Overnight, the three major U.S. stock indices collectively plummeted, with the Nasdaq at one point dropping more than 2%. By the end of the trading day, the Dow Jones fell by 0.77%, ending a five-day winning streak; the Nasdaq dropped by 1.49%, falling below 20,000 points; the S&P 500 index fell by 1.11%. All seven 'tech giants' in the U.S. stock market dropped, with Tesla at one point plummeting over 6%; U.S. chip stocks and AI concept stocks also closed down across the board. It is noteworthy that this significant drop in the U.S. stock market was not driven by important economic data or news, which took the market by surprise. Wall Street analysts believe that in the absence of major news, data, and with light trading, the 10-year U.S. Treasury yield, as an anchor for asset pricing, will impact the stock market; the higher the yield, the greater the pressure on the stock market. On Friday, the 10-year U.S. Treasury yield rose nearly 1%, reaching 4.629%, close to a seven-month high. The U.S. stock market may also face the risk of frantic selling of funds. According to Bank of America data, in the past week, approximately $35 billion in capital flowed out of the U.S. stock market, the highest single-week outflow since December 2022. Additionally, Goldman Sachs' trading department estimates that, given the trends in stocks and bonds, U.S. pension funds will sell $21 billion worth of U.S. stocks and purchase an equivalent amount of bonds by the end of December this year. (Jin Shi)