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Market Overview - The three major U.S. stock indices opened mixed, with the Dow Jones up by 0.94%, while the S&P 500 and Nasdaq were down by 0.18% and 0.72%, respectively [1] - Major tech stocks experienced more declines than gains, with Oracle's stock dropping as much as 16%, resulting in a market cap loss of approximately $102 billion (around 72 billion RMB) [3] - Other tech stocks such as Nvidia and AMD fell over 3%, while Intel dropped over 2%, and Tesla, Apple, and Google were down more than 1% [3] Oracle's Performance - Oracle's second-quarter earnings report showed that both revenue and cloud business income fell short of market expectations, leading to a significant drop in stock price [3] - As of the report, Oracle's stock was down 13.24%, with a market capitalization of $551.6 billion [4] Cryptocurrency Market - The cryptocurrency market saw a collective decline, with Bitcoin falling below the $90,000 mark, currently priced at $89,897.3, reflecting a 2.35% decrease over the past 24 hours [7][8] - Over 150,000 traders were liquidated in the past 24 hours due to the market downturn [7] Oil Prices - Both West Texas Intermediate (WTI) and Brent crude oil prices dropped nearly 2% [5] U.S. Labor Market and Federal Reserve Actions - The U.S. Labor Department reported a 0.8% increase in the Employment Cost Index for Q3, indicating a slowdown in labor demand and slow growth in worker income [8] - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to between 3.50% and 3.75%, marking the third rate cut of the year [9] - The Fed's dot plot indicates a single expected rate cut in 2026, which analysts view as potentially misleading and subject to change based on labor market conditions [11] - The Fed will initiate a "mini QE" by purchasing approximately $40 billion in short-term Treasury bills starting December 12, aimed at addressing market liquidity rather than lowering long-term rates [12]