Stock market today: Asian shares dive after a wipeout on Wall Street as Big Tech skids
Asian shares have dropped morning trading, with Tokyo’s benchmark losing more than 1,000 points at one point, as pessimism set in over the Wall Street nose-dive
TOKYO — Asian shares dropped in Thursday morning trading, with Tokyo's benchmark losing more than 1,000 points at one point, as pessimism set in over a nose-dive on Wall Street.
U.S. stock indexes suffered their worst losses since 2022 after profit reports from Tesla and Alphabet helped suck momentum from Wall Street’s frenzy around artificial-intelligence technology.
In Asia, Japan's benchmark Nikkei 225 lost 2.7% in early trading to 38,118.49. Australia's S&P/ASX 200 shed 1.1% to 7,876.60. South Korea's Kospi declined 1.9% to 2,705.41. Hong Kong's Hang Seng declined 1.2% to 17,101.45, while the Shanghai Composite fell 0.8% to 2,879.78.
Among the region's technology shares, Samsung Electronics fell 2%, while Nintendo was down nearly 2%. Tokyo Electron tumbled nearly 5%.
Profit expectations are high for U.S. companies broadly, but particularly so for the small group of stocks known as the “ Magnificent Seven.” Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia and Tesla need to keep delivering powerful growth after being responsible for most of the S&P 500’s run to records this year.
“The negative sentiment was exacerbated by disappointing earnings from Google and Tesla, ahead of other key reports from the ‘Magnificent Seven’ in the upcoming weeks. The tech sector could be under heavy pressure in Asia today,” said Anderson Alves at ActivTrades.
The recently strengthening yen, which has recovered from trading above 160 Japanese yen to the dollar earlier this month, also works as a negative for some Japanese companies, dominated by exporters.
Toyota
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