Asian shares have skidded after worries about Big Tech investments and rising odds for an interest rate hike gave U.S. stocks their worst day since October.
A screen shows the stock prices of South Korean chipmakers at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, June 8, 2026.
Currency traders pass by a screen showing the Korea Composite Stock Price Index and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, June 8, 2026. Specialist Anthony Matesic works at his post on the floor of the New York Stock Exchange, Wednesday, June 3, 2026.
A trio of traders work on the floor of the New York Stock Exchange, Wednesday, June 3, 2026. A board above the trading floor of the New York Stock Exchange displays the closing number for the Dow Jones industrial average, Wednesday, June 3, 2026.
– Asian shares skidded Monday after worries about Big Tech investments and rising odds for an interest rate hike gave U.S. stocks their worst day since October. Japan’s benchmark Nikkei 225 dropped 4.5% to 63,604.15.
The Japanese government revised the annualized economic growth rate to 1.8% for the first quarter this year, down from an earlier estimate of 2.1%. Despite Monday's dip, the Nikkei is still trading at double the levels the benchmark was at five years ago.early Monday targeting central and western Iran in response to missile fire.
Iranian state television reported the sound of explosions being heard in Isfahan, Tabriz and Tehran, without immediately elaborating.to extend their ceasefire, but the agreement has not been finalized and the latest attacks further strain efforts to end the conflict. Brent crude, the international standard, jumped $4.55 to $97.64 a barrel. Benchmark U.S. crude surged $4.17 to $94.71 a barrel. In other share trading, South Korea's Kospi slipped 8.2% to 7,493.34 as Samsung Electronics, the country's biggest company, dropped 9.7%.
SK Hynix declined 7%. Hong Kong's Hang Seng lost 1.7% to 24,527.22. The Shanghai Composite shed 1.8% to 3,955.72.
“Obviously, given the strength and the size of the rally over the past months, a deeper correction would be needed to bring valuations back to healthier and more fundamentally meaningful levels,” said Ipek Ozkardeskaya, senior analyst at Swissquote of what he called a “reality check” for the AI enthusiasm. Wall Street finished last week with the S&P 500 sinking 2.6%, to 7,383.74, after a strong jobs report boosted expectations that the Federal Reserve will raise rates at some point this year.
It was the biggest one-day drop since Oct. 10, when the Trump administration threatened to impose a 100% tariff on imported goods from China. The Dow Jones Industrial Average fell 1.4% to 50,866.78. The Nasdaq composite slumped 4.2% to 25,709.43.in May, according to the Labor Department. It is the latest report showing that employment remains solid, despite the squeeze inflation is putting on businesses and consumers.
The yield on the 10-year Treasury rose to 4.54% from 4.50% just before the report was released. The yield on the 2-year Treasury, which more closely tracks the Fed’s actions, jumped to 4.16% from 4.04% just prior to the report. The Fed has been holding interest rates steady as it tries to gauge the ongoing impact from rising inflation. Prices were already ticking higher from the impact of tariffs.
The U.S. war with Iran has essentially blocked crude oil shipments from moving through the In currency trading early Monday, the U.S. dollar inched up to 160.27 Japanese yen from 160.25 yen. The euro cost $1.1522, up from $1.1515. Copyright 2026 The Associated Press. All rights reserved.
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