Tech Stocks, Crypto, and Gold Plunge Together — Wall Street Breaks Key Support Levels

Market Overview

The market faced a “triple selloff” on Tuesday as U.S. equities broke below key technical support. All three major indexes hit one-month lows, with the Dow Jones Industrial Average dropping more than 1%, led by weakness in financials and energy. Tech stocks were broadly pressured — the Philadelphia Semiconductor Index fell for a third straight day, while Nvidia retreated nearly 2%. Chinese ADRs slid for a fifth consecutive session, with XPeng plummeting 10% following its earnings release. The lone bright spot was Alphabet, which rebounded over 3% after Berkshire Hathaway disclosed a new stake.

U.S. Treasury prices stabilized after recent losses, with the 10-year yield retreating following a two-day climb. The U.S. Dollar Index continued to rebound from a four-week low, driving the Japanese yen to its weakest level in over nine months, while the offshore yuan slipped past 7.11.

Cryptocurrencies extended their bear-market slump — Bitcoin briefly broke below $92,000, plunging nearly 5% intraday. In commodities, crude oil gave back gains after a two-day rebound, while gold logged its third consecutive decline, falling to a one-week low with futures tumbling more than 2%.

Hot Topics to Watch

● Bitcoin Breaks Below $92,000

Bitcoins sharp pullback wiped out roughly $600 billion in market capitalization, erasing its year-to-date gains. Analysts attribute the plunge to renewed fears of a repeat of the “halving cycle” pattern — where post-halving euphoria gives way to deep corrections. Panic selling among retail investors, stagnating institutional inflows, and a tougher macro backdrop have combined to trigger a sharp loss of confidence across the crypto space.

● A Wall Street Consensus Forming？

Goldman Sachs has identified 6,725 points on the S&P 500 as a key dividing line — a break below this level could trigger a trend reversal and systemic CTA-driven sell-offs. Wall Street strategists warn that major U.S. equity support levels remain under pressure, with the Russell 2000 already breaking down. Funds are rotating out of tech and into defensive sectors such as healthcare, while volatility in Nvidia has surged. With corporate earnings and key labor data approaching, markets may face deeper downside risk.

Key Events to Watch (GMT+8)

21:30 US October Import Price Index (MoM)

22:15 US October Industrial Production (MoM)

23:00 US November NAHB Housing Market Index / August Factory Orders (MoM)

23:30 Fed Governor Michael Barr speaks on bank supervision

00:00 2027 FOMC voter & Richmond Fed President Thomas Barkin delivers economic outlook remarks