Asian Shares Drop After Plunge in Big Tech Stocks Gives Wall St Its Worst Day in Months
Tech stocks led losses after strong U.S. jobs data revived bets on another Federal Reserve rate hike, while Middle East tensions lifted oil prices.
- On Monday, South Korea's Kospi index led a sharp decline across Asian markets, falling 6.6% as investors reacted to a global sell-off triggered by robust U.S. employment data released Friday.
- Stronger-than-Expected labor market data showing 172,000 new jobs in May reignited concerns that the Federal Reserve may raise interest rates, prompting investors to cash out of technology stocks.
- Technology firms bore the brunt of the downturn, with Samsung Electronics shares dropping 7% and rival SK Hynix declining 3.3% as concerns grew regarding extended valuations in the artificial intelligence sector.
- Amid regional tensions, oil prices surged as Israel launched airstrikes targeting Iran, with West Texas Intermediate crude climbing 3.3% to $93.52 a barrel after reports of explosions in Tehran.
- SPI Asset Management's Stephen Innes noted that fading hopes for Middle East peace and disappointing guidance from major technology companies interrupted what had become an increasingly one-way artificial intelligence trade.
38 Articles
38 Articles
Is the Countdown to $150 Oil On as the Iran War Drags?
With a brutal semiconductor sell-off weighing heavily on the tech sector and the broader stock markets on Friday, as investors ponder the latest hotter-than-expected jobs print, perhaps a major risk is being overlooked: the situation in Iran and its impact on oil prices. Undoubtedly, the stock market has already seemingly paid its dues, with the ... Is the Countdown to $150 Oil On as the Iran War Drags?
Channel News Asia
Seoul leads steep Asian losses as AI-led tech rally hits wall
HONG KONG: Seoul's Kospi stock index dived more than eight per cent to lead a rout across Asia on Monday (Jun 8) as tech firms were hammered and strong US jobs data fuelled bets on a Federal Reserve interest rate hike.News that Iran and Israel had struck each other sparked worries about an escalation of the M
Winnipeg Free Press
Asian shares drop after plunge in Big Tech stocks gives Wall St its worst day in months
TOKYO (AP) — Asian shares skidded Monday after worries about Big Tech investments and rising odds for an interest rate hike gave U.S. stocks their worst day since October.
Since last Friday, the technology sector has sharply cut off the intense rally that lived so far. First it was Wall Street and yesterday the Asian firms...
Gold's worst drop of year hasn't shaken wall street bulls
Gold price index printed red as it slid below $4,291 per ounce, posting its weakest price of the year. This comes in when the US labor market conditions improved beyond market estimates. The initial market reaction can be attributed to the growing recognition that rates will remain high for the foreseeable future. Employment figures reportedly increased by 172,000 in May, almost doubling expectations for job additions by 85,000. As a result, inv…
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