Mei Ri Jing Ji Xin Wen·2025-11-07 16:46Market Overview - The US stock market opened lower, with the Dow Jones down 0.62%, Nasdaq down 1.71%, and S&P 500 down 1% as of the report [1] - Major tech stocks experienced significant declines, with Nvidia and Tesla dropping over 4%, while Google and Meta fell over 2% [1] Cryptocurrency Market - The cryptocurrency market saw a sharp decline, with Bitcoin dropping 2.74% and falling below the $100,000 mark, resulting in nearly 240,000 liquidations globally within 24 hours [5][6] - Other cryptocurrencies also faced losses, with Ethereum down 3.86% and Solana down 4.77% [6] Chinese Stocks - Most popular Chinese stocks declined, with Xpeng Motors down over 7%, Alibaba, NIO, and Bilibili down over 3%, and JD.com and Li Auto down over 1% [4][5] Consumer Confidence - The University of Michigan's consumer confidence index for November fell to 50.3, the lowest level since June 2022, primarily due to concerns over government shutdowns and high prices affecting personal finances [8][9] - The current economic conditions index dropped significantly by 6.3 points to 52.3, marking a historical low [9] Political Developments - Former President Trump urged Republicans to end lengthy debates to address the government shutdown, emphasizing its impact on food assistance programs and the stock market [10][12] - The Trump administration filed an emergency request to pause a federal judge's ruling requiring full payment of the Supplemental Nutrition Assistance Program (SNAP) benefits [13]