Australia and Japan stocks go up; Nasdaq is in a correction

On the Sydney Stock Exchange, falling stocks exceeded advancing ones by 705 to 630, and 326 ended unchanged. 

On Tuesday, Australia stocks were higher after the close, with gains in the Utilities, Industrials, and Healthcare sectors’ leading shares.

The session’s best performers on the S&P/ASX 200 were Vocus Group Ltd. They rose 8.60% or 0.43 points to trade at 5.43 at the close.

The session’s worst performers were Pro Medicus Ltd. They fell 5.66% or 2.56 points to trade at 42.70 at the close.

The S&P/ASX 200 gained 0.47% at the close in Sydney. 

Vocus Group Ltd shares rose to 3-year highs, adding 8.60% or 0.43 to 5.43.

The S&P/ASX 200 VIX slumped 21.85% to 14.240.

Nikkei 225 up 0.99%

In Japan, rising stocks outnumbered declining ones on the Tokyo Stock Exchange. That was by 2858 to 709, and 172 ended unchanged.

Also, on Tuesday, Japanese stocks were higher after the close. Leading shares higher were gains in the Paper & Pulp, Railway & Bus, and Real Estate sectors.

The Nikkei 225 rose 0.99% at the close in Tokyo.

The session’s best performers on the Nikkei 225 were Sapporo Holdings Ltd. They rose 7.54% or 168.0 points to trade at 2395.0 at the close. 

The session’s worst performers were Panasonic Corp. They fell 6.64% or 94.5 points to trade at 1329.5 at the close.

Sapporo Holdings Ltd. shares rose to 52-week highs, adding 7.54% or 168.0 to 2395.0.

The Nikkei Volatility was unchanged from 0% to 26.89.

Meanwhile, Asian stocks recovered from earlier losses on Tuesday, helped by firmer U.S. equity futures. Also, central bank comments calmed worries on rising bond yields and inflation.

Nasdaq in a Correction, with 10% Drop from Feb’s Close

The Nasdaq has retreated from its all-time highs last month, closing down 2.22% unofficially at 12,633.61 Monday. It’s now considered a correction in a bull market. 

This 2.22% rate is roughly 10.6% below the Feb. 12 record close at 14,095.47. Moreover, it exceeds the 10% closing-basis threshold considered by market professionals as confirmation of a correction.

In March 2020, the index entered the latest bull market, soaring more than 105% from the pandemic low last year.

Market-leading tech and tech-adjacent mega-cap stocks have prospered since the recession caused by COVID-19. These stocks account for much of the Nasdaq’s total market value. However, many of those shares are overvalued.

Moreover, cyclical stocks have since gained favor while Governments are deploying vaccine and lifting restrictions. Shutdowns battered these stocks.

The S&P 500 added 1.7% for the year while the Dow gained 3.9%. The tech-heavy index Nasdaq shed 2.2%.