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Tech Sell-Off Shakes Asian Markets, Oil Surges

8 Jun

Summary

Asian markets are expected to decline due to a tech stock sell-off.
Oil prices rose significantly following Israeli strikes on Beirut.
The Nasdaq saw a substantial drop, impacting AI-related stocks.

Tech Sell-Off Shakes Asian Markets, Oil Surges

Asian markets were poised for a decline on Monday, following a sharp downturn on Wall Street that concluded a nine-week rally. The Nasdaq Composite index saw a substantial drop of 4.2% on Friday, with significant losses concentrated in semiconductor stocks. This sell-off was triggered by a strong jobs report that increased expectations for Federal Reserve interest rate hikes.

Concurrently, oil prices surged due to escalating tensions in the Middle East. Brent crude futures climbed approximately 2.6% to $95.45 a barrel after an Israeli attack on Beirut prompted a retaliatory missile salvo from Iran. In currency markets, the dollar remained firm, holding above 160 yen and strengthening against the Australian dollar, while the euro saw minor fluctuations.

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