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Asian stocks expected to open flat after tech-led Wall Street declines and metal price drops
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Silver fell 9% and gold lost over 4% following recent record highs amid profit-taking
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S&P 500 is up 17% in 2025, trailing global peers with MSCI ACWI gaining 21% this year
Asian stocks were poised for a tepid open following technology-led declines on Wall Street. Precious metals were in focus after a slump in silver and gold from fresh all-time highs.
Australian shares edged higher in early trading while equity futures in Japan pointed to a weak start. Contracts on the S&P 500 Index were steady after the US benchmark fell 0.3% Monday and the Nasdaq 100 slid 0.5%. Tesla Inc., Nvidia Corp. and Meta Platforms were among the Big Tech decliners in the session.
The weakness in equities “is a reversal from last week when tech stocks led on the way up,” said Joe Mazzola, head trading & derivatives strategist at Charles Schwab. However, it “doesn’t appear connected to any single fundamental factor,” he said.
A gauge of global equities ended a seven-day winning streak, while a rally in precious metals also halted as traders booked profit. Silver tumbled 9% after climbing above $80 an ounce Monday in a surge powered by speculative trades and fears of a supply shortage. Gold lost more than 4%. Both fluctuated in early trading in Asia on Tuesday.
The S&P 500 is up some 17% year-to-date, underperforming many global peers even as it defied expectations for a tariff-fueled selloff. The MSCI All Country World Index has climbed 21% in 2025, while a measure of Asian stocks has rallied almost 26%.
Even so, an optimistic consensus is taking hold that US stocks will continue rallying in 2026 after three straight years of gains. Despite a raft of risks spanning a potential bust in the artificial-intelligence advance to unanticipated policy shocks, sell-side strategists are forecasting another 9% average gain in the S&P 500 next year.
What Bloomberg strategists say...
“The dollar and the S&P 500 were expected to shine in 2025, yet the reality turned out a little different as turmoil and backtracking on tariff announcements in April briefly sank confidence in American policy. The US benchmark has had a good year, but it hasn’t convincingly beaten peers, even in tech.”— Sebastian Boyd, Macro Strategist, Markets Live. For the full analysis, click here.
Meantime, President Donald Trump teased that he has a preferred candidate to be the next chair of the Federal Reserve, but is in no hurry to make an announcement — while also musing that he might fire the central bank’s current leader, Jerome Powell.
Investors were also assessing the outlook for US interest rates and monetary policy. Wall Street interest-rate strategists — with several notable exceptions — expect stable-to-higher Treasury yields in 2026 despite Fed interest-rate cuts.
Elsewhere in markets, Bitcoin was little changed. The cryptocurrency topped $90,000 in the last session before erasing its gain. A gauge of the dollar was steady. In US government bonds, the yield on 10-year Treasuries slipped to 4.11% on Monday.
Corporate News:
Meta Platforms Inc. has agreed to acquire Singapore-based AI startup Manus, which makes an artificial intelligence agent that it sells to small and medium-sized businesses.
Citigroup Inc. said it expects to post a roughly $1.1 billion after-tax loss on the sale of its remaining business in Russia to Renaissance Capital.
SoftBank Group Corp. is in advanced talks to acquire DigitalBridge Group Inc., a private equity firm that invests in assets such as data centers, according to people with knowledge of the matter. DigitalBridge jumped more than 40% in premarket trading.
Airbus SE landed orders for dozens of aircraft from two Chinese carriers as the European planemaker grows its market share in Asia’s biggest economy.
Origin Energy Ltd. said Kraken Technologies Ltd., a software platform that helps utilities manage the transition to cleaner energy, has been valued at $8.65 billion after the software company’s first standalone raising.
South Korea’s stock market renaissance in 2025 was one for the history books. From world-beating gains in arms exporters to the eye-popping surge in AI and K-beauty shares, investors were rewarded in a market that reached new highs
Key Events This Week
Stocks
S&P 500 futures were little changed as of 8:26 a.m. Tokyo time
Australia’s S&P/ASX 200 rose 0.2%
Currencies
The Bloomberg Dollar Spot Index was little changed
The euro was little changed at $1.1772
The Japanese yen was little changed at 156.09 per dollar
The offshore yuan was little changed at 6.9989 per dollar
Cryptocurrencies
Bitcoin was little changed at $87,212.17
Ether rose 0.2% to $2,940.43
Bonds
The yield on 10-year Treasuries declined two basis points to 4.11%
Australia’s 10-year yield declined two basis points to 4.74%
Commodities
West Texas Intermediate crude fell 0.6% to $57.75 a barrel
Spot gold was little changed
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