大幅高开大幅跳水，昨夜美股经历了什么？

Core Viewpoint - The recent sharp decline in the U.S. stock market is attributed to a combination of factors, including concerns over high valuations, shifts in monetary policy, and systemic risks in the financial system [2][4][5] Group 1: Market Performance - The S&P 500 index initially surged by 1.9% within the first hour of trading but ultimately closed down by 1.56%, resulting in a market capitalization loss exceeding $2 trillion [1][3] - The Nasdaq Composite index fell by 2.15%, while the Dow Jones Industrial Average decreased by 0.84% [1] Group 2: Contributing Factors - The decline was driven by multiple factors, including the unexpected strength of September's non-farm payroll data, which reduced the likelihood of a rate cut in December, negatively impacting tech stocks reliant on cheap capital [2][4] - Concerns over private credit and the collapse of cryptocurrencies, particularly Bitcoin dropping below $90,000, contributed to the market's downturn [3][4] - The S&P 500 technology sector's forward P/E ratio is significantly above its 10-year average, indicating a disconnect between fundamentals and market performance [2] Group 3: Sector Impacts - Nvidia's strong earnings report did not prevent its stock from declining by 3%, indicating a broader sell-off in related sectors such as semiconductors and AI [3][4] - The market is witnessing a rotation from high-growth tech stocks to value stocks as investors seek safer assets amid rising volatility [2][5] Group 4: Market Sentiment - The current market sentiment is described as extremely fragile, with liquidity in the S&P 500 dropping to approximately $5 million, well below the year-to-date average of $11 million [3] - The upcoming expiration of a record $3.1 trillion in options is adding to market uncertainty, as investors brace for potential volatility [3]