Core Viewpoint - The U.S. stock market, particularly technology stocks, experienced a significant sell-off, with the Nasdaq index dropping below 21,000 points for the first time since August 7, marking a decline of nearly 2% [2][4]. Group 1: Market Performance - On the evening of August 20, the Nasdaq index fell by 1.86%, the S&P 500 index dropped by 1.02%, and the Dow Jones decreased by 0.29% [4]. - The Philadelphia Semiconductor Index plummeted by 2.7%, with major chip stocks like Intel and Micron falling over 7% and 6% respectively [4][5]. - Other large tech stocks also saw declines, with Tesla down over 3%, Amazon and Meta down over 2%, and Apple and Google down over 1% [5]. Group 2: Reasons for the Sell-off - A significant factor for the sell-off was the anticipation of Nvidia's upcoming earnings report, leading investors to sell off shares due to concerns over its high valuation [2][9]. - Analysts noted that the sell-off was exacerbated by fears of an overhyped AI market, with warnings about inflated valuations causing increased caution among investors [9][11]. - The market's decline was also attributed to profit-taking behavior following a strong rally in tech stocks since April [10]. Group 3: Earnings Reports and Market Sentiment - The earnings season revealed disappointing results from major companies, such as Target, which reported a drop in net profit from $1.19 billion to $935 million year-over-year, and a decline in comparable sales by 1.9% [6]. - Estee Lauder's revenue fell by 12% year-over-year, leading to a downward revision of its earnings forecast for the upcoming fiscal year [6][7]. - Alcon also lowered its sales outlook for 2025, citing ongoing impacts from U.S. tariffs, which contributed to its stock's decline of over 9% [7]. Group 4: Broader Market Concerns - Concerns about a potential bubble in U.S. risk assets were raised, with predictions of further declines in the stock market following the Jackson Hole central bank meeting [10]. - A report from MIT highlighted a significant gap in the commercial viability of generative AI, indicating that 95% of companies have not yet seen returns on their investments in this area, which may have fueled skepticism in the market [11].

格隆汇8月20日｜瑞士眼部护理产品公司爱尔康(ALC.US)盘前跌超10%。消息上，爱尔康周二下调了 2025年的净销售前景，称预计美国关税的影响将在今年剩余时间持续。爱尔康将其净销售额预期区间从 5月份的104亿-105亿美元下调至103亿-104亿美元。据悉，该公司近一半的收入来自美国。(格隆汇) | ALC Alcon | | | | --- | --- | --- | | 90 120 + +1.990 +2.26% | | 收盘价 08/19 16:00 美东 | | 80.830 ↓ -9.290 -10.31% | | 盘前价 08/20 04:44 美东 | | 三 72 24 S 15 8 月 0 白选 | | ● 快捷交易 | | 最高价 90.410 | 开盘价 88.850 | 成交量 237.77元 | | 最低价 88.470 | 昨收价 88.130 | 成交额 2.13亿 | | 平均价 89.767 | 市空室 40.05 | 总市值 445.75亿 (m) | | 振 幅 2.20% | 市盈率(静) 43.96 | 总股本 4.95亿 | | 换手率 0.48% | 市净 ...