Asia markets mostly fall after tech stocks lift Nasdaq to record highs

[Pelican Press 0]

Asia markets mostly fall after tech stocks lift Nasdaq to record highs

In this photo illustration the Nvidia logo is displayed on a smartphone screen and in the background. 

Rafael Henrique | SOPA Images | Lightrocket | Getty Images

Asia-Pacific markets largely fell on Tuesday after tech shares pushed the Nasdaq Composite to record highs overnight.

Nvidia shares gained more than 2% on multiple bullish analyst calls that highlighted the company’s preeminent market position.

Several Wall Street firms also increased their price target on the AI darling ahead of its earnings report, suggesting shares could gain as much as 30% from their current levels.

Investors in Asia will be watching for any spillover effect on companies linked with Nvidia’s value chain, such as Taiwan’s TSMC and Foxconn, as well as South Korea’s Samsung Electronics and SK Hynix.

South Korea’s Kospi was down 0.34%, while the small-cap Kosdaq lost 0.15%.

Japan’s stocks rose, with the Nikkei 225 continuing its run above the 39,000 mark and gaining 0.29%. The broad-based Topix was up 0.21%.

Australia’s S&P/ASX 200 slipped 0.17% as investors assessed the minutes of its central bank May meeting, which revealed the RBA considered raising rates due to higher inflation risks.

Hong Kong’s Hang Seng index shed 0.86%, while the CSI300 on mainland China dropped 0.24%.

Overnight in the U.S., the Dow Jones Industrial Average lagged the broader market, as JPMorgan Chase slumped.

Shares of JPMorgan declined 4.5% as CEO Jamie Dimon signaled during the bank’s annual investment meeting that his retirement may be sooner than previously stated. Dimon also said the bank would not buy back shares at their current levels.

The tech-heavy Nasdaq gained 0.65% to close at a record 16,794.87. The 30-stock Dow fell 0.49%, while the broad market S&P 500 inched up 0.09%.

— CNBC’s Lisa Kailai Han and Hakyung Kim contributed to this report.

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