美股收跌，科技股承压，中概股走弱，贵金属强劲反弹

Market Overview - The US stock market experienced a decline on Tuesday, primarily driven by a sell-off in technology stocks, with the S&P 500 and Nasdaq Composite indices falling significantly. Investors are becoming increasingly cautious about the returns on investments related to artificial intelligence, leading to a downturn in software and data analytics stocks [2] - The Dow Jones Industrial Average fell by 166.67 points (0.34%) to close at 49,240.99 points, while the S&P 500 dropped by 58.63 points (0.84%) to 6,917.81 points. The Nasdaq Composite decreased by 336.92 points (1.43%) to 23,255.19 points, nearly erasing all gains made since the beginning of the year [2] Technology Sector Performance - Major technology stocks faced pressure, with Nvidia down 2.84%, Microsoft down 2.87%, and Alphabet's Class A and C shares falling by 1.16% and 1.22%, respectively. Amazon saw a decline of 1.79%, while Meta Platforms dropped by 2.08% [2][5] - The S&P 500 technology sector fell by over 2%, marking it as the worst-performing sector among the 11 major sectors. The S&P 500 software and services index has seen a continuous decline for five consecutive trading days, with a cumulative drop of 12.8%, the largest five-day decline since March 2020 [6] AI Investment Sentiment - Market tolerance for investments in artificial intelligence is decreasing, with investors demanding proof of profitability to justify substantial capital expenditures. This shift is evident in the contrasting performances of Microsoft and Meta, where the latter rebounded strongly after its earnings report [5][6] - Concerns are growing regarding competition and business model disruptions in the legal, data analytics, and professional services sectors due to advancements in AI, as evidenced by significant stock declines in companies like RELX and Wolters Kluwer [6] Company-Specific Developments - Walmart's stock rose over 2% due to growth in its digital business and new customer acquisition, leading to a market capitalization that surpassed $1 trillion for the first time [3] - PepsiCo's stock increased by 4% following strong earnings driven by improved organic sales [4] - AMD's stock fell over 4% after reporting quarterly results that exceeded market expectations, but provided cautious guidance for the next quarter, indicating a potential revenue decline [7] Economic Indicators - The US Treasury market saw increased demand for safe-haven assets amid stock market pressures, with the two-year Treasury yield falling by 0.2 basis points to 3.568% and the ten-year yield down by 1 basis point to 4.268% [7] - Economic data improvements have led to a delay in market expectations for the next Federal Reserve interest rate cut, now anticipated for June, although this is contingent on upcoming employment data [8]