Stocks Waver & Bond Yields Jump - Asia Market Wrap
Stocks fluctuated as investors assessed the fallout from Jensen Huang’s ouster at Nvidia and awaited Friday’s US producer-price data for clues on the Fed’s rate path. S&P 500 futures swung between gains and losses, while Nasdaq 100 futures fell 0.2%. European futures pointed to a lower open, and Asian stocks fell 0.3% after rising as much as 1.1% in morning trade. Nvidia fell more than 14% on Thursday before dip buyers helped pare the loss to 4.3% by the close. Nvidia said longtime CFO Colette Kress would take over as interim CEO and that Huang would no longer have ties to the company. The chipmaker reports Q3 earnings on Tuesday. Japanese and Australian bond yields jumped, following Thursday’s Treasury selloff as traders bet on faster Fed rate hikes. The Yen weakened past 160 per Dollar for the first time since September, reviving the prospect of intervention by Japanese authorities. Bitcoin fell below $70,000 for the first time since August as inflation and higher-rate concerns weighed on crypto. Brent traded around $95.70 a barrel, holding most of Thursday’s 3.3% gain after President Donald Trump said the US could forgo a deal with Iran.
Stocks fluctuated as investors assessed the fallout from Jensen Huang’s ouster at Nvidia and awaited Friday’s US producer-price data for clues on the Fed’s rate path. S&P 500 futures swung between gains and losses, while Nasdaq 100 futures fell 0.2%. European futures pointed to a lower open, and Asian stocks fell 0.3% after rising as much as 1.1% in morning trade. Nvidia fell more than 14% on Thursday before dip buyers helped pare the loss to 4.3% by the close.
Nvidia said longtime CFO Colette Kress would take over as interim CEO and that Huang would no longer have ties to the company. The chipmaker reports Q3 earnings on Tuesday. Japanese and Australian bond yields jumped, following Thursday’s Treasury selloff as traders bet on faster Fed rate hikes. The Yen weakened past 160 per Dollar for the first time since September, reviving the prospect of intervention by Japanese authorities.
Bitcoin fell below $70,000 for the first time since August as inflation and higher-rate concerns weighed on crypto. Brent traded around $95.70 a barrel, holding most of Thursday’s 3.3% gain after President Donald Trump said the US could forgo a deal with Iran.