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Before the release of the October employment report in the United States, bond traders bet that the U.S. Treasury market would rise, with the 10-year Treasury yield falling to its lowest level since early September at 4.82% on Thursday. Options market trades are betting that yields could drop to 4.7% or 4.35%.The chief strategist at TD Securities stated that the U.S. economy remains strong, and the market has significantly reduced expectations for interest rate hikes.

After the midterm elections, U.S. President Trump made two contrasting posts on Truth Social amid the sharp fluctuations in the U.S. stock market. On November 4th at noon local time, he stated that the stock market reached a historic high again, with 91 trading days breaking records in a short period, and wrote, "Your 401(k) is skyrocketing, all records."About a day later, on the evening of November 5th, on a day when the Dow Jones fell about 3.44%, the S&P 500 dropped about 4.36%, and the Nasdaq fell about 5.52%, he posted again stating, "The stock market experienced one of the worst trading days in history due to the election results," and emphasized, "It's not the Republicans, it's the dumb Democrats (Dumocrats)," while also advising not to panic, saying it would "become stronger than ever in some way." That evening, he made another post stating, "The stock market crashed today because the Democrats won big on Tuesday... you can only blame yourselves."

Elon Musk replied to a meme in response to a tweet from a certain cryptocurrency user that said, "Just woke up, let's see how the market is doing," indicating a comprehensive decline in the cryptocurrency market.Although the image is blurred, it can still be inferred from the general outline that the original image is related to CZ.

As the artificial intelligence stock sell-off further intensifies and spreads to the credit market, SoftBank Group led the decline in Asian dollar bonds on Friday. Data shows that SoftBank's dollar bonds maturing in 2032 fell by 0.9 cents on Friday, marking the largest single-day drop in 10 weeks, making SoftBank bonds one of the worst-performing bonds in Asia, with its stock price once dropping by 16%. Previously, the credit default swap prices related to some U.S. companies impacted by the AI sell-off surged significantly, with traders indicating that the yield premium on Asian dollar bonds widened by at least 3 basis points.The decline on Friday continued the repricing that has already begun in the global credit market. The AI boom has driven companies to heavily borrow, thereby pushing up financing yields, and this sell-off has also added new pressure to the global economy. On Thursday, the average spread of Asian investment-grade dollar bonds rose to 73 basis points, the highest level since July 2025, although the extent of the sell-off in the credit market remains lower than that in the stock market.

Hong Kong Exchanges and Clearing Limited (HKEX) released its quarterly performance report for the nine months ending September 30, 2026, which disclosed that the variety of exchange-traded products continues to expand. During the quarter, 25 new products were launched, setting a new seasonal high, including the introduction of the first multi-asset actively managed ETF that invests in both gold futures and physical Bitcoin.However, HKEX's overall performance unexpectedly declined, ending the trend of several consecutive quarters of record highs driven by the wave of technology and AI company listings. Net profit fell by 1% year-on-year to HKD 4.9 billion, below analysts' average expectation of HKD 5.03 billion; core business revenue remained basically flat at HKD 7.47 billion. HKEX's CEO, Charles Li, stated that in the face of rising macroeconomic uncertainty and ongoing market volatility, the company will continue to firmly promote the construction of a deeper and more diversified multi-asset ecosystem.

David Allen, head of long-short strategy at Plato Investment Management, stated that the root cause of Thursday's market sell-off lies in investors conflating the transformative potential of artificial intelligence with whether related investments can yield returns. The Nasdaq 100 index plummeted as investors sold off U.S. tech stocks, driven by market speculation that Congressional Democrats would strengthen regulations on the AI industry.Allen noted that there has been a survival competition among large hyperscale cloud service providers, and the results of the midterm elections effectively provided a trigger for the significant market decline. Vihari Ross, portfolio manager at Antipodes Partners, mentioned that this round of sell-off reflects not so much structural issues within AI companies, but rather that the market is beginning to reassess the realistic conditions for related investments in the next phase.Ross stated that achieving goals requires massive debt investment, and the cost of capital and interest rates are crucial. Additionally, it depends on whether sufficient power supply can be secured and whether market demand can be maintained at current levels. She also remarked that assuming all companies can achieve perfect results may not be a wise approach.

According to Bloomberg, the Democratic Party in the United States will leverage the oversight powers of relevant committees in the House of Representatives and the Senate over the next two years to exert pressure on the Trump administration in five key areas, focusing on government investigations, fiscal budgets, Iran policy, artificial intelligence regulation, and cryptocurrency legislation. In terms of cryptocurrency, the Democrats' previous efforts to establish a regulatory framework for the crypto market have stalled, primarily due to a lack of consensus between senators and the White House on ethical standards related to political figures' crypto businesses.This provision aims to limit potential conflicts of interest arising from Trump's personal cryptocurrency business, making the legislative prospects for crypto market regulation similar to the CLARITY Act even more uncertain. In the House of Representatives, Maxine Waters is expected to serve as the chair of the Financial Services Committee, but her long-held position is challenged by Sean Casten; in the Senate, Elizabeth Warren will take on the role of chair of the Banking Committee, where she has long held a critical stance on cryptocurrency, and Sherrod Brown will also return to the Senate.Additionally, regarding AI regulation, the Democrats plan to intensify investigations into AI companies and their CEOs, focusing on data center construction, risks associated with advanced AI models, and the technology's impact on the job market. On Iran policy, the Democrats may use defense budgets, congressional investigations, and war powers resolutions to check the Trump administration.

