Market Recap
AI stocks fell on Thursday, with the Nasdaq sliding more than 400 points as AI-related shares faced another round of heavy selling. Investors grew increasingly wary of sky-high valuations in the artificial intelligence sector, while rising layoff data stoked fears of a softening labor market. Meanwhile, the US Supreme Court questioned the legality of Trump-era tariffs, raising the possibility of a policy reversal.
The Nasdaq 100 has now dropped more than 2% since last Friday, on track for its worst weekly performance since early April. The biggest drags came from NVIDIA, Microsoft, Palantir Technologies, Broadcom, and AMD.
Chipmaker Qualcomm sank 3.6% despite beating earnings expectations, after warning it could lose future Apple business. Meanwhile, US data showed announced layoffs in October surged to 153,000, nearly triple September’s figure, the highest October level in 22 years, adding to concerns about economic slowdown.
US Markets
At the close:
- NVIDIA -3.65% Apple -0.14% Microsoft -1.98%
- Google-C +0.21% Amazon -2.86% Broadcom -0.94%
- Meta -2.67% TSMC -1.50% Tesla -3.50%
- Berkshire Hathaway-A +0.51% Eli Lilly +1.26% JPMorgan +0.56%
Chinese ADRs were mixed, with the Nasdaq Golden Dragon China Index down slightly 0.03%. Alibaba rose 1.69%, Baidu gained 3.01%, while Xpeng jumped 9.64%.
Market Snapshot:
- Dow Jones: -398.70 pts (-0.84%) → 46,912.30
- Nasdaq: -445.80 pts (-1.90%) → 23,053.99
- S&P 500: -75.97 pts (-1.12%) → 6,720.32
Hong Kong
Hong Kong stocks fell across the board. As of midday, tech names led the decline — Kuaishou -5%, Bilibili -4%, Xiaomi -3%, while Alibaba, JD.com, Tencent, and Meituan dropped over 2%.
Solar stocks bucked the trend, with Flat Glass Group up over 6% amid news of a potential RMB 70 billion polysilicon restructuring fund.
Gold miners extended gains as Zhongjin Gold rose over 4%, with spot gold returning above $4,000/oz in Asian trading. Analysts at AJ Bell said gold may be in its third major bull cycle since 1971, driven by debt, geopolitics, and inflation pressures.
Market Snapshot:
- Hang Seng Index: -1.14% → 26,183.08
- Hang Seng Tech Index: -2.00% → 5,825.33
- China Enterprises Index: -1.12% → 9,251.18
A50 & Mainland China
Mainland indices were mostly lower at midday.
- Shanghai Composite: -0.16% → 4,001.24
- Shenzhen Component: -0.16% → 13,431.09
- ChiNext: -0.37% → 3,212.70
Trading volume across Shanghai, Shenzhen, and Beijing totaled RMB 1.27 trillion, down from the previous session.
Sectors seeing strength included organic silicon, chemicals, solar equipment, and energy metals, while AI, gaming, brokerages, and humanoid robots lagged.
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