Semiconductors fell 12.15 percent, the largest move in the tables, extending the chip rout covered in today’s Hua Hong story and in Taiwan’s decision to cap short selling and authorize its stabilization fund after its own market slide. Broadcom fell 10.43 percent and Nvidia 9.26 percent in the same move; this morning’s reporting identifies no single company news behind either fall beyond the sector-wide repricing.
Tesla fell 10.77 percent. The fall came on the day Tesla confirmed it will wind down Cybertruck production at its Texas gigafactory next year, a story in today’s technology brief, on top of the general technology selloff, with the tech sector index down 8.0 percent.
The rout was global. The Nasdaq 100 fell 6.36 percent, the Nikkei 225 fell 5.96 percent, the S&P 500 fell 4.36 percent and the Dow Jones fell 3.44 percent, and European shares joined the selloff, with the Stoxx 600 down 1.6 percent in today’s rates reporting. Copper miners fell 5.81 percent; nothing in today’s mining reporting, which was dominated by gold and PGM company news, explains a copper-specific break, so the move reads as risk-off spillover rather than a copper fundamental.
Treasuries rallied as equities fell. The US 5 year yield fell 8.1 basis points to 4.61 percent, the 10 year fell 5.7 basis points to 4.84 percent and the 30 year fell 3.1 basis points to 5.25 percent, a haven move that is the subject of today’s featured rates story. The dollar index rose 0.44 percent.
The synthesis is straightforwardly risk-off, with two qualifications. Gold futures fell 0.97 percent rather than catching a haven bid, after a weekly gain of about 5 percent that today’s updated gold story records, which looks like profit taking into strength. And Brent crude was nearly flat on the day, down 0.16 percent at $98.13, even though it remains down 16.58 percent on the week after the steepest weekly fall since 2020, so the oil market is digesting its own earlier shock rather than joining today’s move. The next test is the US October employment report at 8:30 AM Eastern today.