#美联储联邦公开市场委员会决议 Tech stocks took a heavy hit this round. The three major US stock indices recently all pulled back—Dow down 0.51%, S&P 500 down 1.07%, Nasdaq dropped 1.69%, with the tech sector being the hardest hit.

Chip giant Broadcom plunged over 11%, dragging down the entire semiconductor sector. AI leader Nvidia fell over 3%, while tech giants like Google, Microsoft, Meta, and Amazon all declined over 1%. Ultimately, the market is starting to worry about valuation issues—combined with the previous poor earnings report from Oracle that sparked doubts about AI investment returns, funds are shifting from these overvalued assets to defensive sectors.

Chinese concept stocks are also affected, with the Nasdaq Golden Dragon China Index down 0.3%. E-commerce and tech-related Chinese stocks are generally weak. However, compared to the big swings in US tech stocks, the declines here are relatively mild, and some defensive stocks are showing certain resilience.

This adjustment actually reflects the interconnectedness of global capital markets. Tech stock valuations need to be digested, and policy expectations are also changing—these are the core factors. As we approach the end of the year, institutional rebalancing is ongoing. Future movements by the Federal Reserve and corporate earnings will continue to influence the market rhythm.

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