Investors expect chipmakers to replicate their strong quarterly report which fuelled a rally in tech stocks.
Markets anticipate whether the lofty valuations of the tech sector can endure a surge in bond yields.
Chinese shares gave up some gains, with blue-chips off 0.7% following a rebound of 0.8% the previous day, and Hong Kong’s Hang Seng Index easing 0.1% after jumping 1%. Shares of Nvidia hit an all-time high of US$481.87 overnight, with options data showing traders are expecting a larger-than-usual swing in shares after the quarterly results.
Overnight, Wall Street was hit by higher yields which hit fresh 16-year highs. The Dow Jones fell 0.5%, the S&P 500 lost 0.3% and the Nasdaq Composite added 0.1%. A jump in Treasury issuance, Fitch’s credit downgrade three weeks ago and concerns China will dump Treasuries to support the yuan have added to a sell-off as investors await the Fed’s annual summit in Jackson Hole, Wyoming, later this week for more rate clues.
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