Asia Stocks to Follow Wall Street’s Apple-Led Drop: Markets Wrap

Contracts for equity benchmarks in Japan and Hong Kong declined, while those for Australia and the US were flat in early Asian trading. The Nasdaq 100 fell Thursday as Apple slid about 6.5% in two days, wiping out $190 billion in value, while an advance in defensive groups sent the S&P 500 away from session lows. The dollar is headed for its longest weekly rally in years amid speculation the Federal Reserve will keep interest rates elevated.

“Apple’s growth story is heavily reliant on China, and if the Beijing crackdown intensifies, that could pose a big problem to the bunch of other megacap tech companies that rely on China,” said Edward Moya, senior market analyst for the Americas at Oanda. Tech shares have soared in 2023 amid the artificial-intelligence frenzy and speculation that the Federal Reserve is getting closer to wrapping up its interest-rate hikes. The nearly 40% run-up in the Nasdaq 100 this year suggests that valuations look stretched, according to some metrics, with the industry ripe for a correction.

Fed Bank of New York President John Williams said US monetary policy is “in a good place,” but officials will need to parse through data to decide on how to proceed on interest rates. He spoke during a moderated discussion with Bloomberg’s Michael McKee in New York.

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