Asian stocks mostly declined on Tuesday, despite gains in most U.S. stock indices, particularly in technology sectors like Nvidia.
In Japan, the Nikkei 225 index saw a slight increase of 0.2% to 39,141.08. Conversely, Australia’s S&P/ASX 200 dropped by 0.2% to 7,851.90.
South Korea’s Kospi index decreased by 0.4% to 2,732.26. In Hong Kong, the Hang Seng plummeted by 2.1% to 19,233.09, and the Shanghai Composite fell by 0.4% to 3,159.90.
Investors in Asia remain attentive to developments regarding the Chinese economy’s health. S&P Global Market Intelligence recently upgraded its growth forecast for this year to 4.8% from 4.7% in April, though it maintained a cautious outlook.
In the U.S., the Nasdaq Composite reached a new high on Monday, and the S&P 500 saw modest gains, driven by a surge in technology stocks ahead of Nvidia’s earnings report expected on Wednesday. Investors are also monitoring the Federal Reserve’s decision-making on interest rate cuts.
The Nasdaq Composite rose by 0.65% to 16,794.87, and the S&P 500 increased by 0.09% to 5,308.13. Meanwhile, the Dow Jones Industrial Average dropped by 0.49% to 39,806.77, influenced by a 4.5% fall in JPMorgan shares after CEO Jamie Dimon expressed a cautious outlook and announced the company’s decision against stock buybacks at current prices.
U.S. Treasury yields saw a slight increase after Federal Reserve officials expressed uncertainty about the timing of future rate cuts. The benchmark 10-year yield rose to 4.4453%, up from 4.42% the previous Friday.
