Asian markets slipped as a pullback in technology stocks weighed on Wall Street, even as U.S. futures inched higher and oil declined more than $1 a barrel. Major indices across Tokyo, Seoul, Hong Kong and Shanghai posted losses. Notable movers included AMD, which plunged after an otherwise solid earnings report, while Eli Lilly and Super Micro Computer posted strong gains. Precious metals remained highly volatile and mixed U.S. economic reports left Treasury yields relatively steady.
Asian Stocks Slide as Tech Sell-Off Sinks Wall Street; AMD Plunges, Gold Remains Volatile
Specialist Anthony Matesic works at his post on the floor of the New York Stock Exchange, Monday, Feb. 2, 2026. (AP Photo/Richard Drew)·Associated Press
Asian shares slipped Thursday after renewed weakness in technology stocks pressured Wall Street, while U.S. futures edged higher and oil fell more than $1 a barrel.
Regional Market Moves: Tokyo's Nikkei 225 eased 0.7% to 53,935.77, and South Korea's Kospi tumbled 3.2% to 5,199.47. In China, Hong Kong's Hang Seng declined 1.2% to 26,516.38 and the Shanghai Composite gave up 0.8% to 4,069.27. Australia's S&P/ASX 200 slipped 0.3% to 8,902.20, while Taiwan's Taiex lost 1.1%.
U.S. Market Snapshot (Wednesday Close): The S&P 500 fell 0.5% to 6,882.72, marking its fifth modest loss in six trading days. The Dow Jones Industrial Average rose 0.5% to 49,501.30, while the Nasdaq composite sank 1.5% to 22,904.58. Although more than twice as many S&P 500 stocks advanced as declined, heavy losses in large tech names weighed on the index.
Notable Movers
Advanced Micro Devices (AMD): AMD plunged 17.3% despite reporting stronger-than-expected quarterly profit and issuing an above-consensus revenue forecast for early 2026 — a response that appears muted after the stock had roughly doubled over the past year.
Other Tech Names: Uber Technologies fell 5.1% after missing quarterly expectations and issuing a profit forecast below analysts' estimates while announcing a new CFO. By contrast, Super Micro Computer jumped 13.8% after beating profit forecasts, buoyed by demand for its AI servers and related equipment.
Big Movers Outside Tech: Eli Lilly rallied 10.3% after topping profit estimates, driven by strong sales of Mounjaro and Zepbound for diabetes and weight management. Match Group climbed 5.9% after beating expectations and raising its dividend. Walmart edged up 0.2% a day after its market capitalization surpassed $1 trillion.
Commodities, Bonds and Currencies
Precious Metals: Gold and silver pared earlier, larger gains. Gold settled up 0.3% at $4,950.80 per ounce after briefly trading above $5,000; it has been highly volatile after roughly doubling in price over the past 12 months. Silver rose 1.3% on similarly wide swings.
Oil: In early Thursday trading, U.S. benchmark crude fell $1.19 to $63.95 per barrel, while Brent crude dropped $1.24 to $68.22 per barrel.
Fixed Income & Currencies: Treasury yields were relatively steady following mixed U.S. economic reports. The dollar strengthened slightly to 156.83 Japanese yen from 156.80, while the euro slipped to $1.1795 from $1.1804.
Economic Data
Two U.S. reports offered a mixed picture: ADP Research said private-sector hiring was weaker than economists expected, while the Institute for Supply Management reported steady growth in U.S. services sectors (including health care and construction) for January — but noted that input prices paid by services firms rose at a faster pace, a potential signal of inflationary pressure.
Investors are balancing these data points alongside corporate earnings and rapid shifts in expectations for technology and AI-related businesses.
AP Business Writers Stan Choe and Matt Ott contributed to this report.
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