Asian stocks decrease after US stocks dip overnight

Asian stocks decrease after US stocks dip overnight

On Friday, Asian stocks were softer in early trade, reacting to a weaker close overnight, while global bond yields inched up.

The Nikkei 225 went down 0.61%. As for the Kospi, it lost 0.39% in early trade.

Additionally, the S&P/ASX 200 decreased 0.63%.

The Hang Seng Index dipped 0.42% and the Shanghai Composite sank 0.39%.

Overnight, American shares concluded lower, as a slide in both tech as well as energy stocks put pressure on the broader market while weaker-than-expected labor market reports contributed to downbeat sentiment.

Energy continued its descending trend, losing 1.8% notwithstanding weekly American inventory data, which demonstrated a larger-than-expected draw in both crude and gasoline stockpiles.

Tech stocks dipped too because market participants kept rotating out of the tech sector, with Amazon, Facebook, and Apple sagging more than 0.5%.

The Dow Jones Industrial Average showed 21,321.82, sliding up to 156 points. Aside from that, the S&P 500 concluded 0.94% lower, and the Nasdaq Composite hit 6089.46, dipping 1%.

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