黄金不避险了？科技股集体下挫，美国这场抛售潮不简单

Market Overview - On November 17, a broad sell-off occurred in the U.S. financial markets, affecting technology stocks, cryptocurrencies, and gold, leading to significant declines across various asset classes [1] - The Dow Jones Industrial Average dropped by 557 points, while the S&P 500 and Nasdaq fell below their 50-day moving averages for the first time in 138 days, breaking a bullish trend that had persisted since May [1] Technology Sector - Despite an increase in Alphabet's stock by over 3 points due to Berkshire Hathaway's investment, this positive momentum was insufficient to support the overall tech sector [3] - Apple’s stock fell by over 1 point following Berkshire's reduction of its stake, while major tech companies like Nvidia and Meta also experienced declines [4] - The index tracking large tech stocks reached its lowest level in nearly a month, indicating a loss of confidence in previously popular stocks [6] Cryptocurrency Market - Bitcoin's price fell below $92,000, erasing earlier gains and indicating a bearish trend, as it formed a "death cross" with its 50-day moving average crossing below the 200-day moving average [6] - Coinbase's stock dropped by over 7 points, with analysts suggesting Bitcoin's decline may have been a precursor to the broader market downturn [8] Gold and Silver - Contrary to expectations that gold would serve as a safe haven, spot gold prices fell to around $4,000, and futures dropped to $4,068.30 per ounce, with silver also falling below $50 [8] - Analysts noted that gold's trading behavior has increasingly resembled speculative stocks rather than a traditional safe asset [10] Credit Market Concerns - The credit market is showing signs of stress, with Amazon issuing $15 billion in bonds at a higher spread than existing bonds, indicating increased perceived risk among investors [10] - Concerns are growing regarding the debt levels of tech giants relying on borrowed funds for AI infrastructure, as seen in rising credit default swap spreads for companies like Oracle and CoreWeave [12] Market Sentiment and Future Outlook - The S&P 500 has breached the critical level of 6,725 points, raising concerns that quantitative trend-following funds may shift from buyers to sellers, potentially increasing downward pressure on the market [15] - Uncertainty surrounding the Federal Reserve's interest rate policy and mixed economic data is contributing to investor anxiety, leading to asset sell-offs as a precautionary measure [17][21] - Upcoming earnings reports from Nvidia and delayed employment data are expected to be pivotal in determining market direction [18][23]