South Korea GDP, Wall St sell-off

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South Korea GDP, Wall St sell-off

In a photo taken on November 4, 2019 a subway train crosses a rail bridge over the Han river, before the skyline of the Yeouido business district of Seoul.

Ed Jones | Afp | Getty Images

Asia-Pacific markets saw a sell off on Thursday, tracking losses on Wall Street as the S&P 500 and Nasdaq Composite saw their worst days since 2022.

The broad market index lost 2.31%, closing at 5,427.13, while the tech-heavy Nasdaq slid 3.64% to end at 17,342.41. The Dow Jones Industrial Average shed 504.22 points, or 1.25%, closing at 39,853.87.

Tech names sold off, including Nvidia and Meta Platforms, which lost 6.8% and 5.6% respectively. Shares of Alphabet —

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’s parent company — fell 5% for their biggest one-day drop since Jan. 31.

Meanwhile, Tesla shares declined 12.3% — their worst day since 2020 — on weaker-than-expected results and a 7% year-over-year drop in auto revenue.

Over in Asia, investors will assess South Korea’s advance second-quarter GDP numbers, which came in slightly below expectations.

South Korea’s GDP grew 2.3% year on year, lower than the 2.5% expected by economists polled by Reuters. On a quarter on quarter basis, the country’s economy shrank 0.2%, compared to a 0.1% rise expected in the Reuters poll and a reversal from the 1.3% growth seen in the first quarter.

Japan’s Nikkei 225 extended its six-day losing streak and plunged 2.61% on its open. The Topix also tumbled 2.35%.

South Korea’s Kospi lost 1.27%, while the Kosdaq was down 1.5%.

Australia’s S&P/ASX 200 was 1.02% lower.

Hong Kong Hang Seng index futures were at 17,242, also lower than the HSI’s last close of 17,311.05.

Separately, Taiwan’s market

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as the island braces for Typhoon Gaemi.

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

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