Asian Stocks Edge Lower After Wall Street Gains: Markets Wrap
Asian stocks opened lower Tuesday, diverging from Wall Street gains after Amazon.com Inc.’s $38 billion deal with OpenAI had reignited enthusiasm for artificial intelligence shares.
Stocks opened lower in South Korea and Japan, where traders returned after a long weekend. Australian shares fell ahead of a central bank rate decision where policymakers are expected to stand pat. Contracts for the S&P 500 fell 0.1% after the underlying gauge posted a modest gain Monday, although more than 300 members in the index actually retreated.
In other corners of the market, a gauge of the dollar edged up, while gold dipped 0.2%. The yen declined.
A slew of tech deals from Amazon, Microsoft and Alphabet Inc. had provided a fresh momentum to Wall Street Monday as November trading kicked off after seven consecutive months of gains for global stocks. Since the tariff-fueled selloff in April, equities have gained about $17 trillion in market value with the rally increasingly concentrated in technology heavyweights, pushing calls for broader-market consolidation.
“Concerns over high valuations persist, and the Federal Reserve’s policy outlook appears murkier,” said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management. “Despite the strong gains in equity markets this year, we continue to believe that this bull market has room to run.”