The Macro Paper account posted on platform X, stating that as of the time of the post, the market value of U.S. stocks had evaporated by $2.8 trillion that day, marking the largest single-day market value loss in history, surpassing the previous record of $2.69 trillion during the COVID-19 pandemic.Reader-supplied background information shows that the U.S. stock market lost about $2 trillion in market value that day; in comparison, on March 16, 2020, the market value loss was approximately $3.5 trillion. Elon Musk expressed surprise in the comments section, stating that he rarely sees similar situations.

According to Gate market data, the MSCI Asia-Pacific Index's decline narrowed to 3.3%, after previously dropping over 5%.

According to Gate market data, the South Korean KOSPI index continues to rebound, with the decline narrowing to less than 4%.

FOX reporter Charles Gasparino stated that according to a CEO of a financial services company, "the number of hedge funds being dragged out in this round of U.S. stock declines has reached the highest level since 2009. This is necessary. More pain is needed to prepare for the bottom."

In response to the sharp decline in U.S. stocks yesterday, most traders and analysts on Wall Street believe that the main reason is not a deterioration in fundamentals, but rather the liquidation by hedge funds. Noel Smith, Co-Chief Investment Officer of Kai Asset Management, stated: "It is extremely rare to see such a decline without significant market news. It smells like liquidation."In addition to the report last night by Bloomberg that multi-strategy hedge fund Walleye Capital will streamline its internal long-short equity business, the market generally expects several funds to be undergoing complete liquidation, or that the pods (independent investment teams) within multi-strategy funds are being forced to close positions or liquidate.According to a list released this morning by the well-known financial research community Special Situations, several hedge funds are facing difficulties, including Axebrook, Walleye, Engineers Gate, Lone Pine, Millennium internal pod, Verition pod, and Samlyn, mainly involving large redemptions, shutting down internal teams, or changing PMs.It is worth mentioning that during the major turbulence in the U.S. stock market in July this year, the AI hedge fund Situational Awareness also encountered a similar incident, with fund assets shrinking by 67%, and subsequently reached an emergency exit deal with Citadel, selling most of its publicly traded stock holdings at a discount.

According to Gate quotes, the South Korean KOSPI index has resumed trading after the circuit breaker, with a decline narrowed to 6.8%. In terms of weighted stocks, SK Hynix fell by 7.99%, and Samsung dropped by 7.3%.

Floki posted on the X platform stating that it is investigating a vulnerability exploitation incident. Currently, the related bot services have been taken offline, and the team is taking measures to protect the remaining user funds and confirm the specific affected users.Subsequently, affected users will be migrated to a new secure wallet, and the remaining funds will also be transferred to them. Floki reminds users not to deposit funds into the bot wallet until further notice; if users have exported their private keys and still have funds in the wallet, they should immediately transfer them to a wallet they fully control. The official emphasizes that the team will never proactively message users or ask for mnemonic phrases or private keys, and users should ignore anyone claiming to provide "refund" or "recovery" services.

Last night and this morning, U.S. stocks fell sharply. Wall Street traders mentioned that algorithmic and programmatic selling exacerbated market volatility during this decline. A Goldman Sachs stock trader stated that the pain level of today's market is extremely high. Goldman Sachs trader John Flood pointed out that institutional buying has once again hit a stalemate, and the massive cloud computing positions bought by hedge funds during yesterday's rebound are being rapidly sold off, with no buyers stepping in to take over yet.Several senior traders described the liquidity state at the opening of U.S. stocks as having strong characteristics of liquidation, noting that algorithmic and CTA fund programmatic selling intensified the initial straight drop without buyers. According to Vanda Research, the scale of retail selling in the first 30 minutes of trading on Thursday set a record for the largest single 30-minute sell-off in recent months, approaching the peak during the retail panic exit at the end of July 2024.

According to Bloomberg, drone delivery company Zipline has completed a new round of financing of $1.5 billion, with a post-money valuation of $21.5 billion, approximately 2.8 times the valuation of $7.6 billion in January of this year. This round was led by Paradigm, WCM Investment Management, and Layer Global, with participation from Valor Equity Partners, Fidelity Management & Research Company, Uber, Tiger Global, JPMorgan Chase, ARK Invest, Salesforce Ventures, and others. The funds will be used for domestic manufacturing and hiring in the United States.In addition, Walmart has signed a national multi-year agreement with Zipline to add 300 new drone delivery sites.

According to Gate market data, the Russell 2000 Index fell by 2.5%, likely marking the largest single-day decline since June 5.

According to Gate market data, the Nasdaq 100 Index has fallen by 5.1%, and the S&P 500 Index has decreased by 2.8%. Both the S&P 500 Index and the Nasdaq Index have dropped to their lowest levels since late July, with both indices set to record their largest single-day decline in five months.

According to Gate Market, the US stock AI hardware industry chain has encountered a collective sell-off, with chips, storage, semiconductor equipment, and optical communication sectors generally experiencing significant declines. The Philadelphia Semiconductor Index fell by 7.25%.In terms of chip stocks, AMD fell by 12.94%, NVIDIA fell by 5.33%, TSMC fell by 6.99%, Broadcom fell by 5.35%, Intel fell by 8.12%, Qualcomm fell by 9.00%, and Arm fell by 10.65%.In terms of storage and hard drive stocks, SanDisk fell by 13.77%, Western Digital fell by 12.78%, Seagate Technology fell by 12.74%, Micron Technology fell by 10.78%, and SK Hynix fell by 9.41%.In terms of semiconductor equipment and optical communication stocks, MKS Instruments fell by 10.03%, Lumentum fell by 12.21%, Coherent fell by 10.53%, Applied Materials fell by 7.15%, Lam Research fell by 8.66%, and ASML fell by 5.98%.