Asia-Pacific markets traded mixed on Wednesday, following declines on Wall Street after a sell-off in technology stocks picked up pace.
Japanese markets were in focus for investors. The Bank of Japan held interest rates steady at 0.5%, in line with expectations, as the central bank weighed the potential impact of U.S. President Donald Trump’s tariffs.
Japan’s benchmark Nikkei 225 was trading flat in its final hour, while the broader Topix index increased 0.59%.
Over in South Korea, the Kospi index advanced 0.74%, while the small-cap Kosdaq fell .99% in its last hour of trade.
Mainland China’s CSI 300 was flat, while Hong Kong’s Hang Seng Index edged up 0.24%.
India’s benchmark Nifty 50 rose 0.21% while the broader BSE Sensex picked up 0.23%.
Australia’s S&P/ASX 200 ended the day 0.41% lower at 7,828.30.
Gold prices hit a record high, with the precious metal trading at $3,038.06 at 1.27 p.m. Singapore time.
U.S. futures edged up, as investors await the Federal Reserve’s interest rate decision.
All three benchmarks were back in the red after two straight winning sessions.
The Dow Jones Industrial Average lost 260.32 points, or 0.62%, closing at 41,581.31. The S&P 500 shed 1.07%, ending at 5,614.66. The broad market index concluded the day 8.6% off its closing high reached in February, bringing it near correction territory. The Nasdaq Composite dropped 1.71% and settled at 17,504.12.
Tesla, one of the stocks hardest hit during the market’s recent correction, was down yet again on Tuesday. The stock fell more than 5% after RBC Capital Markets lowered its price target on the electric vehicle name, given stiff competition in the EV space.
Elsewhere, shares of Palantir and Nvidia dropped nearly 4% and more than 3%, respectively. The Technology Select Sector SPDR Fund (XLK) was also down more than 1%.