Before Nvidia and Bitcoin Decline, Stocks Hold Losses – Asia Market Wrap

Stocks slipped lower in the run-up to Nvidia’s earnings, a major test for market stability, after concerns over high valuations caused a selloff that wiped away almost $1.6 trillion from global equities.

Asian shares fell 0.3%, extending their losses for a fourth day. Futures for the S&P 500 slipped 0.2%, while those for the Nasdaq 100 index fell 0.3%, ahead of the AI bellwether’s results. Contracts also pointed to a poorer opening for European shares. Bitcoin weakened during the day, trading about $90,000.

Global stocks are hanging near their lowest levels in a month as Wall Street concerns inflated valuations and if billions of dollars in AI spending are yielding real results. The focus now shifts to Nvidia, whose earnings on Wednesday will test mood at the heart of the AI boom and may determine the next direction for markets following the April gain.

Elsewhere, Japanese bonds recovered somewhat as a sale of 20-year government paper demonstrated that investors are still wary about excess supply ahead of PM Takaichi’s first economic package.

Oil dipped as a report showing swelling US stockpiles helped to mitigate fears about the impact of Western sanctions on Russia. Gold stabilised.