Stock Market

As of Nov 6, the U.S. major indexes closed as follows: the Dow Jones declined 3.44% at 51,523.06; the S&P 500 declined 4.36% at 7,353.73; and the NASDAQ declined 5.52% at 24,315.00. The selloff was led by large-cap technology and semiconductor names, with the Nasdaq posting its steepest one-day drop in months and moving into correction territory. Risk appetite faded sharply as traders reassessed the durability of the AI-led rally.

Unusual-move stocks were dominated by a sharp AI and chip repricing, while a handful of standouts bucked the trend. Among the biggest moves, AppLovin Corporation rose 31.04% to $356.10, Antelope Enterprise Holdings Limited rose 178.15% to $17.44, Hongli Group Inc. rose 15.02% to $3.37, GigaCloud Technology Inc rose 8.86% to $63.01, and New Oriental Education & Technology rose 3.63% to $53.96.

On the downside, Silicon Motion Technology fell 14.12% to $156.27, Taiwan Semiconductor Manufacturing fell 10.78% to $353.10, United Microelectronics fell 16.69% to $13.38, Himax fell 26.44% to $7.68, and AppLovin was one of the few large-cap momentum names to hold up.

Other notable decliners included Uxin fell 23.29% to $0.75, Cango fell 25.06% to $0.91, Naas Technology fell 22.47% to $1.53, and ASE Technology fell 20.77% to $29.72.

Broad weakness across chip, cloud, and internet-linked names reinforced the defensive tone, with only isolated pockets of strength. NetEase rose 4.37% to $126.56, JD.com rose 3.28% to $28.64, PDD Holdings rose 2.19% to $83.95, and Trip.com Group rose 2.62% to $43.81. By contrast, VNET Group fell 10.51% to $3.15, Futu Holdings fell 3.96% to $94.04, XPeng fell 2.54% to $9.60, and Baidu fell 1.18% to $79.48.

Other Markets

U.S. 10-year Treasury yield fell by 0.00%, latest at 4.84.

USD/CNH rose 0.0015%, at 6.71; USD/HKD rose 0.0126%, at 7.84.

U.S. Dollar Index rose 0.0000%, at 101.58.

WTI crude futures rose 0.67%, at 91.13 USD/bbl; COMEX gold futures fell 0.41%, at 4096.50 USD/oz.

Top News

1. Qualcomm and Arm reported results that triggered a broad chip selloff. Qualcomm said higher memory component prices hurt its handset unit, while Arm’s earnings outlook fell short of market expectations. The reaction rippled across semiconductors and reinforced concern that the AI trade may be entering a more volatile phase.

2. The Federal Trade Commission and 22 states expanded a complaint against Amazon. The updated filing alleges the company deceptively inflated prices in its online search advertising auction. The move adds regulatory pressure on one of the market’s largest consumer-internet platforms.

3. Google announced a $17 billion data-center investment in Wyoming. Alphabet said the project is its first data center in the state and will be built with partners including Tallgrass Energy and Black Hills Energy. The announcement underscores continued AI infrastructure spending despite rising political resistance to data-center expansion.

4. Microsoft declined to expand a Texas data-center agreement with Nscale. The decision came as the company reportedly tightened oversight of some data-center projects run by neocloud providers. The shift suggests a more cautious approach to AI infrastructure commitments.

5. KLA declared a regular cash dividend. The semiconductor equipment maker said its board approved a quarterly dividend of $0.23 per share. The payout signals continued capital return discipline despite a rough session for chip stocks.

6. Reuters reported that Nasdaq’s plunge reflected growing fears of tougher AI regulation. Investors reacted to the risk that policy changes could slow the buildout of data centers and related infrastructure. The report highlighted how politics is now intersecting with the AI investment cycle.

7. Tesla and SpaceX were hit by a steep post-election selloff. The two companies lost substantial market value as investors worried a divided Washington could complicate future business plans. The drop also reflected broader concern about AI-related capital spending and regulatory scrutiny.

8. The Nasdaq and S&P 500 posted record market-cap losses. Dow Jones Market Data estimated that S&P 500 companies lost $2.9 trillion in market value, while Nasdaq companies shed $2.5 trillion. The scale of the wipeout marked one of the most severe sessions in recent market history.

9. Traders rushed into Treasurys as the selloff intensified. The 2-year Treasury yield fell to its lowest level since early September as investors sought safety. The move showed a sharp preference for defensive assets over risk exposure.

10. Bitcoin fell sharply alongside tech shares. The cryptocurrency dropped below $76,000 as traders positioned for a slower pace of data-center construction. The decline reinforced bitcoin’s growing sensitivity to shifts in the technology and liquidity backdrop.

Sources: Reuters, Dow Jones, public market dataDisclaimer: This content is for reference only and does not constitute investment advice.