TOKYO (AP) – Asian markets tumbled after shares of tech companies traded on Wall Street on Tuesday.
Tokyo was closed for the national holiday. South Korea’s Kospi slipped almost 0.2% to 3074.76. The Australian S & P / ASX 200 gained 0.9% to 6839.20. Hong Kong’s Hang Seng jumped 1.0% to 30,618.85 and Shanghai Composite lost 0.5% to 3,623.99.
“Fortunately, there is more optimism than fear for the general public today. “Vaccines show scientific results that confirm the effectiveness and efficiency of transmission. The world will soon be moving towards normalcy,” said Steven Ines, chief market strategist. In Axi.
Although the world’s economies have been hit by the coronavirus epidemic, the deployment of COVID-19 vaccines raises hopes for recovery.
The S&P 500 was down 0.8% at 3876.50 on Wall Street for the fifth day in a row. The benchmark index was evenly distributed among the winners and losers, but the bulk of the sales were borne by technology stocks, companies that rely on consumer spending. Apple fell 3%, Microsoft fell 2.7%, Tesla fell 8.5% and Amazon lost 2.1%.
The Dow Jones industrial average rose 0.1% to 31,521.69. The Nasdaq lost 2.5% to 13,533.05. The Russell 2000 Small Business Index fell 0.7% to 2,251.07.
Shares began to decline in part of their earnings last week after a strong start to February as rising interest rates and inflation potential along the way dampened Wall Street enthusiasm as key stock indexes remained at their all-time highs.
“Equity investors are finally turning their attention to the bond market,” said Mike Igmont, director of trading research at Harvest Volatility Management. “When profitability goes up, there is a lot of resentment in our own space.”
Investors continue to focus on the future of the global economies hit hard by COVID-19, with a more stimulating potential to fix them. The US House of Representatives is likely to vote on the stimulus package proposed by President Biden by the end of the week. It will include $ 1,400 in checks for most Americans, additional child support, billions of dollars in assistance to state and local governments, and additional assistance to businesses affected by the epidemic.
But the huge boost in the economy has halted some investors, reviving inflation concerns that have been around for more than a decade. Over the past few weeks, the yield on US Treasury bonds has risen as investors bet that the recovery would lead to higher inflation.
“There are some risks out there,” said Gary Schlossberg, global strategist at Wells Fargo Investment Institute. “The question is, are we just normalizing where we were before the epidemic, or are we talking about a change in the sea?”
Technical shares have made great strides during the epidemic as investors bet that consumers who spend more time at home rely more on mobile devices, computers, video streams, and other technology products and services.
At the New York Mercantile Exchange, the price of American brand oil increased by 76 cents to $ 62.46 per barrel. It rose from $ 2.44 to $ 61.70 per barrel on Monday. Brent crude rose $ 1.14 to $ 66.38 a barrel on the New York Mercantile Exchange.
In foreign exchange trading, the US dollar rose to 105.09 Japanese yen against 105.08 yen. The value of the euro was 1.2167 dollars against 1.2157 dollars.
MS Business Writers Damian J .. Troyes և Alex Weigan contributed