#加密领域市场回调 Last week, the global market was stunned by three heavy blows: the U.S. government shutdown remains unresolved, private employment data shows a cooling in hiring, and the valuation logic of AI traps is beginning to show cracks. Risk appetite? Directly entering winter.

The US stock market saw a dramatic reversal on Friday. Reports surfaced during the day that Congress might finalize a deal to end the shutdown, which helped the S&P 500 and Dow Jones recover in the closing hours. However, the Nasdaq did not share this fortune, as tech stocks continued to weigh it down, ending the day down 0.21%. Over the course of the week, the Nasdaq recorded its worst weekly performance since April.

The bond market is more exciting. After the consumer confidence index fell to its lowest level in over three years, the yield on the 10-year U.S. Treasury bond plummeted during the session, but shortly after, it climbed back up and closed higher instead. The U.S. dollar index has fallen for three consecutive days, completely giving back the gains accumulated earlier this month.

Gold has seen some fluctuations due to the weakness of the US dollar and risk aversion, ending a two-week decline, but it is still hovering near the 4000 dollar mark. Crude oil rose from a two-week low on Friday, but it can't withstand a second consecutive week of decline—the market is still grappling with how much Russian oil production will be cut due to Western sanctions and the extent of the oversupply pressure.

Looking ahead, the focus is still on two things: when will the government shutdown end, and how likely is it that the Federal Reserve will cut interest rates? If the government continues to be closed, more economic data will be delayed, and the market can only continue to navigate in the dark. $BTC