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Business Maverick: Stocks mixed as Asia rises, tech hurts US futures: markets wrap

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Stocks were mixed as major Asian indexes rose and US futures fell after post-market slumps in Google parent Alphabet and Microsoft marred a three-day rally on Wall Street.

Equities rose in China, Japan and Australia while contracts for the Nasdaq 100 slid. Alphabet dropped as much as 7% in after-market trading on revenue that came in below expectations and Microsoft lost 8% following a disappointing revenue forecast.

A near 5% rebound in a gauge of US-listed Chinese stocks helped claw back some of the record loss suffered in the wake of President Xi Jinping breaking with China’s collective leadership. While the US data hasn’t changed expectations that the Federal Reserve will hike interest rates by 75 basis points next month, it adds to signs that an end to aggressive monetary tightening may come next year, taking pressure off global markets.

 

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