Asian Stocks Bleed as Rising US Yields and Crude Prices Weigh on Risk Assets

Asian stock markets declined, while Indian equity markets experienced a sharp sell-off on Monday, with the BSE Sensex plunging 990 points, or 1.34%, to trade at 72,905. The broader retreat also saw Nikkei 225 drop 0.73% and China’s Shenzhen index plummet 3.44%.

US Futures Drop Following Asian Market Fall

The bearish sentiment is poised to spill over into the U.S., with futures for the Dow Jones falling 188 points and the Nasdaq 100 dropping over 262 points.

The 10-year U.S. Treasury yield reached 5.17% last Friday, marking its highest level since 2007, according to Ed Yardeni and Toby Hearst of Yardeni Research.

Yardeni and Hearst also noted that Advanced Micro Devices Inc.‘s (NASDAQ:AMD) market value recently surpassed $1 trillion following early successes for Meta Platforms Inc.‘s (NASDAQ:META) Muse AI agent.

Crypto and Crude Pull Back

Among cryptocurrencies, Bitcoin (CRYPTO: BTC) pulled back to the $83,400–$83,500 range after briefly exceeding $85,000, according to Simon-Peter Massabni, Head of Business Development at XS.com.

Massabni stated that elevated U.S. Treasury yields and a steady decline in daily inflows to U.S. Bitcoin ETFs have weakened Bitcoin’s upward momentum.

On the energy front, Brent crude futures are currently trading at $99.06 a barrel, after surpassing $108 last week. West Texas Intermediate (WTI) crude futures are trading at $94.2.

How Has the Stock Market Performed?

The S&P 500 index has advanced 12.90% year-to-date. Similarly, the Nasdaq Composite index was up 16.50%, and the Dow Jones gained 7.12% YTD.

On Friday, the SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq-100, respectively, closed higher. SPY rose 0.54% to $771.35, while QQQ gained 0.46% to $744.5. Meanwhile, the Dow tracker, State Street SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA), ended 0.94% higher at $517.49.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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