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Asian Markets Slip In To Red Following Wall Street's Tech Wreck

Asian markets traded on a low note Friday after the tech sector dragged down Wall Street's trading session the previous day. The Nasdaq-100 Tech Sector Index (INDEXNASDAQ: NDXT) fell 5.37% after witnessing overnight sell-offs.

· 09/04/2020 03:42

Asian markets traded on a low note Friday after the tech sector dragged down Wall Street's trading session the previous day.

The Nasdaq-100 Tech Sector Index (NASDAQ:NDXT) fell 5.37% after witnessing overnight sell-offs.

What Happened: The Japanese benchmark index Nikkei 225 was down 1.1% at market closing time in the country. China's Shanghai Composite and Shenzhen Component both dropped around 0.8% South Korea's KOSPI was down 1.15%.

The Hang Seng Tech Index, which includes Hong Kong's 30 largest technology companies, was 1.76% lower at market close, after having dropped as much as 5.3% in the morning.  The newly-created index contains stocks like Alibaba Group (NYSE:BABA) and Xiaomi Corp. (OTC:XIACF).

Australia's S&P/ASX 200 Index tanked 3.06% and India's SENSEX was down about 1%.

Why It Matters: The Asian markets were in red after Wall Street tech stocks collaposed in Thursday’s trading session. The fabled Apple Inc (NASDAQ:AAPL) lost almost $180 billion market cap after an 8% drop in its stock quote.

Other large-cap tech stocks that suffered include Microsoft Corp (NASDAQ:MSFT) that fell over 6%, Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) lost 5%, Facebook Inc (NASDAQ:FB) by 3.7%, and Amazon Inc (NASDAQ:AMZN) by 4.6%. These five stocks collectively lost over $500 billion in market cap in the trading session.