Wall Street pulled back from its record streak on Tuesday as Nvidia and other chip stocks suffered big losses and oil prices fell.
- S&P 500 Futures Contract: 5,815.26 ⬇️ down 0.76%
- S&P 500: 5,815.26 ⬇️ down 0.76%
- Nasdaq Composite: 18,315.59 ⬇️ down 1.01%
- Dow Jones Industrial Average: 42,740.42 ⬇️ down 0.75%
- STOXX Europe 600: 520.57 ⬇️ down 0.80%
- FTSE 100: 8,249.28 ⬇️ down 0.52%
- CSI 300: 3,855.99 ⬇️ down 2.66%
- Nikkei 225: 39,910.55 ⬆️ up 0.77%
- Bitcoins: $66,744.19 ⬆️ up 1.07%
US: Wall Street loses record rally as technology stocks plunged
The tech sector’s decline impacted Wall Street on Tuesday, with Nvidia weighing on the S&P 500 as it fell 4.5%. Chip stocks overall were also hit after Dutch supplier ASML released its quarterly results, with US-listed shares plunging 16.3%. The S&P 500 closed down 0.76%, the Dow closed down 0.75% and the Nasdaq was hit hardest, closing down 1.01%
Europe: Stocks closed lower as oil prices fell
European shares were around breakeven at the start of the day but most markets closed down on Tuesday as oil prices and technology shares fell. The Stoxx 600 index closed down 0.80%, with most major markets ending in negative territory. Across European sectors, performance was mixed. Media shares rose 1.46%, while oil and gas shares fell 3.24%, following a decline in the oil market.
China: Stocks fall on weak export figures
Chinese shares weakened as investors reacted to the absence of substantial new stimulus measures, coupled with disappointing export data. Exports grew just 2.4% year-on-year in September, well below estimates of 6%, according to figures released late Monday. The CSI 300 index, which represents the 300 largest companies on the Shanghai and Shenzhen exchanges, fell 2.66%, while Hong Kong’s Hang Seng index fell 3.67%.
Japan: Nvidia withdraws semiconductor shares
The Nikkei 225 rose 0.77%, briefly hitting a three-month high, driven by gains in technology and financial shares. Nvidia’s strong performance lifted semiconductor-related companies such as Tokyo Electron and Advantest, which saw increases of 4.49% and 3.37%, respectively. Softbank, the majority owner of chip giant Arm Holdings, jumped 5.76%. Additionally, a weaker yen, which benefits Japanese exporters, provided further support to Nikkei shares.
And earnings season continues…
Morgan Stanley reported on Wednesday; Netflix takes its turn on Thursday; and Friday features P&G and American Express.
