AI concept stocks' sell-off pauses, oil prices continue to decline, market awaits US October nonfarm payrolls

November 6 - Global tech stocks showed signs of stabilization after a sharp sell-off, with the storage and semiconductor sectors rebounding collectively in U.S. pre-market trading. However, Asia-Pacific markets suffered heavy losses today, with the Nikkei 225 closing down 5.96%, the KOSPI closing down 6.02%, and Taiwan's weighted index falling 4.5%, retreating 20% from its October 6 high and entering a technical bear market.

Previously, the U.S. Democratic Party won the midterm elections, and market concerns over stricter AI and data center regulations, combined with doubts about profit realization from massive AI infrastructure investments, triggered a concentrated sell-off in global tech stocks. On Thursday, the S&P 500 plunged 4.4%, the Nasdaq 100 tumbled 6.4%, with approximately $2.3 trillion in market value wiped out in a single day, and the Philadelphia Semiconductor Index fell nearly 16% for the week.

Meanwhile, the South Korean government has taken temporary measures to relax collateral requirements for broker margin loans to ease market selling pressure. The market remains divided on whether the AI rally is over. Some institutions believe this round of adjustment is driven more by position liquidation and deteriorating sentiment, and the long-term AI narrative remains intact, but whether AI infrastructure investments can translate into expected earnings and cash flow remains the core issue.

In commodities, Brent crude oil fell to $96.33 per barrel, spot gold declined 0.49% to $4,068.72 per ounce; Bitcoin stood at $76,227, edging slightly lower intraday.

The market's next focus shifts to the U.S. October nonfarm payrolls report, due to be released at 21:30 Beijing time tonight. Institutions generally expect moderate job growth, with a Reuters survey forecasting 65,000 new nonfarm jobs and Bloomberg Economics predicting 26,000. Institutional forecasts are concentrated in the range of 35,000 to 100,000, with both Goldman Sachs and JPMorgan projecting 75,000. The employment data will be an important basis for the market to judge the Fed's subsequent rate path.