significantly, driven by a more accommodative Federal Reserve policy and resilient economic indicators [3] - Concerns are rising regarding whether stock prices have outpaced fundamental valuations, particularly in the tech sector, which has seen rapid valuation increases [3] AI Investment Concerns - A recent survey indicated growing skepticism about the return on investment in artificial intelligence, with over two-thirds of participants believing that AI-driven corporate performance will continue to excel [3] - However, a similar proportion expressed doubts about whether the costs associated with AI investments are justified by the returns [3] - Analysts suggest that monetizing AI investments will not be limited to a few large-cap companies, as many firms currently view AI as a cost rather than a revenue source [4]