On November 4th local time, all three major U.S. stock indexes fell, with the Nasdaq down more than 2%. The Wind U.S. Tech Seven Giants Index fell nearly 2%, with Tesla... Nvidia Google, Amazon META, Microsoft The market fell across the board, with the total market capitalization evaporating by approximately 3.2 trillion yuan in a single day.
In the commodities market, international gold and oil prices both weakened overnight. Industry analysts predict that gold prices may enter a period of consolidation in the short term; if expectations of reduced oil supply fail to materialize, weakening fundamentals will lead to another decline in oil prices.
The market value of the six major tech giants evaporated by approximately 3.2 trillion yuan.
On November 4th local time, all three major U.S. stock indexes fell, reflecting a decline in risk appetite. At the close, the Dow Jones Industrial Average, Nasdaq Composite Index, and S&P 500 Index fell 0.53%, 2.04%, and 1.17%, respectively.
Most major U.S. tech stocks fell, with the Wind U.S. Tech Seven Index dropping nearly 2%. Tesla plunged over 5%, Nvidia fell nearly 4%, and Google, Amazon , META, and Microsoft all followed suit, with only Apple showing a decline. The six tech giants have rebounded. Based on the latest closing prices and exchange rates, their combined market capitalization evaporated by nearly $450 billion in a single day, equivalent to approximately 3.2 trillion yuan.
Popular Chinese concept stocks undergo adjustments; Nasdaq The China Golden Dragon Index fell by more than 2%. In terms of individual stocks, WeRide... ECARX Technology fell nearly 14%. Zhengye Bio Both fell by more than 10%, Pony.ai 21Vianet fell nearly 10%. Tiger Brokers fell more than 8%. It fell by nearly 7%.
Regarding the recent performance of US stocks, Huatai Securities... After nearly three years of continuous gains, the US stock market has reached a critical juncture of K-shaped divergence. The current tech stock rally is mainly concentrated in high-quality, large-cap leading stocks, which is the core reason why investors disagree on whether the stock market has become a bubble.
Considering both liquidity and fundamental factors, Huatai Securities predicts that the rally in US tech stocks, driven by easing expectations and the AI theme, is likely to continue into the first half of 2026. In the second half of 2026, as expectations of interest rate cuts materialize and traditional economic sectors recover, market sentiment may become more balanced, and the overall index's upward slope is expected to slow. Huatai Securities recommends focusing on leading companies with strong earnings realization capabilities within the US stock market, and gradually increasing allocations to cyclical sectors starting from mid-2026.
International gold and oil prices both fell.
As risk assets declined, commodity prices also underwent a correction, with international precious metals... Crude oil prices fell across the board.
According to Wind data, as of 5:50 AM Beijing time on November 5th, COMEX gold futures prices and London spot gold prices both fell by more than 1%, breaching the $4,000/ounce mark; COMEX silver futures prices fell by more than 2%, and London spot silver prices fell by nearly 2%. NYMEX crude oil futures main contracts and ICE Brent crude oil futures main contracts fell by 1.10% and 0.94%, respectively.
After a rapid decline in late October, international gold prices have entered a period of sideways trading at high levels in recent trading days. Besides profit-taking pressure from investors, the recent hawkish signals from Federal Reserve Chairman Powell following the interest rate cut have reduced market expectations for further monetary easing and are also seen as a factor putting short-term pressure on gold prices.
Looking ahead to the future performance of gold prices, Orient Securities believes that although the long-term upward trend remains unchanged, there is currently a lack of clear upward factors. With both bullish and bearish factors intertwined, gold prices may enter a period of consolidation in the short term.
Regarding the future performance of international oil prices, Jintai Futures believes that the market has already initially priced in the positive factors at the macro and geopolitical levels. The core focus will shift to expectation gaps, particularly the realization of the expected decline in Russian crude oil exports. In the short term, market concerns about supply reductions may drive oil prices to fluctuate with a slightly upward bias. However, if weaker end-user demand in the fourth quarter fails to materialize and the expected supply reduction fails to materialize, the weakening fundamentals will lead to a further decline in oil prices.
(Source: China Securities) (Report)
