全球资产“换挡”，美股暴跌

Core Viewpoint - The recent market downturn is interpreted as a "news-driven" emotional shock, reflecting policy uncertainty and previous market complacency [1] Group 1: Market Performance - On October 10, major U.S. stock indices experienced significant declines, with the S&P 500 dropping nearly 2.7% and the Nasdaq 100 retreating about 3.5% [1] - Bitcoin fell approximately 4%, while commodities like copper, wheat, and cotton also saw declines [1] - The VIX volatility index surged above 20, and the 10-year U.S. Treasury yield decreased by 9 basis points to around 4.06% [1] Group 2: Investment Sentiment - Many institutions had already warned about risks in the U.S. stock market, citing overbought conditions and crowded positions, which could trigger a significant pullback [2] - Despite the downturn, capital liquidity remains adequate, with global equity funds seeing a net inflow of about $20 billion and bond funds attracting $25.6 billion as of October 8 [2] - Wedbush Securities analyst Daniel Ives suggests that the current pullback may present a buying opportunity, particularly in semiconductor, software, and major tech stocks [2] Group 3: Future Market Focus - The market will primarily focus on clearer tax lists or exemptions and updates on AI investment returns and order visibility from leading tech companies in their earnings reports [3] - If tax conditions do not worsen and earnings reports meet expectations, the market may recover along fundamental lines; otherwise, earnings assumptions and valuation anchors may need to be adjusted [3]