HONG KONG (AP) 鈥� Asian stocks were mixed on Wednesday following a from Asia to Wall Street.
U.S. stock futures were also trading mixed, as global investors monitor market movements in Japan and South Korea, which have seen big gains in recent months on the but both fell sharply on Tuesday.
South Korea鈥檚 benchmark Kospi index was up 3.3% to 8,471.02, recovering from its 10% decline on Tuesday. Shares of memory chipmaker SK Hynix, one of the country’s most valuable stocks, climbed 1%. Samsung Electronics jumped 9.8%, after Tuesday鈥檚 12.3% plummet.
Tokyo鈥檚 Nikkei 225 lost 0.9% to 69,174.97 after falling 3.6% on Tuesday.
Taiwan鈥檚 Taiex, which is also heavily influenced by tech shares, fell 2.2%.
Hong Kong鈥檚 Hang Seng was 0.5% higher at 23,441.48. The Shanghai Composite index was up 0.1% to 4,110.81. Australia鈥檚 S&P/ASX 200 edged up 0.2% to 8,808.40.
The declines in Asian markets, including Japan’s, followed Tuesday’s 1.4% for Wall Street鈥檚 benchmark S&P 500 index. The technology-heavy Nasdaq composite fell 2.2%, while the Dow Jones Industrial Average ended 0.1% lower.
Big Tech and semiconductor stocks fell in the U.S. On Tuesday, Micron Technology sank 13.2%, while Nvidia lost more than 4.1%.
The big falls in tech shares were an 鈥渋llustration of rising volatility鈥� in these stocks, said James Reilly, senior markets economist at Capital Economics. 鈥淭his is particularly true in Korea where domestic retail buyers are taking on an increasing role,鈥� he said.
Oil prices fell early Wednesday, as the Strait of Hormuz while U.S.-Iran talks on a permanent end to the Iran war made .
鈥淧rice movements suggest the market expects a fairly rapid recovery in Persian Gulf oil supplies,鈥� ING commodities strategists Warren Patterson and Ewa Manthey said in a commentary.
Still, while vessel crossings in the strait increased in recent days, they remained well below prewar levels, they noted.
Brent crude, the international standard, fell 1.2% to $75.91 a barrel. It has been trading below $80 in recent days but is still elevated compared with the approximately $70 per barrel in late February before the war began.
Benchmark U.S. crude was down 1.3% to $72.26 a barrel.
In the U.S., investors are awaiting a report due Thursday of May鈥檚 personal consumption expenditures price index, or PCE, which is the preferred inflation gauge by the Federal Reserve.
Some economists predict the Fed may hold key interest rate this year but is unlikely to raise rates. as inflation concerns grew amid global energy shocks.
In other dealings, the U.S. dollar was trading at 161.69 Japanese yen, up from 161.55 yen. The euro was trading at $1.1354, down from $1.1382.
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