Asian Tech Stocks Rebound as Dip Buyers Lift Nasdaq Futures – Asia Market Wrap

Asian technology stocks gained while Nasdaq 100 futures rebounded from earlier declines after dip buyers stepped in to steady the index late in US trading.

Two stocks rose for every one that declined in the MSCI Asia Pacific Technology Index. Advantest and Samsung Electronics were among the gainers. Taiwan Semiconductor Manufacturing Co. rose 0.9% after its biggest one-day fall in four months Wednesday. Contracts for the Nasdaq 100 index advanced 0.1% while NVIDIA rose 0.2% in post-market trading after two days of declines.

Oil held its gains after a report showed a drawdown in US reserves. Treasuries steadied after climbing across the curve in the prior session. The yield on Japan’s 20-year government bond rose to the highest since 1999 while China’s 30-year government bond yield reached the highest since December as a selloff accelerated amid a rally in local stocks.

Technology shares, particularly megacap companies, were under pressure over the past two sessions, as a steep rally since April stoked concern it may have gone too far, too quickly. Still, markets are in a wait-and-see mode as central bankers convene in Jackson Hole, Wyoming, with investors awaiting remarks from Federal Reserve Chairman Jerome Powell.