Zhong Guo Ji Jin Bao·2025-11-05 00:27Market Overview - The U.S. stock market experienced a significant decline, with all three major indices falling sharply. The S&P 500 dropped by 1.17%, the Nasdaq Composite fell by 2.04%, and the Dow Jones Industrial Average decreased by 0.53% [2][11]. Valuation Concerns - Concerns about valuations were heightened by warnings from prominent investors, including Michael Burry, who has taken bearish positions on AI stocks like Palantir and Nvidia. Goldman Sachs' CEO predicted a potential market pullback of 10% to 20% over the next 12 to 24 months [4][2]. Technology Sector Performance - Major tech stocks saw significant declines, with Micron Technology down 7.10%, Qualcomm down 4.36%, Oracle down 3.77%, Tesla down 5.15%, Nvidia down 3.96%, and Google down 2.13%. However, Apple saw a slight increase of 0.37% as it plans to enter the low-cost laptop market [5][6]. Tesla's Shareholder Meeting - Tesla is set to hold its annual shareholder meeting on November 6, where a controversial compensation plan for CEO Elon Musk will be voted on. The plan could grant Musk an additional 12% stake in Tesla if he increases the company's valuation to $8.5 trillion [7][8]. M&A Activity in Biotechnology - Pfizer and Novo Nordisk are in a bidding war for the biotechnology company Metsera, with Pfizer raising its offer to $8.1 billion, while Novo Nordisk's bid stands at $10 billion. Metsera has the right to terminate its current agreement with Pfizer if it finds Novo Nordisk's offer more favorable [9]. Chinese Stocks Performance - The Nasdaq Golden Dragon China Index fell by 2.05%, with notable declines in Chinese companies such as Xiaomi down 4.70%, Meituan down 3.57%, JD.com down 2.93%, Alibaba down 2.03%, and New Oriental down 2.10% [11][12]. Gold and Oil Market Trends - Gold prices faced selling pressure, with the COMEX gold index dropping by 1.81%. The rise of the U.S. dollar index, influenced by hawkish signals from the Federal Reserve, has negatively impacted gold prices [13][14][15]. Additionally, international oil prices also declined, with the NYMEX WTI crude index falling by over 1% [16]. Saudi Aramco's Financial Performance - Saudi Aramco reported third-quarter revenues of 418.16 billion Saudi Riyals (approximately $111 billion), exceeding analyst expectations. However, the net profit of 104.92 billion Saudi Riyals (approximately $27.98 billion) showed a slight decline compared to the previous year [17].