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Asian stocks slide on inflation and interest rates | national news

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The message seemed to be muffled in Asia.

Rising borrowing costs remain the most prevalent problem, although Fed Powells’ conciliatory remarks helped stop US stocks from falling on Tuesday, ”IG’s Jingyi Pan said in a comment.

However, despite reassuring comments about the rate cut from US Federal Reserve Chairman Jerome Powell, Asian markets continued to be concerned about rising bond yields, ”said Pan.

A wave of late-afternoon buying on Wall Street on Tuesday helped reverse most tech-focused selling, pushing the S&P 500 to its first gain after a five-day losing streak.

The benchmark index posted a gain of 0.1% to 3,881.37. The Dow Jones Industrial Average also rose 0.1% to 31,537.35. The Nasdaq lost 0.5% to 13,465.20. The indices were at record levels less than two weeks ago.

Smaller company stocks fell more than the overall market. The Russell 2000 Small Cap Index slipped 0.9% to 2,231.21. The index, the biggest gainer so far this year, recovered from a drop of 3.6%.

The wave of selling Big Tech stocks has almost entirely reversed, with traders seizing the opportunity to acquire cheaper stocks from Apple, Microsoft, Amazon and other big winners over the past year to a more attractive price. Tesla, which joined the S&P 500 late last year, ended down 2.2% after falling 13.4%.

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