October 23, 2025 — U.S. equities fell across the board, led by chipmakers. The U.S. dollar index broke above the 99 level to a one-week high, while spot gold tumbled more than 2% to $4,040 — its lowest level since October 10. Oil bucked the trend, with Brent crude rising nearly 2%. Markets remain caught between “data blackout anxiety” and “earnings season divergence.”

U.S. Stock Market: Tech Leads Decline as Semiconductor Recovery Loses Momentum

The Nasdaq fell 0.7%, the S&P 500 lost 0.3%, and the Dow slipped 0.2%. The Philadelphia Semiconductor Index dropped over 2%, while the Russell 2000 small-cap index declined 0.5%.

Top decliners: Texas Instruments plunged 9.8% (Q4 outlook missed expectations), Netflix dropped 9.4%, and Intel and AMD each fell more than 2%.

Bright spots: Intuitive Surgical (Da Vinci robotic surgery) surged 16.6%, and Marriott gained over 2%.

關鍵驅動因素：

Industry outlook concerns: Texas Instruments warned of a sluggish chip demand recovery, dragging the entire semiconductor sector lower.

Policy uncertainty: The U.S. government shutdown has now entered its 23rd day (the second longest in history), and key data such as September CPI remain unavailable.

Precious Metals & Forex: Gold Retreats on Technical Correction as Dollar Strengthens

Spot gold fell over 2% to $4,039 per ounce, and spot silver dropped below $48, down 1.3% on the day.

Fundamental insights:

Technical correction: Standard Chartered noted that gold has been in overbought territory since early September, triggering profit-taking.

Geopolitical relief: Hungarian Prime Minister announced preparations for a “Budapest Peace Summit,” easing immediate safe-haven demand.

Stronger Dollar: The U.S. dollar index broke above 99, hitting its highest since October 15.

Underlying logic: In the current data vacuum, the dollar is viewed as the safest asset of choice, while U.S. Treasury yields held steady at 3.95%.

Commodities & Crypto: Oil Gains, Digital Assets Extend Selloff

Oil market: Brent crude rose nearly 2% to $62.5 per barrel, with WTI following higher.

Short-term factors: Uncertainty in the Middle East persists (Trump canceled the “Trump-Putin meeting,” though peace talks continue).

Cryptocurrencies: Bitcoin fell over 3%, Ethereum dropped more than 5%, as the broader risk-off sentiment spread to digital assets.

Europe & Asia-Pacific Markets: Europe Opens Lower, Japan’s Gains Narrow

Europe: STOXX 50 fell 0.27%, Germany’s DAX slipped 0.04%, and France’s CAC 40 declined 0.29%.

Asia-Pacific: Japan’s Nikkei 225 retreated from record highs as tech stocks followed Wall Street lower.

今日焦點

U.S. Initial Jobless Claims:

A reading above the prior 218K could heighten slowdown fears and boost rate-cut expectations.

ECB Meeting Minutes:

Watch for wording on the “last mile” of inflation control — dovish tones could pressure the euro.

U.S. Government Shutdown:

If unresolved, the October 24 CPI release may be delayed, amplifying market anxiety.

Tesla (post-market):

Focus on EV tax credit expiration and autonomous driving business updates.

Intel, IBM:

Key indicators include PC demand recovery and AI chip capital spending.

Fed Speakers:

Final remarks before the blackout period may hint at the October rate-cut trajectory.