避险模式重启：纳指跌逾3%，黄金再破4000美元

Market Overview - The U.S. stock market experienced a significant decline on October 10, with the S&P 500 index dropping 2.71% to 6552.51 points, marking its largest single-day drop since April. The Nasdaq Composite fell 3.56% to 22204.43 points, and the Dow Jones Industrial Average decreased by 1.90% to 45479.60 points [1] - Following the market downturn, major tech stocks such as Nvidia, Tesla, and Oracle saw declines exceeding 2%, while New Cisco Technology and Cadence dropped over 3% [1] Risk Aversion and Safe-Haven Assets - Heightened risk aversion led to a significant drop in commodity markets, with WTI crude oil falling over 4% and approaching its lowest point of the year. Copper prices also declined by more than 4% [2] - Investors shifted towards safe-haven assets, with spot gold surpassing $4000 per ounce and the yield on 10-year U.S. Treasury bonds decreasing by nearly 8 basis points [2] 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. The ongoing budget dispute has intensified, with both parties blaming each other for the situation [2] Earnings Season and Valuation Concerns - The upcoming earnings season is critical, with major banks like Citigroup and JPMorgan set to release their Q3 results. The focus is on whether stock prices have outpaced fundamental performance [4] - Concerns about high valuations are rising, as the S&P 500 index's price-to-earnings ratio approaches its highest level in 25 years. Analysts suggest caution against blindly chasing stocks in the current market environment [2][4] AI Investment Sentiment - There is growing skepticism regarding the return on investment in artificial intelligence, with a recent survey indicating that while many believe AI-driven performance will continue, a similar number question the value of corporate spending on AI [4] - Experts suggest that monetizing AI investments will not be limited to a few large-cap companies, and many firms currently view AI as a cost rather than a revenue source, which may pose challenges in the future [5]