Market Update
Japan's Stock Indexes Jumped 3%; Yen and Bonds Turned Lower Amid Stimulus Plan Size Worries
Akira Ito
20 Nov, 2025
Tokyo
Stocks in Japan advanced in a broad market rally, powered by a rebound in AI-linked stocks following Nvidia's stronger-than-expected quarterly results.
The Nikkei 225 Stock Average soared nearly 3%, and the broader Topix advanced 2%, as AI bubble worries receded.
The 4-day market slumped after benchmark indexes soared as investors stepped up to increase exposure to AI-linked stocks and technology companies.
Nvidia's revenue in the third quarter soared 67% from a year ago to a record $57 billion, and the company's current quarter revenue estimate surpassed market expectations.
Nvidia's strong revenue growth eased market worries that the race to build data centers could slow down in the near future, after CEO Jensen Huang said that demand for its Blackwell chips is "off the charts."
However, the Japanese bond and currency markets danced to a different tune, and investors worried that Prime Minister Takaichi's plan could worsen Japan's fiscal debt problem.
Investors anticipate the stimulus budget to be as large as 25 trillion yen.
The yen dropped to a new 10-month low of 157.45 against the U.S. dollar, and the yield on Japan's 10-year bonds rose above 1.8%, the highest level since 2008.
Japan Indexes and Stocks
The Nikkei 225 Stock Average jumped 2.8% to 49,903.96, and the broader Topix advanced 2% to 3,309.39.
SoftBank Group advanced 2.8% to ¥19,310.0, Tokyo Electron jumped 5.5% to ¥32,570.0, and Advantest Corp. increased 8.6% to ¥20,795.0.
Kioxia Holdings jumped 4.3% to ¥11,305.0, and last week the company announced net income in the fiscal second quarter plunged 62%.
However, the memory chip maker, spun off from Toshiba Corp., held out for strong sales in the current quarter.
Japan's Stock Indexes Jumped 3%; Yen and Bonds Turned Lower Amid Stimulus Plan Size Worries
Akira Ito
20 Nov, 2025
Tokyo
Stocks in Japan advanced in a broad market rally, powered by a rebound in AI-linked stocks following Nvidia's stronger-than-expected quarterly results.
The Nikkei 225 Stock Average soared nearly 3%, and the broader Topix advanced 2%, as AI bubble worries receded.
The 4-day market slumped after benchmark indexes soared as investors stepped up to increase exposure to AI-linked stocks and technology companies.
Nvidia's revenue in the third quarter soared 67% from a year ago to a record $57 billion, and the company's current quarter revenue estimate surpassed market expectations.
Nvidia's strong revenue growth eased market worries that the race to build data centers could slow down in the near future, after CEO Jensen Huang said that demand for its Blackwell chips is "off the charts."
However, the Japanese bond and currency markets danced to a different tune, and investors worried that Prime Minister Takaichi's plan could worsen Japan's fiscal debt problem.
Investors anticipate the stimulus budget to be as large as 25 trillion yen.
The yen dropped to a new 10-month low of 157.45 against the U.S. dollar, and the yield on Japan's 10-year bonds rose above 1.8%, the highest level since 2008.
Japan Indexes and Stocks
The Nikkei 225 Stock Average jumped 2.8% to 49,903.96, and the broader Topix advanced 2% to 3,309.39.
SoftBank Group advanced 2.8% to ¥19,310.0, Tokyo Electron jumped 5.5% to ¥32,570.0, and Advantest Corp. increased 8.6% to ¥20,795.0.
Kioxia Holdings jumped 4.3% to ¥11,305.0, and last week the company announced net income in the fiscal second quarter plunged 62%.
However, the memory chip maker, spun off from Toshiba Corp., held out for strong sales in the current quarter.
China and HK Indexes Ended 4-Day Slump, CICC Agreed to Acquire Two Smaller Rivals
Li Chen
20 Nov, 2025
Hong Kong
China and Hong Kong indexes halted a 4-day slump after tech stocks edged higher.
The Hang Seng inched up 0.4%, and the mainland-focused CSI 300 index increased 0.3% after Nvidia's results surpassed market expectations.
Nvidia Corp., the AI chip maker at the center of a seven-month-long market rally, reported revenue soared 62% from a year ago to a record $57 billion in its latest quarter, soothing market nerves.
