The market rebounded as bargain hunters stepped into previously battered AI and semiconductor stocks. While concerns over the profitability of AI investments remain, investor sentiment recovered thanks to positive outlooks from Wall Street.
The Philadelphia Semiconductor Index snapped an eight-session losing streak and rebounded, driving the Nasdaq higher.
Major investment banks, including Goldman Sachs and JPMorgan, upgraded their investment ratings for key AI cloud and semiconductor stocks.
The U.S. Housing Market Index for October fell to 29, its lowest level since 2012, impacted by high interest rates and rising material and energy costs.
International crude oil prices traded mixed as expectations of U.S. sanctions relief on Russia clashed with supply concerns from conflicts in the Middle East and Ukraine.
German pharmaceutical company Merck agreed to acquire Silence Therapeutics for $1.3 billion in an all-cash deal to secure gene therapy technology.
Controversy over a complex corporate governance structure surrounding an SK Hynix subsidiary's pursuit of a U.S. listing weighed on investor sentiment due to growing concerns over shareholder value damage. However, bargain-hunting buying in AI tech stocks and a preference for alternative assets responding to currency depreciation exerted an offsetting effect.
The 10-year U.S. Treasury yield rose to 5.15%, expanding volatility in bond markets and asset classes amid a prolonged high-interest rate environment.
Spreading concerns over shareholder value dilution driven by SK Hynix subsidiary Solidigm's push for a U.S. Nasdaq listing and its five-tier corporate structure.
Concerns over currency depreciation as U.S. government debt exceeded $40 trillion, alongside regulatory developments to incorporate digital assets into the institutional framework.
Selling of Micron due to memory sector slowdown concerns, alongside bargain-hunting sentiment forming for AI companies centered on Meta following stock price corrections.
Financial authorities announced strengthened audits on companies with under-allocated audit hours amid intensifying low-ball fee competition among major accounting firms.
