I. United States
1. The Dow Jones Industrial Average closed down 3.4% on Thursday, its biggest one-day drop since April 2025.
2. The Nasdaq Composite closed down 5.5% on Thursday, its biggest one-day drop since April 2025, and has retreated approximately 11.9% from its all-time high on October 6, officially confirming its entry into a technical correction phase.
3. The S&P 500 closed down 4.3% on Thursday, its biggest one-day drop since April 2025, with all eleven sectors closing lower, and its component stocks losing approximately $3 trillion in market capitalization in a single day.
4. The Philadelphia Semiconductor Index fell 12.25%, its biggest one-day drop since March 2020; it is estimated that the overall market capitalization of technology stocks evaporated by approximately $2.5 trillion in one day, with the "Big Seven" tech giants losing approximately $1 trillion.
II. Asia
1. The Nikkei 225 closed down 6.00% on Friday, down more than 20% from its June closing peak, confirming its entry into a technical bear market. 1. SoftBank Group once fell over 11%, with semiconductor equipment and memory heavyweights such as Tokyo Electron and Kioxia all experiencing a collapse.
2. South Korea's KOSPI index closed down 6.02% on Friday, having fallen nearly 9% at one point during the session, triggering its 11th circuit breaker this year. The South Korean government subsequently held an emergency market situation review meeting. SK Hynix fell 10.44%, and Samsung Electronics fell 6.35%.
3. Taiwan Weighted Index closed down 4.53% on Friday, falling more than 20% from its early October high, confirming the start of a technical bear market. It had plunged nearly 9% at the start of the session. Heavyweight TSMC fell nearly 4.7%, its biggest drop since July 17.
4. Singapore's Straits Times Index fell 2.2% intraday on Friday, hitting its lowest level since July 1, with the electronics, communications, technology services, and financial sectors leading the decline.
III. Defying the Trend
1. India's NIFTY 50 index rose approximately 0.8%, and India's SENSEX index rose over 1%. Because of the relatively low weighting of AI hardware and semiconductors in India's main indices, it passively absorbed inflows as global funds reduced their crowded exposure to AI. Furthermore, the return of foreign capital after months of outflows further amplified this effect.
