Asian stocks slide as tech selloff hurts risk mood
Equity benchmarks in Sydney, Tokyo and Seoul all fell, while contracts pointed to declines in Hong Kong. S&P 500 futures were little changed after the benchmark slid 0.8% on Tuesday. Treasuries were steady while oil clawed back some gains in early trading after plunging Tuesday.
Asian semiconductor stocks including SK Hynix Inc. and Samsung Electronics Co Ltd. slipped on Wednesday after Dutch giant ASML Holding NV booked only about half the orders analysts expected in the latest three months and cut its outlook for next year. In the US, Nvidia Corp. lost 4.7%, reflecting a startling slowdown for the bellwethers of the semiconductor industry.
“US equity markets, skewed more toward large-cap leadership, are seeing profit-taking today as earnings season ramps up against overbought/extended charts,” said Dan Wantrobski at Janney Montgomery Scott.
The S&P 500 slipped to around 5,815 and the Nasdaq 100 lost 1.4%. The dollar steadied after climbing to the highest level in about two months after former President Donald Trump defended proposals to dramatically raise tariffs on foreign imports. Treasury 10-year yields declined seven basis points on Tuesday.
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