On Thursday Eastern Time, the three major US stock indices fell collectively. As of the close, the Dow Jones Industrial Average fell 0.23% to 47,522.12 points; the S&P 500 Index fell 0.99% to 6,822.34 points; and the Nasdaq Composite Index fell 1.57% to 23,581.14 points.

Large technology stocks mostly declined. Meta fell over 11%, marking its largest single-day drop in three years and hitting a new low since June. Tesla fell over 4%, Amazon fell over 3%, Microsoft fell over 2%, Nvidia fell 2%, and Netflix fell over 1%. Google rose over 2%, while Apple saw a slight increase.

Regarding individual stocks, Meta, which released its quarterly results the previous day, closed down 11.33%, dragging down the overall US stock market. Concerns are growing over whether massive investments in the artificial intelligence sector can yield returns. Additionally, Microsoft's stock price fell due to poor performance.

Since April, US technology stocks had been performing well, but this upward trend has temporarily paused. "None of this means the AI bubble is about to burst, nor does it mean the stock market is about to see a major reversal," said Matt Maley of Miller Tabak. "However, it does increase the likelihood of a short-term pullback."

Amid the stock price decline, Meta issued $30 billion in bonds, the largest high-grade bond issuance in the US since 2023, attracting a record $125 billion in subscriptions. Analysis suggests that the stock and bond markets may react differently because they focus on different parts of the company's financial reports.

Additionally, market bets on a Fed rate cut in December have been scaled back, which has also somewhat affected the US stock market's gains. The latest data from the CME FedWatch Tool shows that the market now assigns a 74.7% probability of a 25-basis-point rate cut by the end of the year, down from nearly 95% previously.

Fed Chair Powell sent hawkish signals during the post-interest-rate-decision press conference on Wednesday, stating that inflation still faces short-term upward pressure, employment faces downward risks, and the current situation is quite challenging. The committee remains highly divided on whether to cut rates again in December, and a rate cut is not a done deal.

Most popular China-concept stocks declined. The Nasdaq Golden Dragon China Index closed down 1.88%. Bilibili fell over 5%, NetEase fell over 4%, Alibaba fell over 3%, and JD.com fell nearly 3%. New Oriental rose nearly 4%.