The company's current-quarter revenue guidance exceeded market expectations, easing worries that surging valuations were ahead of fundamentals.
Following Nvidia's stronger-than-expected quarterly results and outlook, AI supply chain-driven stocks rallied in Japan, South Korea, and Taiwan.
China Indexes and Stocks
The Hang Seng Index edged up 0.4% to 25,916.89, and the mainland-focused CSI 300 index gained 0.3% to 4,602.02.
China International Capital Corp., or CICC, was halted at HK $18.96 after the company announced its plans to acquire two smaller rivals.
The combined company would have about one trillion yuan, or $140 billion, in assets under management after merging with Cinda Securities and Dongxing Securities.
The People's Bank of China and central committee policymakers have been urging brokerage companies to consolidate and create domestic giants capable of international expansion.
A unit of China's sovereign wealth fund, Central Huijin Investment, controls CICC, Cinda, and Dongxing, facilitating the easier consolidation.
Central Huijin controls a 40% stake in CICC, 45% in Dongxing, and 79% in Cinda.
China and HK Indexes Ended 4-Day Slump, CICC Agreed to Acquire Two Smaller Riva
Li Chen
20 Nov, 2025
Hong Kong
China and Hong Kong indexes halted a 4-day slump after tech stocks edged higher.
The Hang Seng inched up 0.4%, and the mainland-focused CSI 300 index increased 0.3% after Nvidia's results surpassed market expectations.
Nvidia Corp., the AI chip maker at the center of a seven-month-long market rally, reported revenue soared 62% from a year ago to a record $57 billion in its latest quarter, soothing market nerves.
The company's current-quarter revenue guidance exceeded market expectations, easing worries that surging valuations were ahead of fundamentals.
Following Nvidia's stronger-than-expected quarterly results and outlook, AI supply chain-driven stocks rallied in Japan, South Korea, and Taiwan.
China Indexes and Stocks
The Hang Seng Index edged up 0.4% to 25,916.89, and the mainland-focused CSI 300 index gained 0.3% to 4,602.02.
China International Capital Corp., or CICC, was halted at HK $18.96 after the company announced its plans to acquire two smaller rivals.
The combined company would have about one trillion yuan, or $140 billion, in assets under management after merging with Cinda Securities and Dongxing Securities.
The People's Bank of China and central committee policymakers have been urging brokerage companies to consolidate and create domestic giants capable of international expansion.
A unit of China's sovereign wealth fund, Central Huijin Investment, controls CICC, Cinda, and Dongxing, facilitating the easier consolidation.
Central Huijin controls a 40% stake in CICC, 45% in Dongxing, and 79% in Cinda.
U.S. Movers: Dolby Labs, Home Depot, Onsemi, Target
Scott Peters
19 Nov, 2025
New York City
Home Depot plunged 6% to $336.48 after the home improvement retailer lowered its same-store sales outlook and muted third-quarter results.
Revenue increased 1.1% to $41.4 billion from $40.2 billion, net income inched lower 1.3% to $3.60 billion from $3.64 billion, and diluted earnings per share fell to $3.62 from $3.67 a year ago.
Comparable sales increased 0.2% from a decline of 1.3%, comparable customer transactions declined to 1.6% from 0.6%, and the average ticket advanced 2% to $90.39 from $88.65 a year ago, respectively.
The do-it-yourself store retailer acknowledged the ongoing consumer uncertainty, the weakening housing market, and the expected post-storm seasonal renovation demand that failed to materialize.
Home Depot estimated total fiscal 2025 sales to increase 3.0%, including $2.0 billion in sales from the recent acquisition of GMS, and comparable sales growth to be "slightly positive" in the comparable 52-week period.
The company forecast diluted earnings per share to decrease 6% from $14.91 in the fiscal year 2024.
Onsemi increased 3.3% to $47.04 after the company's board authorized a new three-year stock repurchase program of $6 billion starting January 1, 2026.
The current stock buyback program, which is scheduled to end at the end of 2025, has acquired about $2.1 billion of stock, using 100% of the company's free cash flow in 2025.
Earlier in the month, the company said revenue decreased to $1.6 billion from $1.8 billion, net income fell to $255 million from $410.7 million, and diluted earnings per share decreased to 63 cents from 93 cents a year ago.
