New Delhi, 23 October (H.S.): Global market indicators pointed to a weak start on Friday after US equities suffered steep losses in the previous session. Dow Jones futures were also trading in negative territory in early trade. European markets ended the previous session lower amid widespread selling, while Asian markets presented a mixed picture, with some indices recovering and posting gains even as others struggled under selling pressure.
US stock markets witnessed a sharp sell-off on Thursday, leaving Wall Street’s major indices with substantial losses. The Nasdaq recorded its steepest single-day decline since early June. Earnings reports from several major companies fuelled fresh concerns over the intensifying race to spend on artificial intelligence (AI), weighing heavily on investor sentiment.
The Dow Jones Industrial Average remained under pressure through most of the session but managed to recover marginally in the final moments, supported by late buying. It closed at 52,867.98, gaining 11.89 points, or 0.02 per cent. In contrast, the S&P 500 suffered a significant decline of 93.74 points, or 1.21 per cent, to settle at 7,663.43.
The technology-heavy Nasdaq Composite was hit even harder, as weakness in semiconductor stocks added to the selling pressure. After trading under sustained pressure, the index plunged 694 points, or 2.60 per cent, to close at 26,008.86. Meanwhile, Dow Jones futures were trading 116.52 points lower, down 0.22 per cent, at 52,751.46 in early trade on Friday.
European markets also came under broad-based selling pressure in the previous session, with all three major indices ending lower. Germany’s DAX declined 273.29 points, or 1.08 per cent, to close at 25,371.75. France’s CAC 40 fell 110.42 points, or 1.41 per cent, to settle at 7,811.26. The UK’s FTSE 100 also lost 27.85 points, or 0.26 per cent, to finish at 10,725.03.
Asian markets were trading on a mixed note on Friday. Of the major regional indices, four were trading in positive territory, while three were in the red. The Taiwan Weighted Index and Thailand’s SET Composite remained inactive because the respective stock exchanges were closed for a holiday.
Despite the sharp sell-off on Wall Street, GIFT Nifty, which provides an early indication of sentiment in the Indian equity market, showed a modest recovery in the morning. The index was trading 21 points higher, up 0.09 per cent, at 22,735.50.
Japanese equities faced substantial selling pressure amid the fallout from the US market downturn. The Nikkei 225 was trading 497.84 points lower, down 0.79 per cent, at 62,410. In contrast, Singapore’s Straits Times Index was trading higher, gaining 28.82 points, or 0.54 per cent, to reach 5,408.90.
Hong Kong’s Hang Seng Index also showed resilience despite the weakness on Wall Street. It was trading 130.32 points higher, up 0.57 per cent, at 23,065. Meanwhile, South Korea’s KOSPI was under pressure from profit-booking. The index declined 37.25 points, or 0.67 per cent, to 5,496.52.
Indonesia’s Jakarta Composite Index showed signs of recovery, supported by strong buying interest. It was trading 31.22 points higher, up 0.58 per cent, at 5,419.16. In contrast, China’s Shanghai Composite Index remained in negative territory, declining 43.91 points, or 1.20 per cent, to 3,614.12.
The mixed performance across Asian markets reflected divergent investor reactions to the sharp losses on Wall Street, with buying interest supporting selected indices even as technology-sector concerns and broader selling pressure weighed on others.
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Hindusthan Samachar / Jun Sarkar
