Sou Hu Cai Jing·2025-11-19 07:51Market Performance - The major U.S. stock indices collectively declined, with the Dow Jones down 1.07%, S&P 500 down 0.83%, and Nasdaq down 1.21% on November 18 [1] - The Dow Jones has fallen 4.48% over four consecutive trading days since reaching a new high, while the Nasdaq and S&P 500 have dropped 4.16% and 3.41% respectively during the same period [1] Technology Sector Concerns - There are growing concerns regarding AI technology stocks, despite leading companies maintaining profit growth; investors are questioning the sustainability of large capital expenditures and their future profit growth potential [1] - Major tech stocks such as Amazon and AMD fell over 4%, while Microsoft and Nvidia dropped over 2%, indicating a broader market retreat in the tech sector [1] Economic Data and Federal Reserve Outlook - The absence of key economic data has made it difficult for the Federal Reserve and the market to accurately assess economic conditions and inflation trends, leading to a significant increase in hawkish sentiments within the Fed [2] - The probability of a 25 basis point rate cut by the Federal Reserve in December has dropped from approximately 66% to below 50% [2] Gold Price Support Factors - Multiple factors, including potential Fed rate cuts, a weaker dollar, central bank demand, and risk aversion, are expected to continue supporting gold prices [2]