Dolby Laboratories edged up 0.6% to $64.96 after the audio and imaging company's fiscal first-quarter outlook fell short of market expectations.
Revenue in the fiscal fourth quarter ending in September increased to $307 million from $305 million, net attributable income plunged to $49.3 million from $58.6 million, and diluted earnings per share dropped to 51 cents from 61 cents a year ago.
Target Corp. decreased 2.5% to $86.60 after the company reported a decline in sales and earnings in the fiscal third quarter ending in September.
Revenue fell 1.5% to $25.3 billion from $25.7 billion, net income dropped 19.3% to $689 million from $854 million, and diluted earnings per share edged up to $1.14 from $1.12 a year ago.
For the fourth quarter, the company reiterated its estimate of "low-single-digit decline in sales," and the full-year diluted earnings per share estimate was revised lower to between $7.70 and $8.70.
U.S. Movers: Dolby Labs, Home Depot, Onsemi, Target
Scott Peters
19 Nov, 2025
New York City
Home Depot plunged 6% to $336.48 after the home improvement retailer lowered its same-store sales outlook and muted third-quarter results.
Revenue increased 1.1% to $41.4 billion from $40.2 billion, net income inched lower 1.3% to $3.60 billion from $3.64 billion, and diluted earnings per share fell to $3.62 from $3.67 a year ago.
Comparable sales increased 0.2% from a decline of 1.3%, comparable customer transactions declined to 1.6% from 0.6%, and the average ticket advanced 2% to $90.39 from $88.65 a year ago, respectively.
The do-it-yourself store retailer acknowledged the ongoing consumer uncertainty, the weakening housing market, and the expected post-storm seasonal renovation demand that failed to materialize.
Home Depot estimated total fiscal 2025 sales to increase 3.0%, including $2.0 billion in sales from the recent acquisition of GMS, and comparable sales growth to be "slightly positive" in the comparable 52-week period.
The company forecast diluted earnings per share to decrease 6% from $14.91 in the fiscal year 2024.
Onsemi increased 3.3% to $47.04 after the company's board authorized a new three-year stock repurchase program of $6 billion starting January 1, 2026.
The current stock buyback program, which is scheduled to end at the end of 2025, has acquired about $2.1 billion of stock, using 100% of the company's free cash flow in 2025.
Earlier in the month, the company said revenue decreased to $1.6 billion from $1.8 billion, net income fell to $255 million from $410.7 million, and diluted earnings per share decreased to 63 cents from 93 cents a year ago.
Dolby Laboratories edged up 0.6% to $64.96 after the audio and imaging company's fiscal first-quarter outlook fell short of market expectations.
Revenue in the fiscal fourth quarter ending in September increased to $307 million from $305 million, net attributable income plunged to $49.3 million from $58.6 million, and diluted earnings per share dropped to 51 cents from 61 cents a year ago.
Target Corp. decreased 2.5% to $86.60 after the company reported a decline in sales and earnings in the fiscal third quarter ending in September.
Revenue fell 1.5% to $25.3 billion from $25.7 billion, net income dropped 19.3% to $689 million from $854 million, and diluted earnings per share edged up to $1.14 from $1.12 a year ago.
For the fourth quarter, the company reiterated its estimate of "low-single-digit decline in sales," and the full-year diluted earnings per share estimate was revised lower to between $7.70 and $8.70.
Stocks On Wall Street Attempt to Rebound from Six-Day Malaise
Barry Adams
19 Nov, 2025
New York City
Stock market indexes on Wall Street attempted to rebound, and investors awaited the release of Nvidia's quarterly results.
The S&P 500 index increased 0.3%, and the tech-heavy Nasdaq Composite advanced 0.4% ahead of key earnings later in the day.
Nvidia Corp., the AI chip company at the center of the seven-month market rally, is widely anticipated to beat earnings and revenue estimates.
But investors are holding the company with the largest stock market value to a higher standard and are looking forward to a strong sales forecast for the current quarter.
Stock has come under pressure in the last two weeks, as investors are worried that the AI chip maker's torrid growth over the last three years is not sustainable.
Lowe's Companies and TJX Companies are scheduled to release their quarterly results after the market close.
Target Corp. said sales and earnings declined in the third quarter after fewer customers visited stores and spent less.
