TOKYO: Japan’s Nikkei share average fell 2 percent on Tuesday, as investors sold off technology stocks following Wall Street’s sharp decline overnight, while tourism-related sectors were mixed after a sharp selloff in the previous session.
The Nikkei was down 2percent at 49,325.51, as of 0126 GMT, after falling as much as 2.4percent earlier in the day to 49,107.31, its lowest since November 5. The broader Topix slipped 1.5percent to 3,297.41. “High-flying heavyweight technology stocks were sold off today, a typical trend when investors turned to a risk-off mode,” said Hitoshi Asaoka, chief strategist at Asset Management One. “Wall Street’s overnight declines were led by economically sensitive stocks, which is different from today’s Japanese market.”
US stocks ended sharply lower on Monday, with the S&P 500 and the Nasdaq closing below a key technical indicator for the first time since late April as investors braced for quarterly results from retailers and Nvidia and awaited a long-delayed US jobs report this week.
Nvidia, the world’s largest company by market value and which is at the heart of Wall Street’s artificial intelligence trade, is due to report after the bell on Wednesday.
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