Market Overview - The U.S. stock market saw all three major indices rise, with the Dow Jones up 1.43%, the S&P 500 increasing by 0.91%, and the Nasdaq only slightly rising by 0.67% due to Nvidia's stock decline [1] - Nvidia's stock experienced a significant drop of over 7%, leading to a market cap loss of nearly $350 billion, before closing down 2.6%, marking a two-month low [1] - Alphabet, Google's parent company, saw its stock rise by 1.6%, reaching a record closing high for the third consecutive trading day [1] Nvidia and Google Developments - The market turbulence was triggered by a report indicating that Meta is considering using Google's Tensor Processing Units (TPUs) in its data centers by 2027 instead of Nvidia chips [1] - Google's newly released Gemini 3 model has received acclaim for its superior reasoning and coding capabilities compared to OpenAI's ChatGPT, and it is trained using TPUs rather than Nvidia chips [1] Impact on Technology Sector - Nvidia's decline negatively affected the entire tech sector, with key partners like Super Micro Computer (SMCI) dropping over 6%, and CoreWeave, a data center operator, falling by 10% [2] - Competitors such as AMD also faced declines, with a drop of nearly 9.7% during the day [2] Chinese Stocks Performance - The Nasdaq Golden Dragon China Index saw a slight increase of 0.3%, with stocks like Xpeng and Bilibili rising over 3%, while NIO dropped over 4% and Alibaba fell more than 2% [2] Economic Indicators and Fed Policy - The ADP employment report indicated a worsening labor market, with an average loss of 13,500 private sector jobs per week over the past four weeks, significantly worse than the previous week's report [5] - The lack of official data releases due to government shutdowns has made alternative data sources like ADP crucial for economic assessments, influencing the Federal Reserve's upcoming decisions [5][6] - There is a growing expectation for a 25 basis point rate cut in December, with a probability of 84.9% according to CME FedWatch [7] Federal Reserve Leadership Transition - The search for the next Federal Reserve Chair is ongoing, with an announcement expected before Christmas, although it may be delayed until the New Year [8] - The current process includes discussions on simplifying the Fed's policy tools and addressing the complexities of its communication mechanisms [8]

据了解，最终候选人名单包括国家经济委员会主任Kevin Hassett、前理事Kevin Warsh、贝莱德高管Rick Rieder，以及现任美联储理事Christopher Waller和Michelle Bowman。 贝森特同时提出对美联储职能的改革主张，认为央行应"回归幕后"，简化其复杂的政策工具箱。他特 别指出，美联储建立的充足准备金制度已显现裂痕，尽管决策者决定从12月起停止缩表以维持流动性， 但当前包括常设回购便利在内的多种工具使体系过于复杂。他称： "我认为我们必须推动事务简化。美联储是时候退居幕后了，就像过去那样，让局势恢复平 稳，真正为美国人民服务。" 这位财长还质疑了美联储当前的沟通机制，暗示央行官员发言过于频繁。他强调，货币政策、资产负债 表和监管政策之间存在复杂的联动关系，这正是他们在遴选新主席过程中重点考察的能力维度。 此前，特朗普持续向美联储施压要求降息，甚至以解雇相威胁，表示他"很想"解雇鲍威尔，并鼓励贝森 特"努力影响"美联储主席降低关键利率。特朗普甚至开玩笑地对贝森特说："如果你不快速解决问题， 我就解雇你。"对此，贝森特回应称： "如果你当时在房间里，就知道他肯定是在开 ...