U.S. stock indices all fell below their moving averages, and AI stocks dropped back to the lows after the DeepSeek impact
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Continuing Friday's sharp decline, U.S. AI stocks continued to pull back overnight, overall falling back to the low point after DeepSeek's impact (Figure 1); meanwhile, major U.S. stock indices (S&P, Dow Jones, NASDAQ, and Russell 2000 small-cap index) have all broken through major technical support (Figure 2). Goldman Sachs traders stated today, "There is no panic yet, but the discomfort is strong..." and added that hedge funds are moderately reducing risk, while most long funds are taking a wait-and-see approach
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