Core Viewpoint - The U.S. stock market, particularly technology stocks, experienced a significant sell-off, with the Nasdaq index dropping below 21,000 points for the first time since August 7, marking a decline of nearly 2% [2][4]. Group 1: Market Performance - On the evening of August 20, the Nasdaq index fell by 1.86%, the S&P 500 index dropped by 1.02%, and the Dow Jones decreased by 0.29% [4]. - The Philadelphia Semiconductor Index plummeted by 2.7%, with major chip stocks like Intel and Micron falling over 7% and 6% respectively [4][5]. - Other large tech stocks also saw declines, with Tesla down over 3%, Amazon and Meta down over 2%, and Apple and Google down over 1% [5]. Group 2: Reasons for the Sell-off - A significant factor for the sell-off was the anticipation of Nvidia's upcoming earnings report, leading investors to sell off shares due to concerns over its high valuation [2][9]. - Analysts noted that the sell-off was exacerbated by fears of an overhyped AI market, with warnings about inflated valuations causing increased caution among investors [9][11]. - The market's decline was also attributed to profit-taking behavior following a strong rally in tech stocks since April [10]. Group 3: Earnings Reports and Market Sentiment - The earnings season revealed disappointing results from major companies, such as Target, which reported a drop in net profit from $1.19 billion to $935 million year-over-year, and a decline in comparable sales by 1.9% [6]. - Estee Lauder's revenue fell by 12% year-over-year, leading to a downward revision of its earnings forecast for the upcoming fiscal year [6][7]. - Alcon also lowered its sales outlook for 2025, citing ongoing impacts from U.S. tariffs, which contributed to its stock's decline of over 9% [7]. Group 4: Broader Market Concerns - Concerns about a potential bubble in U.S. risk assets were raised, with predictions of further declines in the stock market following the Jackson Hole central bank meeting [10]. - A report from MIT highlighted a significant gap in the commercial viability of generative AI, indicating that 95% of companies have not yet seen returns on their investments in this area, which may have fueled skepticism in the market [11].
深夜!全线暴跌,发生了什么?