Market Update
US stocks fell sharply on Thursday after a volatile session, with both the Dow and Nasdaq swinging more than 1,100 points intraday. Nvidia reversed early gains despite strong earnings, while stronger-than-expected September jobs data sharply reduced expectations for a December Fed rate cut, pressuring risk assets across the board.
US Stocks
Nvidia fell 3.15 percent after giving up a 5 percent early jump. The company beat estimates and issued a bullish Q4 forecast, with CEO Jensen Huang saying demand for Blackwell chips is “off the charts,” dismissing AI-bubble concerns.
September nonfarm payrolls rose 119,000, more than double expectations. The delayed report, originally due in early October, further reduced rate-cut bets. The probability of a December cut has now fallen below 40 percent.
KKM Financial’s Jeff Kilburg noted: “Nvidia’s momentum is being overshadowed by collapsing expectations for a December rate cut.”
Market Snapshot:
- Dow Jones: down 386.51 points, to 45,752.26
- Nasdaq: down 486.18 points, to 22,078.05
- S&P 500: down 103.40 points, to 6,538.76
Hong Kong Stocks
Hong Kong markets fell across the board. Tech stocks slumped sharply, with Baidu down more than 6 percent and Alibaba down over 4 percent.
Semiconductor names led declines as global markets reacted to the US selloff. Despite Nvidia’s strong earnings and upbeat guidance, investors remain wary of an AI valuation bubble.
Biopharma stocks also fell. Morgan Stanley scrapped its call for a December Fed cut, now predicting cuts only in early 2026, weighing on sentiment in innovation-drug and biotech sectors.
Market Snapshot:
- Hang Seng Index: down 2.07 percent, to 25,300.28
- Hang Seng Tech Index: down 3.11 percent, to 5,401.27
- China Enterprises Index: down 2.14 percent, to 8,947.36
A50 & Mainland A-Shares
A-share indexes sold off heavily.
The Shanghai Composite fell 1.88 percent, the Shenzhen Component dropped 2.72 percent, and ChiNext slid 3.18 percent. More than 4,900 stocks declined.
Sectors like batteries, energy metals and silicon energy pulled back, while select shipbuilding names outperformed.
Market Snapshot:
- Shanghai Composite: down 1.88 percent, to 3,857.24
- Shenzhen Component: down 2.72 percent, to 12,627.85
- ChiNext: down 3.18 percent, to 2,945.61
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