Wall Street soars as Hong Kong sees biggest single-day drop since 2008

China’s markets saw their biggest single-day drop since 2008 on Tuesday as markets reopened after the Golden Week holidays, setting off a ripple effect throughout Europe. Meanwhile, U.S. markets were nearing their September records as tech stocks saw major gains.

• S&P 500 Futures : 5,805.75 ⬆️ up 1.04%
• S&P 500 : 5,751.13 ⬆️ up 0.97%
• Nasdaq Composite : 18,182.92 ⬆️ up 1.45%
• Dow Jones Industrial Average : 42,080.37 ⬆️ up 0.30%
• Hang Seng Index: 20,926.79 ⬇️ down 9.41%
• FTSE 100 : 8,190.61 ⬇️ down 1.36%
• STOXX Europe 600: 516.64 ⬇️ down 0.55%
• SSE Composite : 3,489.78 ⬆️ up 4.59%
• Nikkei 225 : 38,937.54 ⬇️ down 1.00%
• Bitcoin: $63,126.50 ⬆️ up 0.48%

U.S.: Markets soar on strong tech despite China’s woes
The group of tech stocks known as the Magnificent Seven all rose on Tuesday, with the largest gain going to Nvidia , up 4.1%. The gains were key to keeping indexes in the green Tuesday, while stabilizing oil prices also helped Wall Street defy the ripple effect from China’s steep drops. The tech-heavy Nasdaq flirted with its previous record, closing up 1.45%, while the S&P 500 was up 0.97%, and the Dow Jones Industrial Average climbed 0.30%

Europe: Luxury goods take a hit as China optimism fades
European stocks fell almost across the board Tuesday, as worries about Mideast tensions and fading China optimism took hold. Luxury goods took a tumble, with LVMH down almost 5%, Hermès off 3%, and Gucci owner Kering down more than 7%. The STOXX Europe 600 fell 0.85% and the U.K.’s FTSE 100 was down 1.27% in early trading.

China: Shanghai gives back huge early gains, and Hong Kong plunges
Beijing’s midmorning explanation of its stimulus plans—which offered few details and no new big measures—appeared to fall flat with investors. The Hang Seng Index fell by 9.41% on Tuesday, its worst day since the financial crisis. Shanghai’s market opened up almost 10% but faded to close with a 4.59% gain.

Japan: Spending data rattles investors
The Nikkei 225 slipped 1% as the yen gained slightly and household spending fell by 1.9%—the fastest rate since January, although less than expected by economists.

Update, Oct. 8, 2024: The U.S. markets section has been updated to reflect that oil prices were stabilizing at close on Tuesday.

This story was originally featured on Fortune.com