The S&P 500 closed at 2.095 times the Shanghai Composite on October 22, the highest ratio in data back to 1997, and its ratio to the Hang Seng also hit a record 0.334. The CSI 300 fell 1.8% on Thursday to 4,036.30, entering a bear market 20.2% below its June 22 peak amid doubts about AI growth, incremental stimulus and Beijing’s move to tax offshore trusts. State-backed ETF buying lifted the index 1.7% on Friday, but it still lost 1.6% for the week, its 11th straight weekly decline. Through October 23, the S&P 500 had gained 11.4% in 2026, while the Shanghai Composite fell 7.0%, the Hang Seng fell 9.9% and MCHI fell 18.4%. The author leans bearish, pointing to weak domestic demand and stimulus arriving in small pieces.
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Related tickers and likely impact
SPY
▲ Likely positiveSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 759.85 |
| Change that session | -0.54% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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