券商中国·2025-11-06 23:32Core Viewpoint - The U.S. stock market, particularly technology stocks, has experienced significant sell-offs, driven by concerns over an "AI bubble," worsening employment data, and uncertainty regarding the Federal Reserve's interest rate decisions [2][10]. Market Performance - On November 6, major U.S. stock indices opened lower and closed with the S&P 500 down 1.12%, the Nasdaq down 1.9%, and the Dow down 0.84% [4]. - Large-cap tech stocks faced substantial declines, with AMD dropping over 7%, Nvidia, Tesla, and Qualcomm down over 3%, and Amazon, Meta, and Oracle down over 2% [6]. AI Sector Concerns - AI-related stocks plummeted, with Duolingo's share price crashing over 25%, marking its largest single-day drop ever. This decline was attributed to the company's disappointing earnings guidance and a focus on user growth rather than short-term monetization [6][7]. OpenAI's Statements - Recent comments from OpenAI executives sparked discussions about the need for government guarantees for AI companies, intensifying fears of an "AI bubble." OpenAI's CFO clarified that the company is not seeking government backing for its infrastructure investments [7]. Employment Market Data - The employment situation in the U.S. is deteriorating, with a reported 153,074 layoffs in October, a 183% increase from September, primarily in the tech and warehousing sectors. This marks the highest number of layoffs for October since 2022 [7]. - Additionally, U.S. non-farm employment decreased by 9,100 in October, following a prior increase of 33,000 [7]. Federal Reserve's Interest Rate Outlook - Uncertainty regarding the Federal Reserve's interest rate decisions is contributing to market volatility. Recent statements from Fed officials reveal significant internal disagreements about the future path of interest rates [10][11]. - Some officials, like Chicago Fed President Austan Goolsbee, expressed caution about further rate cuts due to missing key inflation data, while others, like Cleveland Fed President Beth Hammack, emphasized the urgency of addressing inflation concerns [10][11].