Nvidia(US:NVDA) Mei Ri Jing Ji Xin Wen·2025-11-07 18:21Market Overview - Major US stock indices opened lower and subsequently declined, with the Dow Jones down 0.62%, Nasdaq down 1.71%, and S&P 500 down 1% [1] - Large tech stocks experienced significant drops, with Nvidia and Tesla falling over 4%, while Google and Meta dropped over 2%, and Amazon fell over 1% [2] Chinese Stocks Performance - Most popular Chinese stocks declined, with Xpeng Motors down over 7%, Alibaba, NIO, and Bilibili down over 3%, and Weibo and iQIYI down over 2% [4][5] Cryptocurrency Market - The cryptocurrency market saw a significant downturn, with nearly 240,000 people liquidated in the last 24 hours. Bitcoin fell 2.74%, dropping below the $100,000 mark [5][6] Consumer Confidence - The University of Michigan's preliminary report for November indicated that US consumer confidence hit a three-year low at 50.3, below expectations of 53 and the previous value of 53.6 [8] - The current economic conditions index dropped 6.3 points to 52.3, marking a historical low, while the consumer expectations index fell to a six-month low of 49 [8][9] - Concerns about rising unemployment have increased, with 71% of respondents expecting the unemployment rate to rise in the next year, more than double from the previous year [10] Government Shutdown Impact - The ongoing government shutdown has raised concerns about its impact on the economy, particularly affecting consumer sentiment across various demographics [8][11] - The Supplemental Nutrition Assistance Program (SNAP) has suspended benefits due to funding exhaustion, affecting approximately 42 million people, marking the first time in 60 years that benefits have been halted during a government shutdown [12]