Home BUSINESS Today’s Stock Market Update: Asian Shares Mirror Wall Street’s Decline Amid Concerns...

Today’s Stock Market Update: Asian Shares Mirror Wall Street’s Decline Amid Concerns Over Interest Rates

684

Asian markets saw a mixed performance on Friday as investors digested the impact of strong economic reports in the U.S., which fueled concerns about the possibility of higher interest rates. While U.S. futures showed a slight uptick and oil prices climbed, major indices in the region trended downwards.

In Japan, the Nikkei 225 index fell by 1.2% to 38,623.78, while Hong Kong’s Hang Seng dropped 0.4% to 28,798.89. South Korea’s Kospi declined by 1.2% to 2,689.42, and Australia’s S&P/ASX 200 shed 0.9% to 7,740.60. Taiwan’s Taiex slipped 0.2% after reaching a record high on Thursday.

On Thursday, U.S. stocks experienced a broad decline as positive economic data raised concerns about the prospect of sustained high interest rates. The S&P 500 dropped 0.7%, the Dow Jones Industrial Average fell by 1.5%, and the Nasdaq composite slipped 0.4%.

Stronger-than-expected reports on U.S. business activity and a resilient job market suggested robust economic growth, prompting traders to reassess expectations for Federal Reserve intervention to lower interest rates. This led to a rise in Treasury yields, with the 10-year yield climbing to 4.47%.

Among individual stocks, Live Nation Entertainment plummeted 7.8% after facing antitrust accusations, while VF Corp. saw a 2.9% decline following weaker-than-expected financial results.

Despite the broader market downturn, Nvidia stood out with a 9.3% surge after delivering impressive profit figures, driven by soaring demand for its chips used in artificial intelligence systems.

In commodity markets, U.S. benchmark crude oil gained 11 cents to reach $76.98 per barrel, while Brent crude rose 16 cents to $81.52 per barrel. The U.S. dollar strengthened against the Japanese yen but weakened against the euro.