Asian Market Brief: APR 22 (WED)

On Tuesday U.S. stocks fell for a second session, as sentiment was still impacted by the dim economic outlook reflected by plunging oil prices....

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On Tuesday U.S. stocks fell for a second session, as sentiment was still impacted by the dim economic outlook reflected by plunging oil prices.

The Dow Jones Industrial Average lost 631 points (-2.7%) to 23,018, the S&P 500 slid 86 points (-3.1%) to 2,736, and the Nasdaq 100 shed 323 points (-3.7%) to 8,403.

Nasdaq 100 Daily Chart: Watch Key Support at 8250

Source: GAIN Capital, TradingView

Semiconductors & Semiconductor Equipment (-4.93%), Software & Services (-4.12%) and Automobiles & Components (-3.78%) sectors suffered the biggest losses.

Fortinet (FTNT, -9.9%), Lam Research (LRCX, -8.7%), (CRM, -7.5%), Advanced Micro Devices (AMD, -7.1%) and Philip Morris International (PM, -6.0%) were the top losers.

Netflix (NFLX, -0.8%) reported after trading hours that it added 15.8 million subscribers in the first quarter, up 22% on year and much better than its own projection of 7.2 million.

U.S. official data showed that Existing Homes Sales fell to an annualized rate of 5.27 million units in March (5.25 million units expected).

European stocks slumped, with the Stoxx Europe 600 Index falling 3.4%. Germany's DAX shed 4.0%, the U.K.'s FTSE 100 sank 3.0%, and France's CAC was down 3.8%.

U.S. Treasury prices advanced as investors continued to seek safe-haven assets. The benchmark 10-year U.S. Treasury yield declined to 0.571% from 0.625% Monday.

Spot gold dropped 9 dollars (-0.6%) to $1,684 an ounce.

The May contract for West Texas Intermediate (WTI) futures, which closed at a historic level of minus-$37.63 a barrel on Monday, climbed to expire at $10.01 a barrel on Tuesday.

The June WTI contract tumbled 38.2% to $13.12 a barrel, and Brent crude oil futures plunged 24.0% to $29.33 a barrel.

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