Asia Stocks to Fall After Wall Street Tech Slump: Markets Wrap

-- Asian stocks were poised to follow Wall Street shares lower after the latest evidence of stubborn US inflation spurred bets the Federal Reserve will be in no rush to cut rates.S&P 500 Breaks Below 5,100 as Big Tech Sells Off: Markets WrapFutures showed benchmarks markets in Japan, Hong Kong and Australia will open down, after the S&P 500 erased earlier gains and fell more than 1% in a volatile session. The decline was led by rate-sensitive tech megacaps Microsoft Corp., Apple Inc.

West Texas Intermediate reclaimed its $85 mark on Monday — after briefly falling below it — and edged higher early Tuesday in Asia. Gold continued to climb on fears of escalating tensions in the Middle East. Top Israeli military officials reiterated the country has no choice but to answer Iran’s weekend attack.US retail sales rose by more than forecast in March and the prior month was revised higher, showcasing resilient consumer demand that keeps fueling a surprisingly strong economy.

The strong tailwind in the US from easy financial conditions continues to boost inflation and growth, including consumer spending in March, said Torsten Slok at Apollo Global Management, who continues to bet the Fed will not cut interest rates in 2024. “In our view it’s not about ‘higher for longer’ when it comes to the Fed’s rate regime rather, it’s a continuation of the ‘pause for now’ until inflation gives up its stickiness,” said John Stoltzfus at Oppenheimer Asset Management.Two of Tesla Inc.’s top executives have left in the midst of the carmaker’s largest-ever round of job cuts, as slowing electric-vehicle demand leads the company to reduce its global headcount by more than 10%.

Charles Schwab Corp.’s first-quarter net revenue topped estimates as the retail brokerage tries to put 2023’s turbulence behind it.Fed Governor Michelle Bowman speaks, ThursdayAtlanta Fed President Raphael Bostic speaks, ThursdayChicago Fed President Austan Goolsbee speaks, FridayThe Japanese yen was little changed at 154.24 per dollarWest Texas Intermediate crude rose 0.3% to $85.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks in Asia Set to Follow Wall Street Lower on Rate SpeculationStocks in Asia are expected to decline following Wall Street's lead as speculation grows that major central banks will maintain higher interest rates for a longer period. Economic data and a rally in commodities have contributed to this speculation. The opening of equities in Australia was down, while futures indicated declines in Japan and little change in Hong Kong. Skepticism about the pace of Federal Reserve easing has increased due to better-than-estimated data on US job openings and factory goods orders. This has led traders to project fewer rate cuts in 2024, causing 10-year yields to reach their highest levels since November. The repricing of central-bank bets, which had been ignored by US stocks during a recent rally, has now weighed on the market.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Asian stocks track Wall Street's decline as Middle East tensions escalateHONG KONG (AP) — Asia stocks pulled back on Monday as worries about potentially escalating tensions in the Middle East rattled financial markets, pushing...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Stocks go nowhere as Wall Street waits for inflation printInvestors regrouped for a packed week with a fresh inflation data test for rate-cut views and the start of first quarter earnings season.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Wall Street's most bullish strategist cites a 'big surprise' pushing stocks higher: Morning BriefAs stocks rally to record highs, Wall Street strategists continue to raise their forecasts to keep pace.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »