economy
February 4, 2026
Gold extends gains, breaking past $5,000; Asia stocks trade mostly higher, breaking ranks with Wall Street
Asia-Pacific markets mostly rose, breaking ranks with Wall Street as a sell-off in U.S. technology stocks weighed on sentiment.
TL;DR
- Asia-Pacific markets mostly rose, contrasting with Wall Street's tech stock sell-off.
- Japan's Nikkei 225 declined due to tech stock weakness, while the Topix advanced.
- Australia's S&P/ASX 200 and South Korea's Kospi showed gains.
- Nintendo shares dropped over 10% despite maintaining its Switch 2 sales forecast.
- Hong Kong's Hang Seng was flat, while China's CSI 300 rose.
- Tech stocks in Asia fell, tracking overnight losses on Wall Street, particularly affecting Japanese IT services providers.
- Spot gold prices increased over 2%, and spot silver prices rose nearly 5%.
- Wall Street saw the S&P 500 and Nasdaq Composite pull back, primarily due to a sell-off in technology stocks.
- The Dow Jones Industrial Average briefly touched a new record before closing lower.
- Major US tech companies like Microsoft, Meta, Apple, and Nvidia experienced declines, with software stocks continuing their downturn.
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