October 16: Nasdaq Falls 2.15%; Shanghai Composite and Hang Seng Close Higher

Both U.S. Indices Close Lower, with a Larger Decline in the Nasdaq

On October 16, the latest completed trading day, the S&P 500 fell 1.09% from its previous trading-day close, while the Nasdaq Composite fell 2.15%. Both U.S. indices moved in the same direction in this edition, with the Nasdaq posting the larger decline. Index movements alone cannot establish the cause of the declines.

Sources: [1] [2]

Shanghai Composite and Hang Seng Index Close Higher

On October 16, the latest completed trading day, the Shanghai Composite rose 0.24% from its previous trading-day close, while the Hang Seng Index rose 0.52%. These two indices moved in the opposite direction to the U.S. indices covered in this edition, but they are insufficient to represent the performance of all sectors in the A-share and Hong Kong markets.

Sources: [3] [4]

Same Trading Date, Different Comparison Windows and Closing Times

In Singapore time, the Shanghai Composite's comparison window runs from October 15 at 15:00 to October 16 at 15:00, and the Hang Seng Index's from October 15 at 16:00 to October 16 at 16:00. Both U.S. indices use a window from October 16 at 04:00 to October 17 at 04:00. The four indices' measurement windows overlap, but their start and end times and closing times differ. These gains and losses therefore cannot be directly interpreted as cross-market reactions within the same period.

Sources: [3] [4] [1] [2]

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What to watch next

• Whether the Nasdaq Composite's decline remains larger than the S&P 500's on the next completed trading day.
• Whether the Shanghai Composite and Hang Seng Index continue to move in the same direction on the next completed trading day.
• Once comparable measurement windows are available, examine the directions of equity index moves alongside those of Bitcoin and Ethereum.