周四标普五百下跌百分之一点二，连跌第三天；纳斯达克一百延续自四月以来最深跌势。白银在此前跟随黄金创高后单日暴跌百分之十七；比特币下跌百分之十，回吐自十五个月前选举以来全部涨幅，且在纽约午后一度下挫至约六万三千美元、日内跌幅扩大到百分之十三，距四个月前历史高点约回撤一半。盘后亚马逊在宣布今年投资两千亿美元后一度重挫逾百分之八，强化市场对科技企业人工智慧资本开支过度的担忧。
板块层面呈现广泛承压：标普五百十一个主要行业中有九个下跌。风险焦点集中于三类：一是人工智慧加速替代带来的输家不确定性；二是货币政策前景与人事变动预期造成的利率路径噪音；三是黄金、比特币与大型科技股等资产估值拉伸后的均值回归。整体统计特征是多资产同向下行、跌幅在高波动品种更集中、并伴随融资交易被迫平仓，呈现典型的风险偏好收缩。
On February 6, 2026 (timestamped as 5:32 AM GMT+8), Wall Street’s crowded trades all reversed at once, with investors rotating from risk assets across the board, from tech stocks and precious metals to crypto, toward safety. This was not triggered by a single shock; rather, concerns that valuations had run too far, combined with a steady stream of negative headlines, led to synchronized de-leveraging in risk assets. US Treasuries were bought back and resumed their role as a primary haven.
On Thursday, the S&P 500 fell 1.2% for a third straight daily decline, while the Nasdaq 100 extended its deepest slide since April. Silver, after tracking gold to record highs, plunged 17% in a single day. Bitcoin dropped 10%, giving back all gains since the election 15 months earlier, and in New York afternoon trading it was briefly down about 13% to a little over $63,000, roughly a 50% drawdown from its record high about four months ago; the move was amplified by forced unwinds of borrowed-money trades. After the close, Amazon sank more than 8% after announcing plans to invest $200 billion this year, reinforcing fears that big tech’s AI capex is becoming excessive.
The pressure was broad-based: 9 of the S&P 500’s 11 major industry groups fell. The market’s risk focus clustered around three areas: uncertainty about who loses as AI accelerates substitution; “noise” around the interest-rate path tied to shifting policy expectations and potential leadership changes (for example, Trump’s pick Kevin Warsh possibly replacing Jerome Powell); and mean reversion after stretched valuations in assets like gold, Bitcoin, and mega-cap tech. The overall pattern was multi-asset declines moving in the same direction, larger drops concentrated in higher-volatility instruments, and forced position liquidations consistent with a sharp contraction in risk appetite.