Asian shares have started the week lower, as higher risks of broader conflict in the Middle East cloud market sentiment and bond yields continue to rise. U.S. futures rose while oil prices fell back. On Friday, the S&P 500 fell 1.3% for a fourth straight drop. The Dow sank 0.9% and the Nasdaq composite tumbled 1.5%.
A person stands in front of an electronic stock board showing Japan’s Nikkei 225 index at a securities firm Monday, Oct. 23, 2023, in Tokyo. A person walks in front of an electronic stock board showing Japan’s Nikkei 225 index at a securities firm Monday, Oct. 23, 2023, in Tokyo. People walk in front of an electronic stock board showing Japan’s Nikkei 225 index at a securities firm Monday, Oct. 23, 2023, in Tokyo.
Tokyo’s Nikkei 225 index lost 0.8% to 31,007.12 and the Kospi in Seoul lost 0.5% to 2,363.67. Australia’s S&P/ASX 200 sank 1% to 6,837.70.On Friday, Wall Street racked up more losses to close out its worst week in a month. The S&P 500 fell 1.3% for a fourth straight drop to 4,224.16. The Dow sank 0.9% to 33,127.28 and the Nasdaq composite tumbled 1.5% to 12,983.81.
The yield on the 10-year Treasury was hanging within a hair of 5% early Friday morning. It’s been generally catching up to the Federal Reserve’s main interest rate, which is already above 5.25% — its highest level since 2001. Other regional banks were also weaker. Comerica fell 8.5% despite reporting better profit for the summer than expected. Huntington Bancshares sank 3.9% after likewise topping earnings forecasts.
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