Asia-Pacific markets are expected to open lower on Wednesday, following declines on Wall Street where rising Treasury yields and major tech stocks experienced losses. In Australia, the S&P/ASX 200 opened 0.11% down, while Japan’s Nikkei 225 futures indicated a dip, reversing gains made in tech stocks the previous day. Hong Kong’s Hang Seng index futures suggested a flat opening after closing at 19,447.58. Investors will closely watch the developments regarding Tencent Holdings, which saw an 8% drop after being listed as a “Chinese military company” by the U.S. Department of Defense. Samsung is also anticipated to announce its earnings guidance for the fourth quarter of 2024 later in the day.
In the U.S., the S&P 500 fell by 1.11%, closing at 5,909.03, while the Dow Jones decreased by 0.42% to 42,528.36. The Nasdaq Composite plunged 1.89% to 19,489.68, with major tech stocks like Nvidia, Tesla, Meta Platforms, Apple, and Microsoft showing significant declines. Nvidia dropped 6.2%, and Tesla fell 4% after a downgrade by Bank of America.