U.S. Stock Movers
Home Depot plunged 6% to $336.48 after the home improvement retailer lowered its same-store sales outlook and muted third-quarter results.
Revenue increased 1.1% to $41.4 billion from $40.2 billion, net income inched lower 1.3% to $3.60 billion from $3.64 billion, and diluted earnings per share fell to $3.62 from $3.67 a year ago.
Comparable sales increased 0.2% from a decline of 1.3%, comparable customer transactions declined to 1.6% from 0.6%, and the average ticket advanced 2% to $90.39 from $88.65 a year ago, respectively.
The do-it-yourself store retailer acknowledged the ongoing consumer uncertainty, the weakening housing market, and the expected post-storm seasonal renovation demand that failed to materialize.
Home Depot estimated total fiscal 2025 sales to increase 3.0%, including $2.0 billion in sales from the recent acquisition of GMS, and comparable sales growth to be "slightly positive" in the comparable 52-week period.
The company forecast diluted earnings per share to decrease 6% from $14.91 in the fiscal year 2024.
Onsemi increased 3.3% to $47.04 after the company's board authorized a new three-year stock repurchase program of $6 billion starting January 1, 2026.
The current stock buyback program, which is scheduled to end at the end of 2025, has acquired about $2.1 billion of stock, using 100% of the company's free cash flow in 2025.
Earlier in the month, the company said revenue decreased to $1.6 billion from $1.8 billion, net income fell to $255 million from $410.7 million, and diluted earnings per share decreased to 63 cents from 93 cents a year ago.
Dolby Laboratories edged up 0.6% to $64.96 after the audio and imaging company's fiscal first-quarter outlook fell short of market expectations.
Revenue in the fiscal fourth quarter ending in September increased to $307 million from $305 million, net attributable income plunged to $49.3 million from $58.6 million, and diluted earnings per share dropped to 51 cents from 61 cents a year ago.
Target Corp. decreased 2.5% to $86.60 after the company reported a decline in sales and earnings in the fiscal third quarter ending in September.
Revenue fell 1.5% to $25.3 billion from $25.7 billion, net income dropped 19.3% to $689 million from $854 million, and diluted earnings per share edged up to $1.14 from $1.12 a year ago.
For the fourth quarter, the company reiterated its estimate of "low-single-digit decline in sales," and the full-year diluted earnings per share estimate was revised lower to between $7.70 and $8.70.
Stocks On Wall Street Attempt to Rebound from Six-Day Malaise
Barry Adams
19 Nov, 2025
New York City
Stock market indexes on Wall Street attempted to rebound, and investors awaited the release of Nvidia's quarterly results.
The S&P 500 index increased 0.3%, and the tech-heavy Nasdaq Composite advanced 0.4% ahead of key earnings later in the day.
Nvidia Corp., the AI chip company at the center of the seven-month market rally, is widely anticipated to beat earnings and revenue estimates.
But investors are holding the company with the largest stock market value to a higher standard and are looking forward to a strong sales forecast for the current quarter.
Stock has come under pressure in the last two weeks, as investors are worried that the AI chip maker's torrid growth over the last three years is not sustainable.
Lowe's Companies and TJX Companies are scheduled to release their quarterly results after the market close.
Target Corp. said sales and earnings declined in the third quarter after fewer customers visited stores and spent less.
U.S. Stock Movers
Home Depot plunged 6% to $336.48 after the home improvement retailer lowered its same-store sales outlook and muted third-quarter results.
Revenue increased 1.1% to $41.4 billion from $40.2 billion, net income inched lower 1.3% to $3.60 billion from $3.64 billion, and diluted earnings per share fell to $3.62 from $3.67 a year ago.
Comparable sales increased 0.2% from a decline of 1.3%, comparable customer transactions declinedto 1.6% from 0.6%, and the average ticket advanced 2% to $90.39 from $88.65 a year ago, respectively.
The do-it-yourself store retailer acknowledged the ongoing consumer uncertainty, the weakening housing market, and the expected post-storm seasonal renovation demand that failed to materialize.
Home Depot estimated total fiscal 2025 sales to increase 3.0%, including $2.0 billion in sales from the recent acquisition of GMS, and comparable sales growth to be "slightly positive" in the comparable 52-week period.
