Wall Street closed out October with its worst session since June, and the first weekend of November opens with more questions than answers. Here is what actually moved — and what to watch when Asian markets open Monday.
Friday's shock: tech led the drop
The Nasdaq Composite fell 2.86% to 25,437.00 — its worst single-day drop since June. The S&P 500 lost 1.82% to 7,580.07 and the Dow shed 1.09% to 51,770.31. Chip names took the brunt: Intel reportedly posted its largest one-day drop since 2024 (down over 26% per wire reports), AMD fell more than 10%, and Dell dropped over 12%. Amazon slid more than 5% after Q3 net sales of $201.9bn missed expectations. VIX spiked as much as 36.5% intraday.
China: PMI back below the line
China's October manufacturing PMI came in at 49.3 — back below the 50 boom-bust line, per NBS data. That dents the "policy punchbowl" narrative just as A-share sentiment was running hot. On Friday the Shanghai Composite closed -1.44% at 3,605.65, ChiNext plunged 4.13% and the STAR 50 fell 5.48%. For context on how far retail money had run: the ChiNext and STAR boards had been the epicenter of October's leverage-fueled rally.
The Monday cushion: A50 is flat
Here is the twist. Despite Friday's carnage, A50 futures are essentially flat in Friday-night/weekend trading at 12,816.72. Offshore China is not pricing follow-through selling — yet. Monday's open is set up as a test: does the A50's calm hold, or does onshore selling resume once the STAR/ChiNext leverage unwinds?
Weekend wires worth knowing
- TCL Zhonghuan (002129) announced a share-issuance acquisition of Zhonghuan Leading semiconductor equity; shares halt from Nov 2, plan disclosure expected by Nov 16.
- ChangXin Memory (CXMT) reportedly completed engineering-sample validation of 6th-gen 4F² vertical-channel DRAM — a meaningful process step for the domestic memory champion (reportedly, per weekend wires).
- Apple × Alibaba Qwen cooperation headlines continued to circulate in CN tech wires over the weekend.
- China's centenary crewed lunar landing plan ("two launches, one landing" before 2030) was reaffirmed in state media.
- Overnight commodities: crude oil +3%, Shanghai silver -3%.
- Property wire of the weekend: China's top-100 developers logged 253.71bn yuan of sales in Jan-Oct (China Index Academy), with only 6 developers above the 100bn mark — the sector's consolidation continues.
Monday watch list
- Does A50's flat tape hold into the onshore open, or does the gap-down crowd win?
- ChiNext/STAR 50: second consecutive unwind day or dip-buying after -4%/-5%?
- PMI follow-through: does 49.3 change the policy tone at Monday's open?
- Tech echo: do US chip losses (-26% Intel print) bleed into the China semiconductor complex?
This weekend brief is produced by Yijinmoming Finance, which tracks A-share market sentiment daily through a multi-platform data pipeline — forum posts, social heat, capital flows — and turns it into practical daily briefings. Rumors and single-source items are marked as such. This is market commentary, not investment advice — always do your own research.
*Full edition with sources: Telegra
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