Stocks in Taiwan were down 4% early in the first trading session after the U.S. imposed new limits on exports of semiconductors and chip-making equipment to...
TOKYO — Asian shares were mostly lower on Tuesday as losses in technology-related shares weighed on global benchmarks.
Taiwan Y9999 dropped 4% after reopening from a holiday in the first trading session since the U.S. imposed new limits on exports of semiconductors and chip-making equipment to China.Japan’s Nikkei 225 NIY00 declined 2.5% in morning trading to 26,439.97. South Korea’s Kospi 180721 lost 2.2% to 2,184.87. Both markets also were reopening after holidays on Monday.
But technology stocks have taken a hit from the announcement of tighter export controls on semiconductors and chip manufacturing equipment. The restrictions aim to limit China’s ability to get advanced computing chips, develop and maintain supercomputers, and make advanced semiconductors.
The benchmark S&P 500 SPX fell 0.7%, closing at 3,612.39 and extending its losing streak to a fourth day. The Dow Jones Industrial Average DJIA lost 0.3% to 29,202.88 and the Nasdaq Composite COMP fell 1% to 10,542.10. The Russell 2000 RUT fell 0.6% to 1,691.92. Investors will potentially get a more detailed picture of the Fed’s thinking on Wednesday when the central bank releases minutes from its latest policy meeting. That’s when the Fed made another extra-big interest rate increase of three-quarters of a percentage point.
The latest sales update could confirm that consumers are increasingly stretched financially, or at least pulling back on spending. That could send a signal to the Fed, Kelly said.
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