The company forecast diluted earnings per share to decrease 6% from $14.91 in the fiscal year 2024.
Onsemi increased 3.3% to $47.04 after the company's board authorized a new three-year stock repurchase program of $6 billion starting January 1, 2026.
The current stock buyback program, which is scheduled to end at the end of 2025, has acquired about $2.1 billion of stock, using 100% of the company's free cash flow in 2025.
Earlier in the month, the company said revenue decreased to $1.6 billion from $1.8 billion, net income fell to $255 million from $410.7 million, and diluted earnings per share decreased to 63 cents from 93 cents a year ago.
Dolby Laboratories edged up 0.6% to $64.96 after the audio and imaging company's fiscal first-quarter outlook fell short of market expectations.
Revenue in the fiscal fourth quarter ending in September increased to $307 million from $305 million, net attributable income plunged to $49.3 million from $58.6 million, and diluted earnings per share dropped to 51 cents from 61 cents a year ago.
Target Corp. decreased 2.5% to $86.60 after the company reported a decline in sales and earnings in the fiscal third quarter ending in September.
Revenue fell 1.5% to $25.3 billion from $25.7 billion, net income dropped 19.3% to $689 million from $854 million, and diluted earnings per share edged up to $1.14 from $1.12 a year ago.
For the fourth quarter, the company reiterated its estimate of "low-single-digit decline in sales," and the full-year diluted earnings per share estimate was revised lower to between $7.70 and $8.70.
Takaichi's Large Stimulus Proposal Stokes Debt Worries, 10-Year Bond Yield at New 17-Year High
Akira Ito
19 Nov, 2025
Tokyo
Japan's stock market indexes struggled to stay above the flatline for the fourth session in a row amid elevated market anxieties.
The Nikkei 225 Stock Average edged down 0.1%, and the Topix inched higher 0.1% as investors reviewed the latest government bond auctions.
The Japanese yen hovered at a ten-month low of 155.40 against the U.S. dollar as Prime Minister Sanae Takaichi's administration prepares for an additional spending budget of 25 trillion yen.
The plan was sharply higher than last year's 13.9 trillion extra budget, stoking debt worries.
Bank of Japan Governor Kazuo Ueda stated that Prime Minister Takaichi made no special requests regarding monetary policy. Ueda reaffirmed the central bank's commitment to gradually raise interest rates toward its 2% target.
On the economic front, Japan's machinery orders increased sharply in September, according to the Cabinet Office.
Overall machinery orders accelerated to an annual increase of 11.6% in September from 1.6% in August.
Core machinery orders are considered a key yet volatile signal for the capital expenditure in the coming six to nine months.
Core machinery orders, which exclude volatile ship and electric power equipment, advanced 4.2% from the previous month to 927.8 billion yen.
The increase in core machinery orders was led by a 23.3% surge in manufacturing orders to 515.2 billion yen, while non-manufacturing orders fell 8.7% to 428.3 billion yen.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.1% to 48,674.89, and the broader Topix added 0.1% to 3,255.16.
AI supply chain-linked stocks faced another day of volatility in Tokyo's trading.
Softbank Group inched up 0.3% to ¥18,870.0, Advantest Corp. declined 1.8% to ¥18,925.0, and Tokyo Electron fell 1.5% to ¥30,980.0.
Toyota Motor Corp. increased 0.7% to ¥3,049.00, Honda Motor Co. Ltd. gained 1.8% to ¥1,518.0, and Nissan Motor Co. Ltd. added 1.1% to ¥355.10.
Fast Retailing Co. Ltd. added 1% to ¥54,070.0, Seven & I Holding added 2.2% to ¥2,074.50, and Takashimaya Co. Ltd. inched up 0.4% to ¥1,617.50.
Takaichi's Large Stimulus Proposal Stokes Debt Worries, 10-Year Bond Yield at New 17-Year High
Akira Ito
19 Nov, 2025
Tokyo
Japan's stock market indexes struggled to stay above the flatline for the fourth session in a row amid elevated market anxieties.
The Nikkei 225 Stock Average edged down 0.1%, and the Topix inched higher 0.1% as investors reviewed the latest government bond auctions.
The Japanese yen hovered at a ten-month low of 155.40 against the U.S. dollar as Prime Minister Sanae Takaichi's administration prepares for an additional spending budget of 25 trillion yen.
