Asian shares drop after plunge in Big Tech stocks gives Wall St its worst day in months
Summary
Asian stock markets fell on Monday after big technology companies’ shares dropped sharply in the U.S., causing Wall Street’s largest single-day loss since October. Concerns over interest rate hikes and renewed conflicts in the Middle East also added to market fears. Japan’s economic growth was revised downward, and oil prices rose after Israel launched airstrikes targeting Iran.Key Facts
- Japan’s Nikkei 225 index dropped 4.5% to 63,604.15 on Monday.
- Japan’s economic growth for the first quarter was revised down to 1.8% annualized from 2.1%.
- South Korea’s Kospi index fell 8.2%, with Samsung Electronics shares dropping nearly 10%.
- Taiwan’s Taiex index fell 3.5%, Hong Kong’s Hang Seng lost 1.7%, and Shanghai’s Composite dropped 1.8%.
- Brent crude oil price jumped $4.55 to $97.64 per barrel after Israeli airstrikes in Iran.
- U.S. stocks suffered their worst day since October, with the S&P 500 falling 2.6%, Dow Jones down 1.4%, and Nasdaq down 4.2%.
- The recent U.S. jobs report increased expectations that the Federal Reserve will raise interest rates.
- The conflict between Israel and Iran intensified despite a tentative ceasefire extension agreed upon by negotiators.
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