Asian Stocks Drop After Wall Street Rally Stalls: Markets Wrap

Shares in Japan, Australia and South Korea opened lower after the S&P 500 dropped for a third straight session, the longest slide in a month (Image Source: Bloomberg) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Asian stocks retreated at the open after strong US economic data and mixed signals from the Federal Reserve officials on rate cuts sparked worries about lofty valuations on Wall Street.

Shares in Japan, Australia and South Korea opened lower after the S&P 500 dropped for a third straight session, the longest slide in a month. The dollar held its gains. Short-end Treasury yields rose Thursday after data showed US gross domestic product grew at the fastest pace in nearly two years. The yen edged lower on Friday, hovering near the 150-a-dollar level.

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