{"id":71669,"date":"2024-08-28T13:52:55","date_gmt":"2024-08-28T03:52:55","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=71669"},"modified":"2025-11-10T21:32:13","modified_gmt":"2025-11-10T10:32:13","slug":"thursday-29th-august-2024-asia-pacific-markets-fall-as-tech-stocks-slide-after-nvidia-earnings","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/thursday-29th-august-2024-asia-pacific-markets-fall-as-tech-stocks-slide-after-nvidia-earnings\/","title":{"rendered":"Thursday 29th August 2024: Asia-Pacific Markets Fall as Tech Stocks Slide After Nvidia Earnings"},"content":{"rendered":"\n<h3><br \/><br \/>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei down 0.42%, Shanghai Composite down 0.3%, Hang Seng down 0.4% ASX down 0.33%<\/li>\n\n\n\n<li>Commodities : Gold at $2553.35 (0.59%), Silver at $30.03 (1.271%), Brent Oil at $77.6 (0.29%), WTI Oil at $74.72 (0.28%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 3.841, UK 10-year yield at 4.002, Germany 10-year yield at 2.273<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) Crude Oil Inventories&nbsp; -0.8M vs -2.7M expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Asia-Pacific markets declined on Thursday, led by a slump in tech stocks following chipmaker Nvidia&#8217;s second-quarter earnings report. Nvidia&#8217;s results for the quarter ending in July exceeded Wall Street&#8217;s expectations, with revenue reaching $30 billion\u2014a 15% increase from the previous quarter and a 122% surge year-over-year. Despite these strong figures and a $50 billion share buyback authorization, Nvidia\u2019s shares dropped 8% in after-hours trading.<\/p>\n\n\n\n<p>Investors in Asia are closely monitoring potential ripple effects on regional tech stocks, especially those connected to Nvidia&#8217;s supply chain, such as Taiwan Semiconductor Manufacturing Company (TSMC) and SK Hynix. In South Korea, SK Hynix tumbled over 5%, and Samsung Electronics fell more than 2.6%, pulling the Kospi index down by 0.71%. The Kosdaq, dominated by smaller companies, also fell by 0.74%.<\/p>\n\n\n\n<p>Taiwan&#8217;s Weighted Index led regional losses, declining 1.14%. TSMC shares dropped 2.07%, while Hon Hai Precision Industry, known globally as Foxconn, fell 2.16%. Japan\u2019s Nikkei 225 and the broader Topix were down 0.42% and 0.24%, respectively. In Australia, the S&amp;P\/ASX 200 dipped 0.3%, and Hong Kong\u2019s Hang Seng index slipped 0.4%. The mainland Chinese CSI 300 lost 0.31%.<\/p>\n\n\n\n<p>Meanwhile, U.S. markets also experienced declines before Nvidia\u2019s report, with the Nasdaq Composite down 1.12%, the S&amp;P 500 slipping 0.6%, and the Dow Jones Industrial Average losing 159.08 points, or 0.39%.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>12:30 PM GMT &#8211; USD Prelim GDP q\/q<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; USD Unemployment Claims<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asia-Pacific markets declined on [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":79815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[196,215,339],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71669"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=71669"}],"version-history":[{"count":3,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71669\/revisions"}],"predecessor-version":[{"id":71691,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71669\/revisions\/71691"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/79815"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=71669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=71669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=71669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}