U.S. Pullback Drags Taiwan Stocks Lower at Open
U.S. stocks saw selling pressure on the 29th, as Alphabet's third-quarter results missed expectations and free cash flow turned negative, while Marvell plunged over 13%, dragging all four major U.S. indexes lower, with the Philadelphia Semiconductor Index falling over 1%. TAIFEX night trading moved lower in tandem, closing down 643 points and weighing on Taipei stocks' performance on the 30th.
Taiwan Stocks Open Lower and Fall Below 45,000 Points
Taipei stocks opened on the 30th down 228.54 points at 46139.79 points, then widened losses to over 1,000 points and fell further below 45000 points. Small and mid-cap stocks moved lower together, with the OTC index opening down 3.17 points at 384.2 points. Strong stocks with heavy opening volume were AUO, UMC, Innolux, PSMC, Nan Ya; weak stocks with heavy opening volume were Wei Chuan, Tachia, Wantjoin, Grand-Tek, Comtrend.
Heavyweight Stocks Broadly Lower
Heavyweight stocks were broadly lower, with TSMC opening down 35 yuan at 2380 yuan; MediaTek opening down 225 yuan at 3820 yuan; Delta Electronics opening down 115 yuan and later pushed to the limit-down price of 1335 yuan. TSMC futures closed after-hours down 30 yuan or 1.24% at 2390 yuan. TAIFEX night trading fell as low as 45850 points, closing down 643 points or 1.38% at 45926 points, losing 46000 points.
Focus on Tech Earnings and Inflation Data
Markets remained focused on tech earnings, as Alphabet's third-quarter adjusted earnings per share and revenue both came in below market expectations, with free cash flow negative for 2 consecutive quarters, while the company maintained its full-year capital expenditure estimate at 1950 billion to 2050 billion U.S. dollars, and its shares plunged about 12%. In after-hours trading on the 29th, Amazon shares moved lower as spending to meet AI service demand climbed sharply, while Intel's revenue outlook missed market expectations. On economic data, the U.S. economy grew in the third quarter at its fastest pace in a year, while the September personal consumption expenditures price index rose 0.5% month-on-month, the largest increase in six months, as economic resilience and inflation pressures coexist, keeping the Federal Reserve's future interest rate policy in focus.
All Four Major U.S. Indexes Close Lower
In U.S. stocks, the Dow Jones fell 132.54 points or 0.25% to 52342.56 points; the Nasdaq fell 365.13 points or 1.38% to 26184.72 points; the S&P 500 fell 23.59 points or 0.30% to 7720.39 points; and the Philadelphia Semiconductor Index fell 165.80 points or 1.42% to 11518.20 points.