Ge Long Hui A P P·2025-11-14 00:48Core Viewpoint - The optimism following the end of the U.S. government shutdown quickly faded as market focus shifted to delayed economic data, uncertainty regarding Federal Reserve interest rate cuts, and concerns over high-valued tech stocks, leading to a widespread sell-off in high-valued tech stocks and risk assets [1]. Group 1: Market Performance - On Thursday, all three major U.S. stock indices fell sharply, with the Nasdaq Composite Index closing down 2.29% [2]. - Major tech companies experienced significant declines, with Tesla dropping 6.64% and Nvidia falling 3.58% [1]. - The three major U.S. indices recorded their worst single-day performance in over a month [1]. Group 2: Economic Indicators - The sell-off was catalyzed by cautious remarks from several Federal Reserve officials, indicating that interest rate cuts should be approached with caution [1]. - According to CME data, the probability of interest rate cuts in the futures market plummeted from over 70% a week ago to around 50% [1]. Group 3: Investment Trends - Investors are shifting from this year's best-performing stocks to lower-valued, more defensive sectors, reflecting a "risk-off" mode that was evident in Thursday's trading [1].