Asia-Pacific markets traded lower on Friday as another round of selling in technology stocks weighed on investor sentiment after a sharp rebound in the previous session.
Japan's Nikkei 225 dropped 3.91%, while South Korea's Kospi tumbled 5.65%. Hong Kong's Hang Seng Index fell 1.87%, China's Shanghai Composite declined 1.41%, while Australia's ASX 200 bucked the regional trend with a 0.13% gain. Indian markets are closed on Friday due to a holiday.
The weakness across the region followed an uneven session on Wall Street, where an early rally lost momentum as investors continued to cut exposure to technology stocks. Apple shares fell 6.1% after the company announced price increases for Macs, iPads and home devices, dragging the broader technology sector lower.
The Nasdaq Composite declined 0.46%, extending its losing streak to four sessions for the first time since February. The S&P 500 edged down 0.01%, while the Dow Jones Industrial Average outperformed. U.S. stock futures were little changed later in the day, with S&P 500 and Nasdaq 100 futures hovering around flat, while Dow futures added 45 points.
Oil prices also remained in focus. Brent crude for August delivery fell 0.56% to $74.84 a barrel, while U.S. West Texas Intermediate crude for August slipped 0.49% to $71.57 a barrel.
Crude prices eased as traders assessed a series of developments in the Middle East and looked for fresh signs of progress in efforts to resolve the conflict involving Iran. Lower oil prices also reflected expectations that supply disruptions may continue to ease.
The renewed weakness in technology stocks underscored the sharp swings that have characterised markets this week, with investors balancing corporate earnings, geopolitical developments and the outlook for global growth.
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