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Market Overview - The U.S. stock market experienced a significant decline on November 13, with the Dow Jones Industrial Average falling by 1.65%, the S&P 500 down by 1.66%, and the Nasdaq Composite dropping by 2.29% [2] - The Nasdaq China Golden Dragon Index opened strong but later fell, closing down by 1.59% [2] Technology Sector Performance - Major technology stocks saw widespread declines, with Tesla dropping by 6.64%. Tesla's retail sales in China for October were reported at 26,006 units, a 63% month-over-month decrease, marking a three-year low [4] - Tesla also announced a recall of approximately 10,500 Powerwall 2 battery systems in the U.S. due to overheating risks [4] - Other notable declines included Microsoft down by 1.54%, Nvidia down by 3.58%, Oracle down by 4.15%, and Palantir down by 6.53% [4] - Michael Burry, a prominent investor, criticized several large tech companies for allegedly inflating profits through aggressive accounting practices, highlighting risks for Nvidia, Palantir, Microsoft, Alphabet, Oracle, and Meta [4] Semiconductor Sector Insights - The semiconductor sector faced significant declines, with AMD dropping over 4%, Intel and ARM down over 5%, and Micron Technology down over 3% [5] - Morgan Stanley analysts noted that the high valuations in the semiconductor sector could lead to profit-taking among investors [5] - Despite the overall downturn, Micron Technology was identified as a preferred stock due to anticipated supply shortages in the storage chip market, with its target price raised from $220 to a maximum of $325 [5] Federal Reserve Commentary - Federal Reserve officials expressed differing views on future policy directions, with Cleveland Fed President Loretta Mester advocating for stable interest rates to combat persistent inflation [7] - San Francisco Fed President Mary Daly stated it is too early to determine if a rate cut is appropriate for the December meeting, while St. Louis Fed President James Bullard urged caution regarding further rate cuts [7] - A recent Reuters survey indicated that 80% of economists expect the Federal Reserve to cut rates by 25 basis points in December, a slight increase from the previous month [7] Employment Report Context - The U.S. government plans to release the October employment report, but it will not include unemployment rate data due to a federal government shutdown [9] - The shutdown is projected to reduce the GDP growth rate by 1.5 percentage points for the quarter, resulting in an estimated permanent economic loss of about $11 billion [9]