Asian markets tumble, oil surges, tech stocks slide

October 09, 2026 (MLN): Asian markets traded lower on Friday, tracking losses on Wall Street as renewed pressure on technology stocks and a sharp rise in oil prices weighed on investor sentiment amid escalating tensions between the United States and Iran.

Japan’s Nikkei 225 fell 1.42% to close at 69,042.11, while the broader Topix index declined 1.51% to 4,091.46. South Korea’s Kospi dropped 2.62% to 6,625.93, and the Kosdaq slipped 0.69% to 892.27.

Australia’s S&P/ASX 200 lost 0.77% to settle at 8,660.90, while Hong Kong’s Hang Seng index was down 1.43% in its final hour of trading. Mainland China’s CSI 300 declined 1.09% to close at 4,310.28.

On Wall Street, technology shares came under pressure after new details about OpenAI’s revenue performance raised concerns about the outlook for artificial intelligence-related investments, according to CNBC.

The Nasdaq Composite dropped 1.25% to 27,193.34, while the S&P 500 fell 0.47% to 7,765.36. The Dow Jones Industrial Average bucked the trend, adding 51.77 points, or 0.1%, to close at 51,231.64.

Oracle shares plunged more than 5%, while Nvidia and Advanced Micro Devices declined nearly 3% and 4%, respectively, reflecting the pressure on companies linked to the AI investment boom.

Palantir Technologies was a notable exception, rising 2% after Goldman Sachs upgraded the stock, citing further growth potential from sovereign AI and customized applications.

Energy markets added to the pressure after US President Donald Trump said he did not want a deal with Iran to end the war, while reports indicated preparations for intensified US military action in the Middle East.

Trump later said the United States would not attack Iran before next month's midterm elections, prompting oil prices to retreat from their session highs.

Brent crude rose 4.07% to $104.28 per barrel, while West Texas Intermediate futures gained 3.64% to settle at $91.49.

Rising energy prices have heightened concerns that inflation could remain elevated, potentially prompting the Federal Reserve to maintain restrictive monetary policy or raise interest rates further. The prospect of persistently higher borrowing costs has also increased pressure on equity valuations.

US Treasury yields eased after a strong auction of 30-year government bonds. The benchmark 10-year Treasury yield fell 5 basis points to 5.227%, while the 30-year yield declined 6 basis points to 5.601%, following fresh 24-year highs earlier in the week.

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