Hong Kong's three major stock indexes all moved lower during the morning trading session on September 24. By the lunch break, the Hang Seng Index had declined 0.52% to 24,704.75 points, the Hang Seng Tech Index fell 1.11%, and the Hang Seng China Enterprises Index dropped 0.46%.

Across the board, technology stocks saw more losses than gains, with Lenovo Group Ltd (HKEX: 0992) sliding over 3%, while Baidu Inc (HKEX: 9888) and Bilibili Inc (HKEX: 9626) both fell more than 2%. In contrast, NetEase Inc (HKEX: 9999) managed a modest gain of 0.6%. Oil producers moved higher against the broader market trend, with PetroChina Co Ltd (HKEX: 0857) advancing over 2%. Gold stocks weakened notably, as Zijin Gold International (HKEX: 2097) plunged more than 5%. Semiconductor shares also came under pressure, with GigaDevice Semiconductor (HKEX: 603986) dropping over 5%.

The strength in oil stocks was driven by a rebound in international crude futures on Wednesday this week, which reversed a five-day losing streak. The Iranian president's blunt statement that the country would never yield to the United States reignited geopolitical risk premiums, while rumors of a US diesel export ban triggered sharp but brief market volatility.

Gold equities suffered as the US dollar index climbed to an eight-week high of 101 on the evening of September 23. Additionally, a rebound in oil prices and unexpectedly strong US PMI data sparked a fresh wave of aggressive selling in US Treasuries. The five-year Treasury yield breached 5% for the first time since 2007, while the ten-year yield moved above the 5.1% threshold.

Adding to the pressure on gold stocks, Federal Reserve Governor Christopher Waller signaled a hawkish stance, suggesting that further rate hikes may be necessary to ensure inflation returns to target levels.

For chip stocks, the selling pressure was amplified by prominent short-seller Michael Burry, who revealed he has increased his bearish position against Micron Technology Inc (NASDAQ: MU), describing the move as "quite substantial." Burry warned that a cyclical reversal could trigger a "violent sell-off" in the sector. Furthermore, Acer Inc CEO Jason Chen recently cautioned that increasing mainland China memory chip production could eventually ease supply constraints and put downward pressure on prices. Chen noted these effects would become more pronounced around the end of 2027, providing additional support for Burry's bearish outlook on memory stocks.