Guan Cha Zhe Wang·2025-10-11 02:04Core Viewpoint - The announcement by Trump regarding a 100% tariff on Chinese imports starting November 1 has triggered a significant sell-off in global capital markets, particularly affecting U.S. tech stocks and Chinese companies listed in the U.S. [1][10] Market Impact - U.S. stock markets faced their most severe challenge of the year, with the Dow Jones Industrial Average dropping 878.82 points (1.9%), the S&P 500 falling 182.6 points (2.71%), and the Nasdaq Composite plunging 3.56%, marking its largest single-day decline since April [2][4] - The Nasdaq Golden Dragon China Index fell by 6.1%, with a cumulative weekly decline of 8.37%, indicating a sharp downturn in Chinese stocks [1][8] Sector Performance - The technology sector was particularly hard hit, with major tech stocks experiencing significant declines: TSMC ADR down over 6%, Nvidia, Amazon down over 4%, and Apple, Meta down over 3% [4][7] - The Philadelphia Semiconductor Index saw a substantial drop of 6.32%, with ARM down over 9% and AMD, Qualcomm down over 7% [7] Chinese Stocks - Chinese companies listed in the U.S. faced a dual blow, with notable declines: NIO and Kingsoft Cloud down over 10%, Bilibili down over 9%, and Baidu, Alibaba, and XPeng down over 8% [1][9] - The FTSE A50 futures also suffered, dropping over 4%, suggesting potential pressure on A-shares at the upcoming opening [9] Broader Economic Context - The market turmoil is compounded by the ongoing U.S. government shutdown, which has entered its 10th day, leading to significant layoffs of federal employees, marking a departure from previous practices during government shutdowns [10]