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US Stocks Close Lower as Intel Plunges After Hours, Taiwan Index Futures Fall Below 46,000

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The four major US stock indexes closed lower on October 29. Intel warned of short-term headwinds for the PC industry and plunged over 20% after hours, while disappointing Alphabet earnings weighed on AI-related stocks. TSMC ADR fell 1.75%, and Taiwan index futures closed at 45,926 in night trading.

Four Major US Indexes Close Lower

Major US indexes closed broadly lower on October 29. The Dow Jones Industrial Average fell 132.54 points, or 0.25%, to close at 52342.56; the S&P 500 fell 23.59 points, or 0.30%, to close at 7720.39; the Nasdaq fell 365.12 points, or 1.38%, to close at 26184.73; and the Philadelphia Semiconductor Index fell 165.80 points, or 1.42%, to close at 11518.20. Chipmaker Intel warned of short-term headwinds for the PC industry, and after falling 3.62% in regular trading, its shares dropped more than 20% after hours. Combined with weaker-than-expected results from Alphabet, chip and AI-related stocks were dragged lower.

Magnificent Seven End Mixed

The Magnificent Seven showed mixed performance. Nvidia closed at $213.66, down 0.8%; Meta closed at $624.52, up 1.96%; Apple closed at $348.91, up 1.48%; Alphabet closed at $282.32, down 12.29%; Microsoft closed at $530.14, down 0.16%; Amazon closed at $243.79, down 4.25%; and Tesla closed at $403.3, down 0.23%. Alphabet posted the steepest decline, Amazon also weakened, while Meta and Apple bucked the trend to close higher.

Taiwan ADRs and Memory Stocks Weaken

Among Taiwan ADRs, TSMC ADR closed at $431.81, down 1.75%; Hon Hai ADR closed at $15.25, down 1.55%; ASE ADR closed at $44.55, up 1.43%; UMC ADR closed at $18.04, down 4.14%; and Chunghwa Telecom ADR closed at $48.55, up 0.83%. In memory stocks, SK Hynix ADR closed at $162.09, down 1.58%; SanDisk closed at $1330.05, down 5.32%; Micron closed at $934.27, down 4.98%; Western Digital closed at $395.41, down 0.25%; and Seagate Technology closed at $700.47, up 0.36%.

Taiwan Index Futures Fall Below 46,000 in Night Trading

Taiwan index futures fell below 47,000 and 46,000 in after-hours trading, closing at 45926, down 643 points, or 1.38%. Overall, Intel's sharp after-hours plunge and mixed earnings from large technology stocks carried over into sentiment in Asian after-hours trading. Investors should exercise independent judgment, carefully assess risks, and bear their own investment risks; this information is for reference only.

FAQ

Why did Intel plunge more than 20% after hours?

Intel warned of short-term headwinds for the PC industry. After falling 3.62% in regular trading on the 29th, its shares dropped more than 20% after hours, dragging down chip and AI-related stocks.

How did the four major US indexes perform on October 29?

The Dow closed at 52342.56, down 0.25%; the S&P 500 closed at 7720.39, down 0.30%; the Nasdaq closed at 26184.73, down 1.38%; and the Philadelphia Semiconductor Index closed at 11518.20, down 1.42%.

How did TSMC ADR and Taiwan index futures perform?

TSMC ADR closed at $431.81, down 1.75%, while Taiwan index futures fell below 47,000 and 46,000 in after-hours trading, closing at 45926, down 643 points, or 1.38%.