【Investment Morning Brief | 11/2】

U.S. tech stocks came under pressure last Friday, with the Nasdaq down about 2.9% and the Philadelphia Semiconductor Index down about 7.2%; Intel fell about 28.6% after lowering its guidance. Risk appetite at the A-share open may be more subdued, with greater pressure on semiconductor and computing-power-related stocks. Consumer, liquor, and healthcare stocks held up relatively well on Friday. Today, watch whether tech valuation pressures persist and whether the Shanghai Composite can hold 3,600.

U.S. stocks last Friday (10/30 ET): The S&P 500 closed at 7,580.07 (−1.82%), the Nasdaq at 25,437.00 (−2.86%), and the Dow at 51,770.31 (−1.09%); the Philadelphia Semiconductor Index fell about 7.2%. The main driver was skepticism over returns on AI capital spending, with investors pulling out after earnings from Amazon, Google, and others. Intel fell about 28.6% after lowering its guidance, dragging down chip stocks including AMD and Qualcomm; the Mag 7 generally came under pressure. WTI was around 104.12 (+2.08%), while spot gold retreated to around 3,876. U.S. stock futures edged up over the weekend, with S&P 500 futures at 7,644.75 (+0.40%, evening of 11/1 ET).

China A-shares on the previous trading day (10/30): The Shanghai Composite fell 1.44% to 3,599.02, slipping below 3,600 again. It was below the 5-day moving average of about 3,656 and the 20-day moving average of about 3,736. In the short term, watch the 3,600 level and Friday’s low of around 3,595. The Shenzhen Component fell 2.73% to 10,833.78. The ChiNext Index fell 4.13% to 2,413.63. The STAR 50 Index fell 5.48% to 1,160.84.

Events to watch in trading

• Whether the tech-sector valuation pullback continues

• Whether the Shanghai Composite holds above 3,600; Friday’s low was around 3,595

• Whether the STAR 50 can stabilize

• Pressure on semiconductor and computing-power-related stocks

Data sourced from contributors and public market quotes. Not investment advice.