Asian Stocks Under Pressure After US Tech Selloff: Markets Wrap
Asian stocks were set for broad declines Tuesday after a tech-led selloff on Wall Street outweighed a drop in oil, as traders weighed Treasury Secretary Scott Bessent’s plan to isolate Iran from the global economy.
Asian markets faced pressure on Tuesday as a tech-led sell-off on Wall Street overshadowed a drop in oil and US Treasury Secretary Scott Bessent's plan to isolate Iran from the global economy. Semiconductor giants dragged the Nasdaq 100 Index down nearly 1 per cent, with Nvidia falling for a seventh consecutive session ahead of its earnings.
US oil held steady, while the 10-year yield fell four basis points to 4.7 per cent, supported by US Treasuries. The US dollar posted its biggest gain in two weeks, and gold remained around US$4,650 an ounce. Investors are closely watching Nvidia's results for signs that the recent weakness in chipmakers will continue. US economic sanctions on Iran, the Treasury's efforts to lower long-term yields, and economic data will shape sentiment amid a packed week of data and corporate earnings.
US Federal Reserve Chair Kevin Warsh will provide clarity on how the US central bank will respond to inflation when he speaks at the Jackson Hole gathering in Wyoming on Friday.
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