深夜，全线崩跌，发生了什么？

Market Overview - The U.S. stock market experienced a significant decline, with the Dow Jones Industrial Average dropping nearly 1%, and major tech stocks like Broadcom falling over 4% [1][3] - The VIX fear index surged by more than 5%, indicating increased market volatility [1] Cryptocurrency Market - The cryptocurrency market faced a severe sell-off, with Bitcoin dropping below $84,000, marking a decline of over 5% [1][4] - Ethereum, XRP, and HYPE also saw significant declines, with drops exceeding 7% [1][4] - In the last 24 hours, nearly $1 billion in cryptocurrency contracts were liquidated, affecting over 273,000 traders [1] Economic Indicators - The ISM manufacturing PMI for November was reported at 48.2, below expectations and indicating continued contraction in the manufacturing sector [8][9] - New orders index fell to 47.4, the fastest contraction since July, reflecting weak customer demand [9] - The employment index also declined to 44, suggesting a significant reduction in factory employment due to weak demand [10] Federal Reserve Outlook - Following the release of economic data, expectations for a rate cut by the Federal Reserve in December increased, with an 87.6% probability of a 25 basis point cut [11] - The uncertainty surrounding trade policies and high production costs continues to weigh on the manufacturing sector [11]