Asian stock indexes remained stable after a mixed day on Wall Street, with speculation that the tech sector’s rally may be slowing down. Futures indicated a potential rise in Hong Kong and Australian stocks, while Japanese stocks held steady. Nvidia experienced a three-day decline, causing it to cross into correction territory. Despite this, the chipmaker has seen significant gains this year. The S&P 500 dipped below 5,450, with energy and financial stocks rising while tech stocks fell. The Nasdaq 100 lost over 1% and Nvidia fell 6.7%. There are concerns about a possible pullback in the market. Treasury yields fell, and Bitcoin dropped below $60,000 before recovering. Concerns are growing about China’s economy, with tax revenue shrinking at a rapid pace. In Japan, authorities are prepared to intervene in markets if needed due to pressure on the yen. In the US, there is a growing number of respondents planning to reduce their stock holdings. The S&P 500 is expected to close the year slightly above current levels. Oil prices rose, supported by a weaker dollar and tensions with Russia. Gold prices also increased slightly. Upcoming key events include various economic data releases and the release of Nike’s results. In the cryptocurrency market, Bitcoin and Ether rose, while Treasury bond yields fluctuated slightly. Stock futures were relatively unchanged, with the Hang Seng and S&P/ASX 200 futures showing slight increases. The Bloomberg Dollar Spot Index fell, and major currencies such as the euro, Japanese yen, and Australian dollar remained stable.
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Markets Wrap: Tech Concerns Mount as Nvidia Dampens Asian Futures
