#全球资产集体大跌 The recent synchronous decline across different asset classes is no coincidence. The core issue is the ambiguity of the Fed's policy, which has triggered a reversal in interest rate cut expectations, the U.S. government shutdown has resulted in a data vacuum, combined with the cascading effect of high leveraged positions being closed and rising geopolitical risks, leading to indiscriminate dumping under tightened liquidity. From the asset performance perspective, tech stocks are the most affected due to high valuations, the Nasdaq's sharp drop confirms the valuation correction pressure in the growth zone. Gold breaking below the $4000 mark disrupts traditional safe-haven logic, while the rising correlation of Bitcoin and other encryption assets with U.S. stocks further highlights the collective retreat in risk appetite. Attention should be focused on the Fed's policy guidance and key economic data in December. Currently, it is advisable to control leverage, hold cash, and be wary of further pullback risks in high fluctuation zones.