Stock market today: Asian shares mostly fall as dive for Big Tech stocks hits Wall St rally

TOKYO — Asian shares were mostly lower Thursday, with Tokyo’s benchmark dipping more than 2%, after Wall Street’s record-breaking rally slammed into a wall of worries over potentially worsening trade tensions with China.The markets' spotlight was squarely on chip companies after a report from Bloomberg News said President Joe Biden is considering the most severe trade restrictions available if companies like the Netherlands’Tech-related shares weighed on Tokyo trading.

The recent currency fluctuations are a result of U.S. politics taking “center stage,” according to Tan Jing Yi of Mizuho Bank. Former President Donald Trump has been expressing concerns about an overly strong dollar as a disadvantage for the U.S. since it makes American-made products relatively more expensive in overseas markets.

Taiwan's Taiex lost 1.6% as giant chip maker TSMC sank 2.4% after losing 8% overnight in U.S. trading.“Taiwan should pay us for defense,” Trump said according to a transcript of an interview published by Bloomberg. “Taiwan took our chip business from us, I mean, how stupid are we?” he said.Advanced Micro Devices fell 10.2%, and Broadcom dropped 7.9%.

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