US stocks finished mixed on Thursday. The Dow Jones Industrial Average rose by 270 points, while the Nasdaq declined as investors continued rotating out of technology stocks into other sectors. Apple fell for a seventh consecutive session, adding to pressure on tech-heavy indices.
Popular AI stocks also came under selling pressure. Nvidia fell 2.17%, while Oracle lost 1.64%. Apple dropped another 0.5%.
Defense stocks outperformed after President Trump called for the 2027 defense budget to reach $1.5 trillion. Shares of Northrop Grumman, Lockheed Martin, RTX, and Kratos Defense all posted solid gains.
Economic data also influenced sentiment. US productivity surged in the third quarter, helping to reduce labor costs, while layoffs remained limited.
US nonfarm productivity jumped 4.9% from July to September, meeting expectations. Unit labor costs fell 1.9%, far better than the forecast decline of 0.4%. Weekly jobless claims rose slightly to 208,000, but stayed below expectations.
US Stocks
Mega-cap stocks were mostly lower.
Nvidia fell 2.15%, Microsoft dropped 1.11%, Apple slipped 0.50%, and Meta declined 0.41%. Tesla rose 1.02%, Google gained 1.07%, and Amazon climbed 1.96%.
Chinese ADRs moved higher. The Nasdaq Golden Dragon China Index rose 1.09%.
Bilibili surged over 6%, Tencent Music and Alibaba gained more than 5%, while JD.com, Vipshop, and XPeng also advanced.
Market Snapshot
Dow Jones: +270.03 (+0.55%) at 49,266.11
Nasdaq: -104.26 (-0.44%) at 23,480.02
S&P 500: +0.52 (+0.01%) at 6,921.45
Hong Kong Stocks
Hong Kong markets were mixed. Tech stocks diverged, with Baidu and Meituan down more than 2%, while Bilibili jumped over 3% and Alibaba, JD.com, and Kuaishou rose more than 2%.
Commercial space stocks rallied. Asia Satellite surged over 15%. Analysts expect 2026 to become a breakout year for China’s private rocket companies as IPO plans accelerate.
Gold stocks outperformed as geopolitical risks and rate-cut expectations continued to support gold prices. Shandong Gold gained over 6%. Morgan Stanley reiterated its bullish gold outlook, forecasting prices to reach $4,800 per ounce in 2026.
Market Snapshot
Hang Seng Index: +0.02% at 26,158.21
Hang Seng Tech Index: -0.06% at 5,674.78
China Enterprises Index: +0.04% at 9,042.80
China A50
China’s A-shares opened higher. At midday, the Shanghai Composite was up 0.30%, Shenzhen gained 0.57%, and the ChiNext Index rose 0.10%. Market turnover increased to CNY 2.08 trillion.
AI applications, defense, commercial space, healthcare technology, energy services, and cross-border payments led gains, while banks, agriculture, and airport stocks lagged.
Market Snapshot
Shanghai Composite: +0.29% at 4,095.54
Shenzhen Component: +0.35% at 14,071.35
ChiNext Index: +0.41% at 3,332.74
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