asian stock market

Asian stocks market follow Wall Street downhill

Stocks Markets in Asia fell in early trading Wednesday, as the investors remained cautious as the world’s economies slowly start reopening from coronavirus-related shutdowns.

Japan’s Nikkei NIK, +0.79% dropped 0.8%, while Hong Kong’s Hang Seng Index HSI, +0.04% rose slightly. The Shanghai Composite SHCOMP, -0.51% declined 0.2% while the smaller-cap Shenzhen Composite 399106, -0.97% was about flat. South Korea’s Kospi 180721, +0.45% gained 0.1%, while benchmark indexes fell in Singapore STI, -0.75% and Indonesia JAKIDX, -0.05% but rose in Taiwan Y9999, +0.43%. Australia’s S&P/ASX 200 XJO, +0.24% slid 1%.

Stocks on Wall Street sank Tuesday sharply, as the nation’s top public health officials warned of the near-certainty of deadly new coronavirus outbreaks if U.S. businesses open up before it’s safe. In contrast, Fed officials warned that the economy was in dire straits if businesses stay shut.

The Dow Jones Industrial Average DJIA, -1.58% fell more than 450 points for its worst one-day percentage loss since May 1. The S&P 500 SPX, -1.04% and Nasdaq COMP, -0.53% both lost more than 2%, with the Nasdaq snapping a six-session winning streak.

“Asian stocks follow their U.S. peers lower after warnings against a premature reopening of the economy and downbeat and unsettling for risk comments from regional Federal Reserve chiefs,” wrote Stephen Innes, chief global markets strategist at AxiCorp, in a note.

Dow drops nearly 125 points

Shares of Goldman Sachs and Nike are trading lower Tuesday afternoon, dragging the Dow Jones Industrial Average into negative territory. The Dow DJIA, -1.58% was most recently trading 120 points, or 0.5%, lower, as shares of Goldman Sachs GS, -2.22% and Nike NKE, +0.51% have contributed to the blue-chip gauge’s intraday decline. Goldman Sachs’s shares are down $4.69, or 2.5%, while Nike has fallen $2.06, or 2.3%, combining for a roughly 46-point drag on the Dow. Other parts added significantly to the decline include 3M MMM, -0.59%, JPMorgan Chase JPM, -1.96%, and Caterpillar CAT, -2.55%. A $1 move in any one of the 30 components of the benchmark results in a 6.86-point swing.

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