Zhi Tong Cai Jing·2025-11-21 01:19Market Overview - Major indices experienced significant volatility, with the Dow Jones Industrial Average initially rising over 700 points before closing down 386.51 points, a decline of 0.84% to 45752.26 points [1] - The Nasdaq Composite fell 486.18 points, down 2.15% to 22078.05 points, while the S&P 500 dropped 103.40 points, a decrease of 1.56% to 6538.76 points [1] - Nvidia (NVDA.US) reported explosive earnings, but concerns about AI profitability and a drop in cryptocurrency values contributed to the market's downturn [1] Cryptocurrency Market - Bitcoin fell over 4.5% to $87373.5, with a low of $86100 during the day, while Ethereum dropped 4.6% to $2883.66 [2] Employment Data - The U.S. non-farm payrolls increased by 119,000 in September, but the unemployment rate rose to 4.4%, indicating a still-weak labor market [6][7] - The previous month's employment data was revised down to a loss of 4,000 jobs, highlighting ongoing labor market challenges [6] Federal Reserve Insights - Federal Reserve officials expressed concerns about the potential for further interest rate cuts in December, citing persistent inflation and economic strength [7] - Fed Governor Cook warned about risks in private credit markets and the interconnectedness of financial entities, emphasizing the need for monitoring systemic vulnerabilities [7] Stock Market Predictions - Goldman Sachs projected that stock sell-offs could reach $40 billion in the coming week, as the S&P 500 index fell below a critical level [7] - Trend-following hedge funds may trigger additional selling if market conditions continue to decline [7] Company Developments - Google (GOOG.US, GOOGL.US) has developed a feature for its Pixel smartphones that allows file sharing with Apple devices using the AirDrop protocol, enhancing cross-ecosystem compatibility [8] - Melius Research raised Nvidia's target price from $300 to $320, reflecting positive sentiment despite recent market volatility [9]