甲骨文业绩遇挫终结跨资产市场狂欢 交易者扎堆避险

Core Viewpoint - The market excitement following the Federal Reserve's policy decision quickly dissipated, primarily due to Oracle's disappointing earnings, raising concerns about tech stock valuations and the potential for a Christmas rally [1][4]. Market Reactions - The Morgan Stanley Capital International Global All Countries Index approached historical peaks before reversing downward, while gold ended a potential three-day rally [1][4]. - Oracle's stock plummeted due to revenue falling short of market expectations and increased spending, leading to a significant decline in investor optimism [1][4]. - Nasdaq futures dropped by 1.6%, and the 10-year U.S. Treasury yield fell by 3 basis points following Oracle's earnings report [1][4]. Investor Sentiment - Despite a brief recovery in risk appetite due to expectations of further monetary easing from the Federal Reserve, the rapid reversal in market sentiment highlighted ongoing concerns about an AI bubble [5]. - New uncertainties in the AI sector, combined with Powell's remarks on stabilizing the labor market, have intensified market uncertainty in the final weeks of the year [5]. - Nick Freyres, CIO of Singapore's Jeng Cheng Asset Management, expressed a contradictory outlook on market prospects, indicating potential for dual-direction volatility and difficulty in forming clear directional judgments [5]. Bond Market Impact - Following the Federal Reserve's decision, the two-year U.S. Treasury yield fell nearly 8 basis points, marking the largest single-day decline in two months, with an additional drop of 1 basis point during Thursday's Asian trading session [2][5]. - SoftBank Group also experienced a sell-off, with its stock dropping 8.4%, the largest decline since November 25 [2][5]. Market Observations - Some market observers remain calm, with Kenny Polcari, Chief Market Strategist at Slatestone Wealth, stating that the market's reaction to Oracle's earnings is not surprising given the significant rise in tech stocks this year [3][6].