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Asia-Pacific markets slid sharply on Tuesday after a tech-led sell-off in the U.S. Japan and South Korea saw the biggest declines, with the Nikkei 225 down over 3% and the Kospi down 3.15%. Hong Kong’s Hang Seng also fell 1.6%, while Australia’s ASX 200 dropped nearly 2%. Japanese government bond yields climbed, with the 20-year yield hitting its highest level since 1999.
The downturn followed losses on Wall Street, where major U.S. indexes retreated as tech stocks weakened ahead of key events, including Nvidia’s earnings and the September jobs report. The Dow fell 1%, the S&P 500 dropped 0.9%, and the Nasdaq slipped 0.8%. Nvidia declined nearly 2% ahead of its results, amid growing investor concerns about stretched AI-related valuations.
Federal Reserve Governor Christopher Waller said he supports another interest rate cut at the December meeting, citing growing concerns about a weakening labor market and slowing hiring. His stance places him in the Fed’s dovish camp, while several other officials remain opposed to further cuts due to lingering inflation risks.
Waller said he is not worried about inflation reaccelerating and believes recent data, even without government reports during the shutdown shows soft labor demand and consumer pressures. He favors a quarter-point cut to move to prevent further labor market deterioration.
The Fed is increasingly divided ahead of the 10 December meeting, following two consecutive 25-basis-point cuts.
Investors are awaiting delayed U.S. jobs data and Nvidia’s earnings on Wednesday, as concerns grow over weak market breadth, stretched tech valuations, and questions about the sustainability of the AI-driven rally. Asia-Pacific markets also retreated overnight, while U.S. futures were mostly flat.
The crypto market also suffered big losses this week. Bitcoin fell below $90,000 and Ethereum lost its $3,000 mark. The cryptocurrency is now down 25% from its all-time high. The crypto market cap fell to $3 trillion as selling pressure intesifies.
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