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

Contracts fell for equity benchmarks in Japan and Hong Kong, where the start of trading was delayed by heavy rains, while those for Australia and the US were flat in early trading. The Nasdaq 100 and S&P 500 fell as Apple slid about 6.5% in two days, while an index of US-traded Chinese stocks dropped the most in more than a month. 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. “We expect market choppiness to persist near term,” said Keith Lerner, co-chief investment officer at Truist Advisory Services. “September, like August, has tended to be a more challenging month, and there remains a dearth of obvious near-term upside catalysts as stocks continue to digest the big year-to-date gains.”Traders also kept a close eye on the latest US economic data, with solid jobless claims figures reinforcing the case for the Fed to keep rates elevated.

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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