深夜！美股全线大跌！

Core Viewpoint - The technology sector in the U.S. continues to experience a downward trend, significantly impacting major stock indices, with the Nasdaq Composite Index dropping over 1.6% [1][2]. Market Performance - As of the latest report, the Dow Jones Industrial Average is at 46,957.63, down 499.59 points (-1.05%); the Nasdaq is at 22,498.81, down 371.55 points (-1.62%); and the S&P 500 is at 6,659.34, down 78.15 points (-1.16%) [2]. - Major tech stocks are also declining, with Nvidia down 2.12%, Tesla down nearly 4%, and Google down 2.49% [2][3]. Technology Sector Analysis - The U.S. Technology Seven Index fell by 3.2% last week and 0.7% in the first four trading days of this week. Nvidia has seen a nearly 10% pullback from its recent highs, while Tesla has dropped 12% this month, and Meta has retreated over 20% since its peak in August [4]. - CoreWeave, considered a shadow stock of Nvidia, has plummeted over 40% this month, raising concerns about its business model and reliance on Nvidia's support [4]. Institutional Perspectives - Citigroup has significantly reduced its holdings in major tech stocks like Nvidia, Microsoft, Apple, and Amazon, while increasing bearish positions on small-cap stocks [6]. - Conversely, JPMorgan's top holdings still include major tech companies, with Nvidia being its largest position, having increased its holdings by 5.63% [6]. - Wells Fargo has continued to buy tech stocks, with its top five purchases including Apple, Google, and Nvidia [6]. Earnings Outlook - Nvidia is set to release its quarterly earnings on November 19, which is expected to have a substantial impact on its stock price and the broader market [7]. - Citigroup has maintained a "buy" rating on Nvidia, raising its target price from $210 to $220 per share, citing ongoing demand for AI chips despite concerns about funding sources [7]. Economic Context - The recent government shutdown has created a data vacuum, complicating the Federal Reserve's decision-making regarding interest rate cuts, with the probability of a December rate cut dropping from 90% to about 50% [8][9]. - Federal Reserve officials have expressed caution regarding potential rate cuts, emphasizing the importance of upcoming economic data [9].