Sou Hu Cai Jing·2025-11-06 04:04Market Overview - On November 4, global financial markets experienced a significant downturn, with major U.S. stock indices falling sharply, particularly the Nasdaq, which dropped nearly 500 points, leading to widespread panic in the market [1][3] - Nvidia's market value plummeted by approximately 141.88 billion RMB, while Tesla's market value decreased by 57.18 billion RMB [1] - The cryptocurrency market faced severe losses, with Bitcoin dropping below the 100,000 RMB mark, resulting in over 460,000 liquidations within 24 hours, totaling losses exceeding 14.4 billion RMB [3][7] Technology Sector - The decline in technology stocks was particularly pronounced, with Intel falling over 6%, Tesla down more than 5%, and Nvidia decreasing by over 3% [5] - The market's reaction to Palantir's record revenue announcement and raised annual performance expectations indicated deep-seated concerns regarding technology stock valuations, leading to a sell-off despite positive news [3][5] Cryptocurrency Market - The cryptocurrency market experienced a dramatic crash, with Bitcoin's price dropping significantly and Ethereum falling below 3,100 USD, marking a 14% decline [7] - The high leverage characteristic of the cryptocurrency market exacerbated the situation, leading to substantial liquidations and losses for investors [17] Economic Impact - The ongoing U.S. government shutdown, which has lasted over a month, is beginning to show its economic effects, impacting various sectors including transportation, food assistance, and early childhood education [9] - The shutdown has eroded market confidence in the U.S. economic outlook, further contributing to the market's volatility [9] Global Market Reaction - The downturn was not limited to the U.S., as global markets also faced declines, with significant drops in Asian indices such as the Seoul Composite Index and the Nikkei 225 [13] - European markets also suffered, with major indices like the Euro Stoxx 50 and Germany's DAX30 closing lower [11]