Asia Stocks Set to Decline as Selloff Intensifies: Markets Wrap

Equity futures for benchmarks in Japan, Australia and Hong Kong all declined. Contracts on US indexes fell in early Asia trading after stocks in New York extended this week’s losses on Thursday, with the Nasdaq 100 notching its worst three-day slide since February. The 10-year Treasury yield rose as high as 4.33%, within a few basis points of its 2022 highs.

“Tech stocks — and certainly equities broadly — are feeling the weight of rising real yields, but thus far not to the extent that we have seen during past episodes of rising yields,” Garretson said in an interview. “During past periods over the last three years of similar rises in real yields, we have seen tech pull back by about 7% to 15%.”

Wall Street’s fear gauge, the Cboe Volatility Index or VIX, touched 18 for the first time in seven sessions. The VIX hasn’t reached above 30 — a level considered a sign of heightened volatility — since a series of bank failures rocked the market in March.

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