Reds dominate Asian stock markets
Asian markets were mostly lower after technology stocks pushed the Nasdaq to record highs.
Asia-Pacific markets fell broadly on Tuesday after technology stocks pushed the Nasdaq to record highs overnight.
Nvidia shares gained more than 2 percent following a slew of bullish analyst calls highlighting the company’s leading market position.
Many Wall Street firms also increased their price targets on AI Darling ahead of the earnings report, suggesting the shares could gain as much as 30 percent from their current levels.
Investors in Asia will be watching for any spillover effects on companies linked to Nvidia’s value chain, such as TSMC and Foxconn in Taiwan, as well as Samsung Electronics and SK Hynix in South Korea.
South Korea’s Kospi index lost 0.34 percent, while the small-cap Kosdaq lost 0.15 percent.
Japan stocks rise; Nikkei 225 continued its rise above the 39,000 level and gained 0.29 percent. The broad-based Topix rose 0.21 percent.
In Australia, the S&P/ASX 200 index lost 0.17 percent as investors evaluated the minutes of the central bank’s May meeting, which revealed that the RBA was considering increasing interest rates due to high inflation risks.
Hong Kong’s Hang Seng index lost 0.86 percent, while China’s CSI300 index fell 0.24 percent.