Asian Stocks Fall Following a Varied Post-Holiday Trading Day on Wall Street

Asian shares were mostly lower on Wednesday after a mixed session on Wall Street following a three-day holiday weekend. Shares fell in Tokyo, Seoul, Sydney, Hong Kong, and Shanghai, while oil prices rose. The International Monetary Fund raised its forecast for China’s economic outlook, expecting the No. 2 economy to grow at a 5% annual pace this year.

In Japan, the benchmark Nikkei 225 shed 0.8%, while Australia’s S&P/ASX 200 dipped 1.3%. South Korea’s Kospi lost 1.6%, Hong Kong’s Hang Seng slipped 2.1%, and the Shanghai Composite edged 0.2% lower. On Wall Street, most U.S. stocks fell, with nearly three out of every four stocks in the S&P 500 declining.

Nvidia led the way on Wall Street, jumping 7% and bringing its gain for the year to 130%. U.S. Cellular climbed 12.2% after T-Mobile announced plans to buy nearly all of the company. GameStop also saw a significant increase, jumping 25.2% after raising $933.4 million in cash through a stock sale.

The majority of stocks on Wall Street fell due to a modest rise in Treasury yields, which can make payments more expensive and put downward pressure on the economy. The yield on the 10-year Treasury climbed to 4.54%, but began trimming its losses after a report showed strengthening consumer confidence.

This week has several reports that could sway the Fed’s thinking, with the highlight likely arriving on Friday when the government releases its latest monthly report on household spending, incomes, and inflation. In energy trading, benchmark U.S. crude rose to $80.09 a barrel, while the U.S. dollar fell to 157.04 Japanese yen.