Seoul skyline at sunset.
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Asia-Pacific markets opened lower on Wednesday, tracking losses on Wall Street after U.S. Treasury yields rose and major technology stocks fell.
Australia’s S&P/ASX 200 opened 0.11% lower.
Japan’s Nikkei 225 futures opened lower, with the index paring gains after gains led by Asian stocks on Tuesday, driven by gains in technology stocks. The Chicago futures contract was at 39,905 points, and the Osaka futures contract was last at 39,730 points, while the index’s previous closing price was 40,083.3 points.
Hong Kong’s Hang Seng Index futures last closed at 19,447 points and are expected to open flat. The Hang Seng Index last closed at 19,447.58 points.
Asian traders will continue to monitor developments related to Chinese technology company Tencent Holdings, which saw its shares fall nearly 8% on Tuesday after the company was added to the U.S. Department of Defense’s list of “Chinese military companies.”
Separately, Samsung is scheduled to release profit guidance for the fourth quarter of 2024 later in the day.
Drops in major U.S. technology stocks overnight dragged the market lower.
The S&P 500 fell 1.11% to close at 5,909.03 points. The Dow Jones Industrial Average fell 178.20 points, or 0.42%, to close at 42,528.36 points. The Nasdaq fell 1.89% to 19,489.68 points. Earlier in the day, the major averages were trading higher before reversing course. Nvidia shares fell 6.2% after hitting a record high.
Tesla shares fell 4% after Bank of America downgraded the electric car maker due to its high valuation and risks associated with its strategy. Meta Platforms fell nearly 2%, while Apple and Microsoft both fell more than 1%.
—CNBC’s Pia Singh and Lisa Kailai Han contributed to this report.
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