Nasdaq and Bitcoin suddenly plummet.

The Nasdaq and Bitcoin crash

Among them, the Dow fell 0.42%, the S&P 500 index fell 1.11%, and the Nasdaq fell 1.89%.

Notable individual stocks include Nvidia, which recorded gains for two consecutive days prior, but last night, Nvidia fell over 6% due to its product launch not meeting investors' short-term positive expectations, marking the largest single-day decline since September 3, 2024.

Additionally, Tesla fell over 4%, and Facebook dropped about 2%.

As for Chinese concept stocks, the stocks showed mixed results, with the Nasdaq China Golden Dragon Index down 0.2%. Xiaopeng Motors surged nearly 10%, Miniso rose over 5%, Bilibili gained over 2%, and Pinduoduo and iQIYI increased by over 1%; NIO fell over 4%.

Furthermore, Bitcoin, which had previously returned to $100,000, also experienced a sharp decline, dropping over 5% in the past 24 hours, falling below $97,000. Apart from Bitcoin, all other cryptocurrencies also plummeted, with Coinglass data showing that nearly 170,000 people were liquidated in the past 24 hours.

Federal Reserve Warning

On the news front, on January 6, local time, Federal Reserve Board member Lisa Cook issued a rare direct warning regarding the U.S. stock market. Lisa Cook stated that many asset classes, including stocks and corporate bonds, are highly valued, and these markets may face significant downside risks due to unfavorable economic news or shifts in investor sentiment.

In addition, the U.S. released a series of economic data.

The U.S. ISM Non-Manufacturing PMI for December 2024 was 54.1, expected 53.3, previous value 52.1.

The U.S. JOLTs job vacancies for November 2024 were 8.098 million, expected 7.7 million, previous value revised from 7.744 million to 7.839 million.

For the week ending January 4, the U.S. Redbook commercial retail sales rose 6.8% year-on-year, previous value rose 7.1%.

Data shows that the U.S. ISM Non-Manufacturing PMI data was better than expected, leading the market to reduce interest rate cut bets. According to the CME FedWatch tool, the market now estimates the probability of the Federal Reserve maintaining interest rates this month has risen to about 95%, up from 91.4% on Monday and 62.9% a month ago.

Federal Reserve's Barkin stated that the Fed is highly committed to achieving the 2% inflation target. If price pressures increase, more aggressive interest rate policies must be implemented.