凤凰网财经·2025-08-20 22:39Core Viewpoint - The article discusses the recent fluctuations in the U.S. stock market, particularly focusing on the performance of major indices and the implications of the Federal Reserve's monetary policy decisions [1][5][3]. Group 1: Stock Market Performance - On Wednesday, major U.S. stock indices closed mixed, with the Nasdaq down 0.67%, the S&P 500 down 0.24%, and the Dow Jones up 0.04% [1]. - Large tech stocks experienced declines, with Intel leading the drop at approximately 7%, while Google, Tesla, Apple, and Amazon fell over 1% [2]. - The S&P 500 index saw a significant sell-off, losing about $1 trillion in market capitalization within four days due to concerns over the Fed's hawkish stance and high valuations in tech stocks [5]. Group 2: Federal Reserve's Monetary Policy - The minutes from the Federal Reserve's July meeting revealed that only two officials supported a rate cut, indicating a consensus to maintain the federal funds rate target range at 4.25%-4.50% [3][4]. - The release of disappointing non-farm payroll data shortly after the meeting raised concerns about the labor market, with job additions far below expectations and an increase in the unemployment rate [4]. Group 3: Investor Sentiment - Investor opinions are divided regarding the recent market downturn, with some viewing it as a buying opportunity, while others believe that high valuations necessitate profit-taking [6][7][9]. - Analysts suggest that the downward potential for tech stocks may be limited due to global central banks easing policies, which could support global equity markets [8]. - However, concerns remain that any disappointing news could disrupt the fragile balance in the market, as current valuations have largely priced in optimistic future scenarios [10].