Nasdaq -1.28%: a quiet tape tilts toward the AI side
Right now the S&P 500 sits at 7,652.65, down 0.78%, and the Nasdaq at 26,087.77, down 1.28%. Against the previous brief (22:40), the S&P 500 has slipped another 0.56%p and the Nasdaq another 0.89%p. The mood is still calm, but the gap has quietly widened. There are 4 hours 50 minutes to the close, so this is only the first half.
| Index | Level | Change | vs. previous brief |
|---|---|---|---|
| S&P 500 | 7,652.65 | -0.78% | -0.56%p |
| Nasdaq | 26,087.77 | -1.28% | -0.89%p |
It wasn't the whole market that sagged, it was the AI side
I can narrow the cause to one thread. Worries about AI companies' heavy spending and thin profitability resurfaced, and sectors split accordingly: AI and semiconductors weak, consumer staples and fintech strong. That, to my eye, is why the Nasdaq sank deeper than the S&P 500.
It also rhymes with what the Korean session left behind. At the 10/22 close the KOSPI was -3.52% and the KOSDAQ -3.62%, with talk of a supply cliff once Samsung Electronics' and SK hynix's buybacks ended. The chip weakness simply carried over into the US tape. The currency was friendly, with USD/KRW at 1,323.94 (-0.46%) and the dollar index at 101.73 (-0.25%), yet it couldn't lighten the load on tech.
My disclosed holdings stand at HD Korea Shipbuilding -8.2%, Shinhan Financial -3.4%, Freeport-McMoRan -2.5% and Amazon.com -12.1% in unrealized terms. That's an accumulated mark, not today's move, and Amazon sits in the deepest hole. I'll note that and nothing more.
What I'm watching over the next 4 hours 50 minutes
First, whether the slide stays within AI and chips or spreads to the staples and fintech names that have been holding up. Second, whether the Nasdaq's -1.28% widens or narrows into the close. With jobless claims dropping sharply and talk of a December Fed hike, I'll keep one eye on whether rate chatter piles onto the tech selloff.