Asian markets mixed, tech stocks tumble on US earnings misses

Asian equities were uneven on Friday as disappointing results from US technology firms triggered losses in regional tech shares, Mettis Global reported. Japan’s Nikkei 225 slipped 0.68% and South Korea’s Kospi fell 3.11% at the open, while Australia’s S&P/ASX 200 added 0.65%. A reported $5.7bn cryptocurrency hack involving Binance also weighed on investor sentiment.

Alphabet dropped 12% after missing quarterly earnings and revenue expectations, while Amazon fell 6% in extended trading after its results also undershot estimates. Intel lost 21% after issuing a weaker current-quarter outlook, and reported negative free cash flow at Alphabet and Amazon added to concerns about the cost of AI infrastructure. The Nasdaq Composite declined 1.4% on Thursday, while the S&P 500 fell 0.3%. Investors are also watching Middle East developments and the approaching US midterm elections.