Asian stocks down, US tech stocks under pressure after Fed minutes

MG News | January 05, 2024 at 09:40 AM GMT+05:00

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January 05, 2024 (MLN): Most Asian stocks dipped on Thursday in line with Wall Street on Wednesday, after minutes from the US Federal Reserve's December meeting dampened hopes for an early interest-rate cut, as APP reported.

European stocks gradually shrugged off the negative sentiment and ended the day with gains of around half a percentage point.

In the US, the Dow Jones Industrial Average finished the day flat, while the broad-based S&P 500 and the tech-rich Nasdaq Composite Index both slumped.

To get the rate cuts that markets have already priced in, the data have to start showing much weaker numbers, said Karl Haeling of LBBW.

But he added that the market was "holding up reasonably well if you really take away the tech stocks."

Companies including Apple and Amazon both finished the day in the red, continuing a recent decline in the market value of some of America's biggest tech firms.

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