Market Update
US stocks closed lower on Monday, with the Dow falling more than 550 points as tech stocks led broad declines. Concerns over elevated AI valuations, sector rotation, and shifting expectations for a December Fed rate cut pressured market sentiment.
Nvidia fell ahead of its earnings report due Wednesday, while investors also await the release of the delayed September nonfarm payrolls report following the US government reopening.
US Stocks
Mega-cap tech traded mostly lower. Nvidia fell 1.83 percent, Apple lost 1.82 percent, Microsoft slipped 0.53 percent, while Google gained 3.11 percent. Amazon, Meta, and Oracle weakened, while Tesla and Broadcom posted modest gains.
Chinese ADRs mostly fell, with the Nasdaq Golden Dragon China Index down 1.21 percent. Alibaba and JD rose, while PDD, NIO, XPeng, Li Auto, and Baidu declined.
Market Snapshot:
Dow Jones −557.24 (−1.18 percent) at 46,590.24
Nasdaq −192.51 (−0.84 percent) at 22,708.07
S&P 500 −61.70 (−0.92 percent) at 6,672.41
Hong Kong Markets
Hong Kong equities weakened across the board. Tech stocks fell, with Lenovo down more than 4 percent, Kuaishou down over 3 percent, and Xiaomi losing more than 2 percent.
Gold miners dropped sharply, with Lingbao Gold down over 6 percent, tracking spot gold’s decline below 4,020 dollars per ounce.
Lithium names extended losses, including Ganfeng Lithium down more than 6 percent, even as lithium carbonate prices continued their notable recovery.
Market Snapshot:
Hang Seng Index −1.47 percent at 25,997.20
Hang Seng Tech Index −1.67 percent at 5,660.83
HSCEI −1.31 percent at 9,206.14
A50 Index / A-shares
A-shares ended broadly lower. The Shanghai Composite fell 0.56 percent, while the Shenzhen Component and ChiNext each slipped 0.43 percent. Trading turnover reached 1.296 trillion yuan, up 179 billion from the previous session.
AI application stocks outperformed, while battery, coal, and chemicals weakened.
Market Snapshot:
Shanghai Composite −0.56 percent at 3,949.83
Shenzhen Component −0.43 percent at 13,145.00
ChiNext −0.43 percent at 3,091.87
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