Recently, investors have felt like they are on a roller coaster, especially those holding US technology and AI stocks. Once the "heroes" driving the market to new highs regularly, they suddenly faced heavy, unexpected sell-offs.
Looking at today’s scene is even more alarming because it's a "deep red" across the globe. The sharp decline is not only in the US stock market but has spread to Europe—Germany and France—and to Asia, including Japan, Hong Kong, and Thailand’s stock markets, all suffering widespread losses.
The question is whether this is simply a "correction"—a pause in the upward market—or a sign that the "bubble" is truly about to burst. The frightening part is that this drop is not an ordinary one.
It comes with a disaster-level warning known as the "Hindenburg Omen," which has appeared in the NASDAQ index. Historically, this signal has warned of major market crashes.
Looking deeper, it’s not just that stock prices are "expensive" to the point of concern, but a fundamental issue in the US "labor market" is emerging. The latest October data shocked the market: US companies announced layoffs exceeding 153,000 positions, the highest in over 20 years.
This situation is more complex than it seems. Thairath Money reviews the data and expert views to understand what this "all red" phenomenon truly means.
Examining this morning’s figures (7 Nov 2025 GMT+7) confirms the US market's significant "sell-off." The entire market turned red, especially technology stocks, which faced the heaviest selling.
This downward trend spread to European and Asian markets as well. As of 13:05 GMT+7, major indices showed declines as follows:
Looking at other assets clarifies the picture further: Brent crude oil prices fell slightly by 0.22%, the Dollar Index weakened by 0.44%, and even domestic gold prices declined.
Research from Asia Plus Securities views that the global stock market shows clear signals of correction, especially with AI stocks facing profit-taking amid worries over a bubble and high valuations, with current market capitalization at 2.1 times GDP.
Importantly, Asia Plus Securities points out that NASDAQ stocks have sharply dropped, triggering the "Hindenburg Omen" again, with this week’s index down 2.8%, the largest decline in 32 weeks.
This signal is not limited to the US; Thailand’s SET Index also shows it. However, the correction in Thailand may not be as severe because most stocks are not the hot tech types, and the price-to-earnings ratio remains low at around 14 times.
Nevertheless, the market still expects that the US Federal Reserve might cut interest rates in December.
. Analysts from Pi Securities also highlight the heavy selling in technology and AI stocks, which caused the Dow Jones to drop nearly 400 points. They emphasize the "layoff numbers" tripling from the previous year (citing Challenger Gray data with 150,000 positions).
With worsening labor news and high stock prices, money has flowed out of risky assets like tech stocks into safer ones like bonds, weakening the US dollar.
However, Pi Securities believes the tech stock decline is likely "short-term" since earnings fundamentals still show growth potential. Still, caution is warranted because if unemployment rises further, consumer spending will drop, ultimately impacting corporate profits, even for tech firms.
. Dao Securities (Thailand) notes that market watchers are not only focused on tech stocks but also on the "Trump tax case," where the US Supreme Court is considering whether Trump overstepped his authority in imposing tariffs under a 1977 law.
A decision is expected this November. If the court rules that Trump exceeded his authority, it could benefit stock markets, especially Chinese stocks. However, uncertainty remains as Trump might use other laws instead.
For stock and investment news, visit Thairath Money at
Follow the Facebook page: Thairath Money here