深夜，纳指大跌

Core Viewpoint - The U.S. stock market experienced significant volatility, with strong earnings from Nvidia initially boosting market sentiment, but ultimately all three major indices closed lower due to renewed valuation concerns and diminished expectations for interest rate cuts [1][4]. Market Performance - The Dow Jones index fell by 0.84% to 45,752.26 points, the S&P 500 index decreased by 1.56% to 6,538.76 points, and the Nasdaq index dropped by 2.15% to 22,078.05 points [3]. - Nvidia's stock rose by 5% during the day but closed down by 3%, despite CEO Jensen Huang's comments on strong demand for the Blackwell chip and denial of an AI bubble [3][4]. Employment Data Impact - The U.S. non-farm payrolls for September increased by 119,000, significantly exceeding the market expectation of 52,000, while the unemployment rate stood at 4.4%, slightly above the forecast of 4.3% [3][4]. - This strong employment data has further lowered expectations for interest rate cuts, with the probability of a Federal Reserve rate cut in December now below 40% [4]. Sector Performance - Walmart was one of the few bright spots, with its stock rising over 6% after reporting better-than-expected third-quarter sales and revenue, partly due to growth in its e-commerce business [4][5]. - The market is witnessing a shift of funds from high-valuation tech stocks to defensive companies, as indicated by Walmart's performance [5]. Technology Stocks - Major tech stocks experienced declines, with Nvidia down 2.97%, Microsoft down 1.60%, Apple down 0.86%, Google down 1.15%, Amazon down 2.49%, Meta down 0.19%, Tesla down 2.21%, Broadcom down 2.14%, and Oracle down 6.58% [5]. - Chinese concept stocks also fell, with the Nasdaq Golden Dragon China Index down 3.26%, Alibaba down 3.53%, JD down 1.68%, Pinduoduo down 4.31%, NIO down 6.09%, Xpeng down 5.10%, Li Auto down 2.32%, Bilibili down 4.54%, Baidu down 4.36%, NetEase up 0.40%, Tencent Music down 5.61%, and Pony.ai down 4.86% [5].