The plan was sharply higher than last year's 13.9 trillion extra budget, stoking debt worries.
Bank of Japan Governor Kazuo Ueda stated that Prime Minister Takaichi made no special requests regarding monetary policy. Ueda reaffirmed the central bank's commitment to gradually raise interest rates toward its 2% target.
On the economic front, Japan's machinery orders increased sharply in September, according to the Cabinet Office.
Overall machinery orders accelerated to an annual increase of 11.6% in September from 1.6% in August.
Core machinery orders are considered a key yet volatile signal for the capital expenditure in the coming six to nine months.
Core machinery orders, which exclude volatile ship and electric power equipment, advanced 4.2% from the previous month to 927.8 billion yen.
The increase in core machinery orders was led by a 23.3% surge in manufacturing orders to 515.2 billion yen, while non-manufacturing orders fell 8.7% to 428.3 billion yen.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.1% to 48,674.89, and the broader Topix added 0.1% to 3,255.16.
AI supply chain-linked stocks faced another day of volatility in Tokyo's trading.
Softbank Group inched up 0.3% to ¥18,870.0, Advantest Corp. declined 1.8% to ¥18,925.0, and Tokyo Electron fell 1.5% to ¥30,980.0.
Toyota Motor Corp. increased 0.7% to ¥3,049.00, Honda Motor Co. Ltd. gained 1.8% to ¥1,518.0, and Nissan Motor Co. Ltd. added 1.1% to ¥355.10.
Fast Retailing Co. Ltd. added 1% to ¥54,070.0, Seven & I Holding added 2.2% to ¥2,074.50, and Takashimaya Co. Ltd. inched up 0.4% to ¥1,617.50.
Hong Kong and China Markets Diverged, Lofty AI Valuations Dampened Investor Enthusiasm
Li Chen
19 Nov, 2025
Hong Kong
Stock market indexes in China and Hong Kong diverged, and investors adjusted their outlook for AI-linked stocks.
The Hang Seng index decreased 0.5%, and the mainland-focused CSI 300 index rose 0.7% amid growing anxieties about the sustainability of capital spending to build expensive data centers.
Markets in Japan, South Korea, and India extended this week's losses ahead of Nvidia's earnings on Wednesday and U.S. nonfarm payroll data on Thursday.
Investors remained cautious for the third consecutive week in Asia as the AI-driven rally faced market skepticism and the odds of a U.S. rate cut in December receded.
China Indexes and Stocks
The Hang Seng Index decreased 0.5% to 25,816.39, and the mainland-focused CSI 300 index advanced 0.7% to 4,577.77.
Baidu Inc. dropped 0.5% to HK $110.50, and the search company reported a 7% decline in overall revenue in the third quarter.
Electric vehicle makers extended losses for the second week in a row amid worries about thin margins.
Li Auto decreased 2.5% to HK $71.40, BYD edged up 0.5% to HK $87.20, and Xiaomi Corp. dropped 4.3% to HK $39.02.
Semiconductor and AI supply chain-linked stocks were in focus ahead of Nvidia's earnings later in the day.
SMIC decreased 2.7% to HK $72.15, Hua Hong Semiconductor dropped 0.6% to HK $72.15, and NAURA Technology Group fell 0.9% to ¥419.69.
Hong Kong and China Markets Diverged, Lofty AI Valuations Dampened Investor Enthusiasm
Li Chen
19 Nov, 2025
Hong Kong
Stock market indexes in China and Hong Kong diverged, and investors adjusted their outlook for AI-linked stocks.
The Hang Seng index decreased 0.5%, and the mainland-focused CSI 300 index rose 0.7% amid growing anxieties about the sustainability of capital spending to build expensive data centers.
Markets in Japan, South Korea, and India extended this week's losses ahead of Nvidia's earnings on Wednesday and U.S. nonfarm payroll data on Thursday.
Investors remained cautious for the third consecutive week in Asia as the AI-driven rally faced market skepticism and the odds of a U.S. rate cut in December receded.
China Indexes and Stocks
The Hang Seng Index decreased 0.5% to 25,816.39, and the mainland-focused CSI 300 index advanced 0.7% to 4,577.77.
Baidu Inc. dropped 0.5% to HK $110.50, and the search company reported a 7% decline in overall revenue in the third quarter.
