Asian markets experienced gains in thin Good Friday trading, following a volatile session on Wall Street. The Dow Jones Industrial Average suffered a 1.3% drop, driven by a significant decline in UnitedHealth’s stock value after the company’s profit report fell short of expectations. In contrast, Tokyo’s Nikkei 225 increased by 0.6% to 34,583.29, while South Korea’s Kospi rose 0.3% to 2,478.39. Taiwan’s Taiex climbed 0.8%, bolstered by advancements in regional tech stocks, after Taiwan Semiconductor Manufacturing Co. (TSMC) posted quarterly earnings that aligned with analyst projections.
TSMC reported no decline in customer activity amid trade tensions related to President Donald Trump’s trade policies, although it acknowledged the uncertainties these tariffs pose. The company’s U.S. stock saw a marginal 0.1% increase on Thursday. Meanwhile, the Shanghai Composite Index declined by 0.3% to 3,272.09. Many other international markets were closed on Friday in observance of the Easter holiday.
On Thursday, the S&P 500 registered a slight gain of 0.1% to 5,282.70, despite most stocks within the index showing upward momentum. The Nasdaq Composite displayed a minor decrease of 0.1% to 16,286.45, recovering from a previous day’s sell-off. Nvidia faced market pressure, dropping 2.9%, after announcing that U.S. export restrictions to China could impact its quarterly results by $5.5 billion.
The Dow Jones Industrial Average fell by 527 points, with UnitedHealth Group experiencing a 22.4% plunge—its largest since 1998—after revising its financial forecast downward. The insurer attributed the revision to higher-than-anticipated patient care costs for its Medicare Advantage plan members. Despite broader market challenges, oil and gas sector stocks saw an uptick, with Diamondback Energy surging 5.7% and Halliburton advancing 5.1%, as oil prices rebounded from recent declines. U.S. benchmark crude oil increased by $2.18 to $64.01 per barrel, while Brent crude rose by $2.11 to $67.96 per barrel.
President Trump’s trade policies continue to cast uncertainty over economic prospects, with potential tariff escalations threatening to slow growth and trigger inflation. Although Trump hinted at possible tariff reductions through international negotiations, he criticized Federal Reserve Chair Jerome Powell for his perspectives on tariff impacts. Trump’s remarks underscored tensions between the central bank’s cautious stance and the administration’s economic strategy.
In the bond market, the yield on the 10-year Treasury note increased to 4.32% from 4.29% the previous day, reversing a downward trend earlier in the week amid concerns about the trade war’s implications on U.S. investment stability. U.S. economic data presented mixed signals, with a report indicating fewer unemployment claims than anticipated, while another highlighted a contraction in mid-Atlantic manufacturing activity.
European markets also faced declines on Thursday, with French and German indexes dropping 0.6% and 0.5%, respectively. The European Central Bank’s decision to cut its main interest rate had limited impact, as the move was largely anticipated by investors. Early Friday trading saw the U.S. dollar slightly weakened against the Japanese yen, at 132.42 yen, while the euro edged higher to $1.1373.
