Asia Stocks Trade Lower after a 5% Drop in Nasdaq Drag the Wall Street Down Last Night

Stocks in Asia edged lower on Friday, following the plummet in Wall Street last night, led by a selloff in the tech stocks.

 

As of 9:05 local time in Thailand (GMT+7), Niekki dropped 1.08%, SSEC fell 1.14%, HSI lost 1.67%, ASX 200 plunged 2.56% and Kospi slipped 1.28%.

 

Last night, the Dow Jones Industrial Average lost 807.77 points or 2.8% to close at 28,292.73, posting the biggest one-day decline since June 11. S&P 500 plunged 3.5% to 3,455.06 and Nasdaq fell 5% to close at 11,458.10.

 

Analysts were unable to explain the selloff, saying there has been no obvious catalyst for the move with economic data coming in roughly close to the market expectation while the number of Americans who filed for unemployment benefit last week recorded at 881,000, fell from over one million the week before.

The market has been questioning the recent rally in the stock market whether those gains were overdone. Apple posted a gain of 64.7% this year, while Amazon rose 82.3% and Zoom soared 460%.