AI valuations and growing divergence over rate cut prospects intensify global stock market volatility; US equity index futures turn higher; gold, silver, and oil all rise.

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With the weakness in the US job market and lingering concerns over an AI bubble, global stock markets are experiencing turbulence, and risk aversion has boosted gold.

On November 7th, after overnight worries were digested, US stock index futures collectively rose, European stocks were mixed, most Asian stocks fell with a few gains, spot gold returned to $4,000, the US dollar index rebounded after its biggest drop since mid-October, and cryptocurrencies extended their declines.

The current market is filled with divergence: on one hand, there are concerns that AI is overvalued, on the other, investors hold optimism for technological progress. As earnings season draws to a close, a pattern of buying the dip after sell-offs is emerging. Veteran emerging markets investor Mark Mobius commented:

“If you look at the field of artificial intelligence, you will find a lot of bubbles within it. We expect that companies heavily invested in AI, putting in trillions of dollars, will see a pullback. This doesn't mean that AI will disappear, but current investment is indeed excessive.”

Key Market Movements:

US stock index futures rose across the board: S&P 500 futures up 0.26%, Nasdaq 100 futures up 0.34%, Dow Jones futures up 0.21%European Stoxx 50 index opened up 0.2%, German DAX up 0.3%, UK FTSE 100 down 0.2%, French CAC 40 up 0.2%Nikkei 225 down 1.21%, Korea Composite Stock Price Index down 1.81%US 10-year Treasury yield rose 2 basis points to 4.10%US dollar index up 0.15%, at 99.84Spot gold up 0.7%, to $4,005.42 per ounceBitcoin down 1.17%, Ethereum down 0.59%

US stock index futures collectively rose. Overnight, due to weak labor data, combined with doubts about AI investment returns and hawkish comments from Fed officials, the three major US stock indexes all closed lower. At present, market sentiment has stabilized, and US stock index futures are trending slightly upwards.

In addition to divergence on AI valuations, the market is also clearly divided on whether the Federal Reserve will cut rates in December. Although private data released Thursday showed a cooling US labor market and October Challenger corporate layoffs hit the highest level for the period in over 20 years, recent hawkish statements from several Fed officials on inflation have raised doubts among investors about the likelihood of a rate cut in December.

Cleveland Fed President Loretta Mester said inflation poses a greater risk than a weak job market. Chicago Fed President Austan Goolsbee said he feels uneasy about a rate cut due to the lack of inflation data during the government shutdown. Federal Reserve Governor Michael Barr said officials still need to work to control inflation while ensuring a healthy labor market. St. Louis Fed President Alberto Musalem said the central bank must continue to put downward pressure on inflation, warning that interest rates are close to a level where they can no longer provide such pressure.

In addition, the longest government shutdown in US history and tariff prospects have also added uncertainty to the market.

Spot gold rose 0.8%, reported at $4,008.69 per ounce.

Risk Warning and DisclaimerThe market carries risks, and investment should be carried out cautiously. This article does not constitute personal investment advice, nor does it take into account individual users' specific investment objectives, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific situation. Investment based on this article is at your own risk. ```