Asia stocks skid as global inflation fears, tech woes hit Wall Street

MIAMI - Asian stocks opened sharply lower on Friday after Wall Street’s main indexes tumbled, with technology-related stocks under pressure following a steep rise in benchmark U.S. Treasury yields.

U.S. Treasury yields vaulted to their highest since the pandemic began on expectations of a strong economic expansion and related inflation. The bond sell-off accelerated after a disappointing auction of seven-year notes at midday. Apple Inc, Tesla Inc, Amazon.com Inc, NVIDIA Corp and Microsoft Corp were the biggest drags on the S&P 500 and Nasdaq.

Bond trading pushed up a closely watched part of the Treasury yield curve that measures the difference between yields on two- and 10-year notes. The gap, seen as an indicator of economic expectations, widened as much as 141 basis points, the most since 2015.

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The same is true for NASDAQ in the United States.

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