Electric vehicle makers extended losses for the second week in a row amid worries about thin margins.
Li Auto decreased 2.5% to HK $71.40, BYD edged up 0.5% to HK $87.20, and Xiaomi Corp. dropped 4.3% to HK $39.02.
Semiconductor and AI supply chain-linked stocks were in focus ahead of Nvidia's earnings later in the day.
SMIC decreased 2.7% to HK $72.15, Hua Hong Semiconductor dropped 0.6% to HK $72.15, and NAURA Technology Group fell 0.9% to ¥419.69.
Wall Street Losses Engulf More Sectors as Investors Dump High-Flying Stocks
Barry Adams
18 Nov, 2025
New York City
Benchmark indexes on Wall Street traded around the flatline as traders avoided large positions and lightened exposure to high-flying stocks.
The S&P 500 index inched up 0.1%, and the tech-heavy Nasdaq Composite decreased 0.2% amid growing caution ahead of the release of Nvidia's quarterly results and September's payroll data.
Investors have been pulling back over the last two weeks as the list of concerns grows, including a cloudy economic outlook, a rapidly cooling jobs market, the widespread demise of small businesses, and a narrowing list of stocks participating in the rally.
The so-called K-shaped economy has left future growth vulnerable to the spending patterns of ultra-rich individuals and fewer Big Technology companies.
Increasingly, the stock market appears to be the economy, suggesting a narrowing segment of the population benefiting from economic growth, while most families are battling high food prices, escalating rent, and sky-high healthcare expenses.
Nvidia, the advanced semiconductor chipmaker powering the race to develop artificial intelligence applications, has dropped about 10% from its record high in late October but gained about 35% in the year so far.
Nvidia's third-quarter results are likely to surpass market expectations, but investors are increasingly skeptical about its future earnings growth and the sustainability of high margins.
U.S. Stock Movers
Nvidia, Oracle, Apple, and Microsoft eased between 1% and 2%, but Google parent Alphabet Inc. extended this week's gains after Berkshire Hathaway disclosed a stake in the company.
Leading retailers are scheduled to release their quarterly results on Wednesday and Thursday, as investors look for clues about the impact of U.S. tariffs.
Home Depot decreased 1.9% to $351.13, Walmart eased 0.2% to $102.81, Target Corp. declined 0.2% to $88.30, Gap Inc. decreased a fraction to $23.80, and TJX Companies eased 0.3% to $145.18.
Wall Street Losses Deepen as Investors Dump High-Flying Stocks
Barry Adams
18 Nov, 2025
New York City
Benchmark indexes on Wall Street traded around the flatline as traders avoided large positions and lightened exposure to high-flying stocks.
The S&P 500 index inched up 0.1%, and the tech-heavy Nasdaq Composite decreased 0.2% amid growing caution ahead of the release of Nvidia's quarterly results and September's payroll data.
Investors have been pulling back over the last two weeks as the list of concerns grows, including a cloudy economic outlook, a rapidly cooling jobs market, the widespread demise of small businesses, and a narrowing list of stocks participating in the rally.
The so-called K-shaped economy has left future growth vulnerable to the spending patterns of ultra-rich individuals and fewer Big Technology companies.
Increasingly, the stock market appears to be the economy, suggesting a narrowing segment of the population benefiting from economic growth, while most families are battling high food prices, escalating rent, and sky-high healthcare expenses.
Nvidia, the advanced semiconductor chipmaker powering the race to develop artificial intelligence applications, has dropped about 10% from its record high in late October but gained about 35% in the year so far.
Nvidia's third-quarter results are likely to surpass market expectations, but investors are increasingly skeptical about its future earnings growth and the sustainability of high margins.
U.S. Stock Movers
Nvidia, Oracle, Apple, and Microsoft eased between 1% and 2%, but Google parent Alphabet Inc. extended this week's gains after Berkshire Hathaway disclosed a stake in the company.
Leading retailers are scheduled to release their quarterly results on Wednesday and Thursday, as investors look for clues about the impact of U.S. tariffs.
Home Depot decreased 1.9% to $351.13, Walmart eased 0.2% to $102.81, Target Corp. declined 0.2% to $88.30, Gap Inc. decreased a fraction to $23.80, and TJX Companies eased 0.3% to $145.18.