近500点大跌！

Market Overview - All three major U.S. stock indices closed lower, with the Dow Jones down 0.84% at 45,752.26 points, the S&P 500 down 1.56% at 6,538.76 points, and the Nasdaq down nearly 500 points, a decline of 2.15% to 22,078.05 points [3][4][5] Sector Performance - The Dow components saw significant declines, with Cisco down 3.76%, Boeing down 3.37%, and Nvidia down 3.15%, leading the losses [6][11] - The U.S. technology sector also faced a downturn, with the index for the seven major tech companies falling 1.74% [8][10] Chinese Stocks - Chinese stocks experienced a widespread decline, with the Nasdaq Golden Dragon China Index down 3.26% and the Wind Technology Leaders Index down 2.72% [12] Economic Data and Federal Reserve Outlook - Following the release of new economic data, traders increased their bets on a potential interest rate cut by the Federal Reserve, although they still expect the Fed to skip a rate cut in December [14][16] - The U.S. non-farm payrolls increased by 119,000 in September, significantly above the market expectation of 50,000, while the unemployment rate rose to 4.4%, the highest since October 2021 [14] Financial Stability Risks - Federal Reserve officials highlighted three major financial stability risks: high asset valuations, the expansion and complexity of private credit markets, and potential disruptions in the Treasury market due to hedge fund activities [17][18] - The Fed's assessment indicates that asset valuations across various markets, including stocks and real estate, are at historically high levels, raising concerns about the possibility of significant price declines [17] - The growth of private credit has doubled over the past five years, and hedge funds now hold a larger share of U.S. Treasury securities, which could lead to increased market pressure [18]