The Taiwan stock market has experienced two consecutive sessions of decline, with nearly a 425-point or 2% decrease. Currently, the Taiwan Stock Exchange stands just above the 22,925 mark, and traders anticipate some support on Wednesday.
The global outlook for Asian markets remains ambiguous; however, technology stocks may lend slight support. European markets closed in negative territory, while U.S. markets delivered a mixed performance, suggesting that Asian markets may see varied outcomes.
On Tuesday, the Taiwan Stock Exchange saw significant downturns driven by losses in financial, technology, and plastics sectors. The index fell by 271.48 points, or 1.17%, closing at 22,926.59, after fluctuation between 22,711.10 and 23,056.57.
Key performers included Cathay Financial, which fell 1.15%; Mega Financial, down by 0.38%; CTBC Financial, easing 0.14%; and First Financial, decreasing 0.91%. Fubon Financial dipped by 0.33%, E Sun Financial by 0.73%, and Taiwan Semiconductor Manufacturing Company dropped 0.95%. United Microelectronics Corporation decreased by 1.73%, Hon Hai Precision saw a notable fall of 2.56%, and Largan Precision dropped 1.29%. On the upside, Catcher Technology saw a marginal increase of 0.21%, while Delta Electronics rose by 0.25%.
On Wall Street, the market presented a mixed picture. The day began with lower averages but concluded unevenly. The Dow declined by 154.52 points, or 0.36%, finishing at 42,233.05. In contrast, the NASDAQ advanced 145.56 points, or 0.78%, reaching a record close at 18,712.75, while the S&P 500 gained 9.40 points, or 0.16%, ending at 5,832.92.
NASDAQ's rise was influenced by anticipated earnings reports from major tech players such as Google's parent company Alphabet, Advanced Micro Devices, Meta Platforms, Microsoft, Amazon, and Apple. Semiconductor stocks performed robustly, pushing the Philadelphia Semiconductor Index up by 2.3%.
In terms of U.S. economic developments, October saw a notable improvement in consumer confidence, as reported by the Conference Board. However, the Labor Department highlighted a decrease in job openings, with figures dropping to 7.44 million in September from an adjusted 7.86 million in August.
Oil futures declined again on Tuesday amidst concerns over supply outpacing near-term demand. December futures for West Texas Intermediate Crude settled lower by $0.17, or approximately 0.25%, to $67.21 per barrel.
