Last night, major stock markets in Europe and the United States plunged, while Chinese assets rallied against the trend.
Global Market Dive
On October 1st, the US stock market experienced a midday dive and closed in negative territory. By the end of the trading day, the Dow Jones Industrial Average had fallen by 0.41%; the S&P 500 Index dropped by 0.93%; and the Nasdaq Composite Index declined by 1.53%, with intraday losses exceeding 2%. Most large tech stocks declined, with Apple down 2.91% and Microsoft falling 2.23%.
Chip stocks were broadly lower, with GlobalFoundries dropping more than 4%, and NVIDIA, Microchip Technology, Intel, and Micron Technology all falling over 3%. Broadcom, Advanced Micro Devices, and Qualcomm declined by more than 2%, while ASML lost over 1%.
Bank stocks also generally fell, with JPMorgan Chase and Wells Fargo Bank dropping nearly 2%, and Goldman Sachs, Citigroup, and Bank of America declining by about 1%.
Due to the escalation of the situation in the Middle East, oil and gas stocks mostly rallied, with ConocoPhillips gaining 3.88%.
European stock markets also experienced a significant decline. Several markets opened higher but ended lower, with the German DAX Index closing down 0.58% at 19,213.14 points, and the French CAC 40 Index falling 0.81% to 7,574.07 points.
The cryptocurrency market saw substantial losses. Bitcoin plummeted to around $60,000, and Ethereum fell more than 5% intraday. Coinglass data showed that over 150,000 people liquidated their positions within 24 hours.
