Asian shares mixed amid vaccine optimism, US tech sell-off
TOKYO (AP) — Asian stocks were mixed Tuesday after shares were sold of Wall Street technology firms.
For a national holiday, Tokyo was closed.
Kospi dropped almost 0.2 percent to 3,074.76 in South Korea.
S&P/ASX 200 in Australia rose 0.9% to 6,839.20.
The Hang Seng of Hong Kong soared 1.0% to 30,618.85, while the Composite of Shanghai lost 0.5% to 3,623.99.
"With a lot more optimism than fear for society as a whole, vaccines that show on the ground scientific results validating efficiency and transmission efficacy, leading the world back to normality soon," said Stephen Innes, Axi's chief global markets strategist.
Although the coronavirus pandemic has battered the economies of the world, the use of COVID-19 vaccines raises expectations of a rebound.
S&P 500 dropped 0.8 per cent on Wall Street to 3,876.50 which increased its losses to the fifth day in a row.
The benchmark index was just roughly equally distributed between winners and losers, but the most important thing was the technology inventories and businesses depending on consumption expenditure.
Apple fell by 3%, Microsoft fell by 2.7%, Tesla declined by 8.5%, and Amazon lost 2.1%.
The industrial average of Dow Jones rose 0.1% to 31,521.69.
At 13,533.05 the Nasdaq lost 2.5%.
Smaller firms' Russell 2000 index rose 0.7% to 2.251.07,
After a good beginning in February last week, stocks started losing some of their earnings, because growing interest rates and inflationary prospects on the road have smothered Wall Street excitement. The major stock indices remain near their all-time highs.
"Equity investors will finally be focusing on the bond market," said Mike Zigmont, Harvest Volatility Management Director of Trading and Analysis.
"There's a lot of jitters in the equity space with rising returns."
Investors remain focused on the prospects of COVID-19's global markets and the ability to have further stimulus.
The United States House of Representatives is scheduled to vote on the stimulus package introduced by President Joe Biden by the end of the week.
It will provide $1,400 for most Americans, increased children's payments, billions of dollars of funding for state and local governments and additional assistance to pandemic-impacted enterprises.
However, the vast volume of stimulus injected into the company has provided a pause for some investors to revive fears about inflation that have been almost non-existent for over a decade.
Renders on the U.S.
In the last few weeks, treasury bills and bonds have risen as investors bet the recovery will boost inflation.
"There are risks out there," said Gary Schlossberg, the Wells Fargo Investment Institute's global strategist.
"The problem is that we just normalize back to where we used to be before the pandemic or talk about a sea change."
Investors have been hoping that the user spends more time at home increasingly rely on smart devices, PCs, video streamings and other technology goods and services, and software inventories have gained greatly from the pandemic.
U.S. oil benchmarks in power markets increased by 76 cents to $62.46 a barrel in the New York Mercantile Exchange.
On Monday, it won $2.44 to $61.70 per barrel.
The international standards of Brent oil improved from $1.14 to $66.38 a barrel.
The US dollar inched up to 105,09 Japanese yen from 105,08 yen in currency trade.
The euro cost 1,2167 dollars, up from 1,2157 dollars.
Damian J. Troise and Alex Veiga contributed to AP Business Authors.