Chinese stocks witnessed a downturn, with the Nasdaq Golden Dragon China Index (HXC) declining by 1.3%. In terms of market value, JD.com (JD, Financial) rose by 1.47%, Vipshop (VIPS) increased by 1.37%, and GDS Holdings (GDS) edged up by 0.23%.
Among the declining stocks, Taiwan Semiconductor Manufacturing Company (TSM) fell by 2.01%, Alibaba (BABA) decreased by 0.78%, and Pinduoduo (PDD) slipped by 0.23%. Other notable losses included NetEase (NTES) by 0.23%, Ctrip (CTRP) by 1.01%, Baidu (BIDU) by 1.07%, and Li Auto (LI) which plummeted by 13.58%.
Further declines were seen in Chunghwa Telecom (CHT), Beike (BEKE), BeiGene (BGNE), ASE Technology Holding (ASX), Tencent Music (TME), ZTO Express (ZTO), United Microelectronics (UMC), Futu Holdings (FUTU), Huazhu Group (HTHT), NIO (NIO), XPeng (XPEV), New Oriental Education (EDU), Full Truck Alliance (YMM), and Bilibili (BILI).
On the broader U.S. market, stocks fell significantly. The Nasdaq took a hit of over 500 points, impacted by Microsoft and Meta, whose revenue and profits surpassed expectations. However, their return on AI investments was questioned. Additionally, the U.S. September Personal Consumption Expenditure (PCE) price index rose by 2.1% year-on-year, aligning with market expectations.
The Dow Jones Industrial Average dropped by 378.08 points, or 0.90%, closing at 41,763.46. The Nasdaq Composite fell 512.78 points, or 2.76%, to 18,095.15. The S&P 500 lost 108.23 points, or 1.86%, ending at 5,705.44.
