AI stocks plunged sharply while the equal-weighted S&P 500 rose 1.2%逆势—Consumer Staples led gains and briefly hit a new all-time high.

Early Friday, AI-related stocks suffered another sharp decline, with the Nasdaq-100 Index falling 3%, while the equal-weighted S&P 500 Index rose approximately 1.2% against the trend. This divergence within the index indicates that losses were highly concentrated among large-cap tech stocks and AI-related names. The cap-weighted S&P 500 Index fell 1.5% at the time. Intel recorded its largest intraday drop on record; AI-driven selling further intensified the tech sector’s weekly decline. Goldman Sachs’ GS Broad AI US Index—which tracks U.S.-listed AI-related stocks—fell 4.7%. Defensive sectors, by contrast, attracted strong investor interest. Consumer Staples was the best-performing sector in the S&P 500, rising 1.64%; its sector index briefly hit a record high before noon in New York. Earnings Underpin Consumer Staples The S&P 1500 Consumer Staples Index surged up to 2.3% intraday, though it pared some gains near 11 a.m. ET. Leading the advance were two companies that had just reported strong quarterly results. Colgate-Palmolive rose as much as 5.5% premarket and about 2.5% after the market opened. The household and personal care products company posted both earnings and total sales above Bloomberg consensus estimates. Although performance in the U.S. and North America remained relatively soft, signs of improvement emerged—and robust profits alongside strong forward guidance ultimately prevailed. Mondelez International, the snack producer, rose slightly over 7% premarket and around 3% by midday. Its third-quarter results exceeded expectations, driven primarily by steady volume growth.

Financial Highlights, October 30

Notable Moves / Risk Alerts ・Shenghong Technology (300476.SZ): Q3 net profit amounted to RMB 527 million, down 52.17% year-on-year and 66% quarter-on-quarter—representing one of the PCB-sector stocks under simultaneous pressure on both earnings and share price. ・Muyuan Foods (002714.SZ): Q3 revenue totaled RMB 3.279 billion, down 7.18% YoY; net loss reached RMB 3.241 billion, widening 176.28% YoY (Q2 net loss: RMB 4.863 billion—loss narrowed sequentially). ・Guangyang Co., Ltd. (002708.SZ): Q3 revenue stood at RMB 881 million, up 39.99% YoY; net profit was RMB 1.077 million, down 89.88% YoY and 95% QoQ; the stock achieved the highest consecutive trading limit (four straight limits) on the day. ・Sunway New Materials (688585.SH): Q3 revenue totaled RMB 406 million, down 18.04% YoY; net loss was RMB 255 million, turning from profit to loss YoY; cumulative loss for the first three quarters reached RMB 422 million, with revenue from its consumer-oriented embodied AI robot business yet to be recognized. ・Tianfu Communications (300394.SZ), Huaqin Electronics (002463.SZ), Dongshan Precision (002384.SZ), Jingwang Electronics (603228.SH): On October 29, they fell 19.77%, hit the daily lower limit, hit the daily lower limit, and hit the daily lower limit, respectively—marking concentrated profit-taking across the components and optical module supply chain. Tianfu Communications saw RMB 2.107 billion in net outflow from major institutional investors on the day. New Listings ・October 30: No A-share IPO subscriptions or listings on the A-share market (per Caixin’s ‘Investment Calendar’); only Yongda Holdings (001239.SZ) was scheduled for issuance review by the Shanghai and Shenzhen Stock Exchanges. IV. Global Markets U.S. Equities Overnight On Thursday, October 29 (U.S. Eastern Time), all three major U.S. indices closed lower, ending a three-day winning streak: the Dow Jones Industrial Average fell 132.54 points (−0.25%) to 52,342.56; the S&P 500 dropped 23.59 points (−0.30%) to 7,720.39; and the Nasdaq Composite declined 365.13 points (−1.38%) to 26,184.72. The Philadelphia Semiconductor Index fell 1.42% to 11,518.20, ending its four-day rally; among its 30 constituents, 10 rose and 20 fell. The Russell 2000 small-cap index rose about 1% against the trend. By sector, eight of the S&P 500’s eleven sectors gained ground while three declined: Health Care rose 2.50% and Real Estate rose 2.25%, leading gains; Communication Services fell 6.60% and Information Technology fell 0.88%, leading losses. Individual stocks: Among the ‘Magnificent Seven’, most declined: Alphabet (GOOGL) fell 12.64%, Amazon fell 4.25%, NVIDIA fell 0.80%, Tesla fell 0.23%, and Microsoft fell 0.16%; Meta rose 1.96% and Apple rose 1.48%. Philadelphia Semiconductor Index constituents: Qualcomm rose 1.33%, Texas Instruments rose 1.00%; TSMC fell 1.75%, AMD fell 2.08%, ARM fell 3.02%, Intel fell 3.62%, Micron Technology fell 4.98%; SanDisk fell 5.32%, SK Hynix ADR fell 1.58%. Others: Caterpillar fell over 9%, Marvell Technology fell 13.24%; financial stocks rose across the board (Wells Fargo, Citigroup, and JPMorgan Chase all rose over 1%); airline stocks rose across the board (Boeing rose 3.34%); gold stocks plunged broadly (Kinross Gold fell over 6%, Eagle Mining fell over 4%).

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