Tech Shares May Continue To Weigh On Japan Stock Market

· finanzen.at

(RTTNews) - The Japan stock market on Friday ended the three-day winning streak in which it had rallied more than 2,450 points or 4 percent. The Nikkei now sits just above the 63,290-point plateau and it's likely to open under pressure again on Monday.

The global forecast for the Asian markets is soft on concerns over the Middle East and the resulting spike in oil prices. The European markets were flat with a hint of weakness, while the U.S. bourses were sharply lower and the Asian markets figure to split the difference.

The Nikkei finished sharply lower on Friday following heavy selling among the technology and semiconductor sectors.

For the day, the index plummeted 1,369.36 points or 2.12 percent to finish at 63,290.11 after trading between 62,711.42 and 64,589.04.

The lead from Wall Street is broadly negative as the major averages opened lower on Friday and continued to trend to the downside throughout the trading day, ending near session lows.

The Dow tumbled 572.25 points or 1.09 percent to finish at 51,770.31, while the NASDAQ plunged 747.73 points or 2.86 percent to close at 25,437.00 and the S&P 500 tanked 140.32 points or 1.82 percent to end at 7,580.07. For the week, the NASDAQ dove 2 percent, the Dow slid 0.9 percent and the S&P 500 fell 0.6 percent.

The NASDAQ plunged to its lowest closing level in three months amid continued weakness among technology stocks due to renewed concerns about the artificial intelligence trade.

Intel (INTC) and Amazon (AMZN) led the markets lower with sharp losses after disappointing quarterly results.

Negative sentiment was also generated in reaction to a significant rebound by the price of crude oil amid supply concerns due to the ongoing conflict in the Middle East.

Crude oil prices spiked on Friday on increased supply disruption concerns, with media reports suggesting renewed U.S. military action against Iran this week. West Texas Intermediate crude Oil for December delivery was up $2.39 or 2.34 percent at $104.39 per barrel.