Oil prices rise and analysts see Big Tech selloff linked to traders locking in gains
Shares were mixed Monday in Europe and Asia, with Japan’s Nikkei 225 leading advances after stocks rose on Wall Street.
Oil prices climbed on Monday, with Middle Eastern conflict uncertainties playing a role. Japan’s Nikkei 225 rose while U.S. tech stocks saw a selloff as traders took profits. Germany’s DAX, France’s CAC 40 and Britain’s FTSE 100 showed modest gains, while the U.S. Dow Jones slipped slightly. Nikkei 225 in Tokyo surged 2.1% as tech firms led the gains.
In South Korea, the Kospi added 0.7%. Analysts suggested the tech selloff was a result of investors cashing in on recent gains and rebalancing portfolios. The S&P 500 was up 0.1%, but the Dow slipped 0.1%. Brent crude and U.S. crude rose, with Brent reaching $84.23 per barrel. A potential Iran-Oman deal on the Strait of Hormuz and Houthi rebels attacking a Red Sea port added geopolitical concerns.
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