On Tuesday, Asian stock markets experienced a general decline despite the U.S. Nasdaq Composite reaching a record high, with notable drops in Japan, Australia, South Korea, Hong Kong, and China. The focus remains on economic cues from China and upcoming earnings reports, especially from Nvidia, as investors monitor the Federal Reserve’s stance on interest rates.
Asian stock markets saw a general retreat on Tuesday, May 21, 2024, despite the U.S. Nasdaq Composite reaching a record high. The Nikkei 225 in Japan fell 0.2% to 38,980.60, Australia’s S&P/ASX 200 dipped 0.2% to 7,848.00, South Korea’s Kospi dropped 0.8% to 2,720.90, Hong Kong’s Hang Seng plunged 2.1% to 19,233.87, and the Shanghai Composite decreased by 0.4% to 3,157.33.
In the U.S., the S&P 500 ticked up 0.1% to 5,308.13, and the Nasdaq gained 0.7% to 16,794.87. The Dow Jones Industrial Average fell 0.5% to 39,806.77. Notable market movers included Norwegian Cruise Line, which surged by 7.6%, and Nvidia, which rose 2.5%. Investors are keenly watching economic signs from China and upcoming earnings reports, particularly from Nvidia.
U.S. crude prices fell to $79.22 per barrel, while Brent crude dropped to $83.23. The Federal Reserve’s next steps regarding interest rate management remain a focal point, with investors hopeful for potential rate cuts to control inflation without triggering a recession.
