黑色星期二！原因，找到了

Core Viewpoint - The global stock market experienced a significant downturn on November 18, referred to as "Black Tuesday," with major indices suffering substantial losses due to various economic concerns and market sentiment [2][10]. Market Performance - The Nikkei 225 index fell by 3.22%, marking its largest single-day drop since April, closing below 49,000 points [2]. - The KOSPI index in South Korea dropped by 3.32%, reflecting worsening risk sentiment, particularly in the semiconductor sector [2]. - Other notable declines included the Taiwan Weighted Index down 2.52%, the Hang Seng Tech Index down 2.44%, and the Hang Seng Index down 2.10% [3]. - In the U.S., major stock indices were also significantly down before the market opened [5]. Individual Stock Movements - A total of 1,278 stocks rose while 4,106 stocks fell in the market, indicating a predominance of declines [8]. - The overall trading volume reached approximately 194.6 billion, with a notable decrease in the number of stocks that increased in value [9]. Contributing Factors - Concerns regarding Japan-China relations contributed to market anxiety [10]. - A significant sell-off in the Japanese government bond market, particularly long-term bonds, was driven by fears of increased fiscal spending due to an upcoming economic stimulus plan [10]. - The expectation of delayed interest rate cuts by the Federal Reserve added to market tension, with analysts noting that volatility in the cryptocurrency market was spilling over into other high-risk assets [11]. - Investors are awaiting Nvidia's earnings report, with concerns about the high valuations in the AI sector leading to profit-taking ahead of the announcement [12].