Asian stock markets mostly rose in light trading on Good Friday, following a turbulent day on Wall Street where the Dow Jones Industrial Average fell 1.3%. The drop was largely due to UnitedHealth’s sharp 22.4% decline after the insurer reported weaker-than-expected earnings. U.S. stock and bond markets were closed Friday for the holiday.
In Asia, Japan’s Nikkei 225 rose 1% to 34,730.28, and South Korea’s Kospi gained 0.5% to 2,483.42. Taiwan’s Taiex was up 0.3%, buoyed by strength in technology stocks. Taiwan Semiconductor Manufacturing Co. (TSMC) matched analysts’ profit expectations for the latest quarter and noted it hasn’t seen a slowdown in customer activity, despite concerns over U.S. trade tensions. However, the company remained cautious, citing ongoing risks related to tariffs.
TSMC’s CFO Wendell Huang acknowledged the uncertainty: “While we have not seen any changes in our customers’ behavior so far, uncertainties and risks from the potential impact from tariff policies exist.” Shares of TSMC traded in the U.S. edged up 0.1% on Thursday.
Elsewhere, China’s Shanghai Composite slipped 0.1% to 3,276.73, while Thailand’s SET Index climbed 0.6%. Many other global markets were closed for Easter-related holidays.
On Wall Street Thursday, the S&P 500 posted a slight gain of 0.1%, with about 75% of stocks in the index rising. Meanwhile, the Nasdaq dipped 0.1%, showing relative stability after a previous day’s decline.
Nvidia was a drag on the market for a second day, dropping 2.9%. The company revealed that new U.S. export restrictions on its chips to China could reduce its first-quarter revenue by $5.5 billion, adding pressure on tech stocks.
The Dow’s 527-point decline was driven heavily by UnitedHealth’s stock collapse — its biggest drop since 1998. The company revised its financial forecast, citing unexpectedly high costs from Medicare Advantage patients needing more medical services.
Energy stocks, on the other hand, rallied as oil prices rebounded. Diamondback Energy jumped 5.7%, and Halliburton rose 5.1%. U.S. benchmark crude climbed $2.18 to $64.01 a barrel, while Brent crude increased by $2.11 to $67.96. Oil trading was paused Friday due to the holiday.
President Donald Trump’s ongoing trade conflict continued to cast a shadow over global markets. Economists warn that sustained tariff hikes could tip the U.S. economy into a recession. Trump did offer some positive signs Thursday, suggesting trade negotiations might result in lower tariffs. However, he also lashed out at Federal Reserve Chair Jerome Powell, criticizing the Fed’s concerns that tariffs could dampen growth and fuel inflation.
Trump’s sharp comments included: “Powell’s termination cannot come fast enough!” His criticism comes despite the Fed’s independent status, which is a key factor in the U.S. being viewed as a reliable investment environment. Central banks with more autonomy historically maintain more stable inflation and economic growth.
In the bond market, the yield on the 10-year Treasury note rose to 4.32% from 4.29%. Yields had been easing earlier in the week after rising sharply last week, signaling investor concerns about long-term confidence in U.S. financial markets.
Economic data released Thursday was mixed. Weekly jobless claims came in lower than expected, suggesting continued labor market strength. However, manufacturing activity in the mid-Atlantic region unexpectedly contracted.
European markets also fell Thursday — with France’s CAC 40 dropping 0.6% and Germany’s DAX down 0.5% — after the European Central Bank cut its key interest rate. Although such a move typically supports equities, it had already been widely anticipated by investors.
Currency markets saw the U.S. dollar decline against the Japanese yen, falling to 142.37 yen from 132.44 the previous day. Meanwhile, the euro inched up to $1.1375 from $1.1367.