Some of the major Asian stock markets declined sharply on Tuesday, dragged by chip and tech stocks. Shares of chip majors like SK Hynix and Samsung Electronics tanked up to 9%.
South Korea's Kospi fell 6.5% or nearly 400 points to 6,001.81, Japanese index Nikkei's return after a holiday on a negative footing as it slumped nearly 3% to a low of 5,988.22, Australia's S&P/ASX 200 was down 0.38% to 8,749.40, Hong Kong's Hang Seng Exchange opened 0.8% lower at 24,072.28.
Semiconductor giants SK Hynix and Samsung Electronics Co. Ltd. declined 9% and 8% to 1,464,000 South Korean Won and 231,750 South Korean Won, respectively. SK Hynix's Chinese rival CXMT earlier announced that it made progress on a memory-chip design capable of storing more data.
The Asian indices took cues from Wall Street's Monday tech rout, with the tech-heavy Nasdaq Composite closing 0.44% lower. Sandisk Corp. slid 6% and Micron Technology Inc. declined 3.9%. Of the magnificent seven, only Meta Platforms Inc. bucked the trend and rose over 3% after it launched its Muse Wonder AI model.
Elsewhere, oil prices held around $106 per barrel, pulling back slightly as Trump hinted at an end to Iran war soon. Talking to reporters, the US President said oil will drop when war with Iran ends very soon. As of 7:41 a.m. IST, Brent Crude traded 1.3% lower at $105.36 per barrel, while West Texas Intermediate was down 1.18% to $92.63 a barrel.
Wall Street Recap
US stocks were little changed around the opening bell on Monday as investors assessed rising oil prices and prepared for a busy week of corporate earnings and inflation data.
The major averages ended the previous week on a positive note, supported by gains in technology stocks, and market participants are now looking for fresh cues to sustain the rally.
The S&P 500 rose 0.11% to 7,819.24, while the Dow Jones Industrial Average gained 0.25% to 51,783.23. The Nasdaq Composite slipped 0.11% to 27,333.28.
However, both S&P 500 and Nasdaq Composite settled in the red, dragged by a tech slump. S&P 500 closed 0.06% lower at 7,807.24, Nasdaq was down 0.44% to 27,245.90, whereas Dow Jones closed 0.38% higher at 51,850.55.
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GIFT Nifty Check
GIFT Nifty, an early indicator for the Indian equity benchmark, traded 0.23% higher at 22,425 and pointed to a gap up opening for Nifty on Tuesday.
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