Sou Hu Cai Jing·2026-02-13 13:45Core Viewpoint - The recent market crash on February 12, where both U.S. stocks and precious metals experienced significant declines, is attributed to multiple underlying factors, including unexpected U.S. employment data and a subsequent drop in interest rate expectations from the Federal Reserve [6][30]. Summary by Sections U.S. Stock Market Performance - On February 12, the three major U.S. stock indices opened in a downward trend, with the Dow Jones Industrial Average closing down 669.42 points, a drop of 1.34%, and the Nasdaq Composite Index falling 2.03%, down 469.32 points [3][30]. - The trading volume for the S&P 500 index reached a recent high, indicating a growing sense of panic among investors [3]. Precious Metals Market Performance - On the same day, international spot gold fell by over 3%, closing at $4921.7 per ounce, with a peak decline of more than 4% during the session [4][30]. - Silver experienced an even more dramatic drop, closing down 10.73% at $75.224 per ounce, marking one of the largest single-day declines since 2026 [4][30]. Key Factors Behind the Market Crash - The primary trigger for the market downturn was the U.S. non-farm payroll data, which exceeded expectations, leading to a significant reduction in the likelihood of interest rate cuts by the Federal Reserve [6][7]. - Concerns over the impact of artificial intelligence on job markets contributed to the sell-off in tech stocks, which in turn led to a liquidity crisis, prompting traders to liquidate precious metals to cover losses [9][10]. - Algorithmic trading exacerbated the situation by triggering stop-loss orders, resulting in a chain reaction of selling in both stocks and precious metals [11][12]. Implications for Investors - The market crash has direct implications for investors holding U.S. stocks, gold, or silver, as many experienced significant losses [14][30]. - Even those not directly involved in the markets should be aware of the broader economic implications, as U.S. monetary policy and economic performance can influence global markets, including domestic equities [14][30]. Investment Guidance - Investors are advised to control their positions and avoid leverage, ensuring that no single asset constitutes more than 10% of their total liquid assets [20]. - It is recommended to optimize investment tools and avoid blindly following market trends, as well as to establish clear stop-loss and take-profit strategies [21][27]. - Monitoring key economic indicators, such as the upcoming U.S. Consumer Price Index (CPI) data, is crucial for understanding potential market movements [28].