Stock Market Live Updates 6 March 2024: Asia stocks drop as tech Drags, China in focus

Stocks in Asia fell after tech heavyweights dragged down US indexes ahead of Federal Reserve Chair Jerome Powell’s testimony to Congress. Equity benchmarks edged lower in Japan, South Korea and Australia, per a Bloomberg report.

Investors are closely watching the development of China’s congress after official announcements of an ambitious 5% growth target. US benchmark indexes lost traction after a rally that has spurred concern about sky-high valuations, with caution prevailing before Powell heads to Capitol Hill for his semiannual testimony before Congress, the report added.

The S&P 500 dropped 1%, while the Nasdaq 100 slipped almost twice as much. Tesla Inc. extended a two-day selloff to 11%, while Apple Inc. suffered its fifth straight loss. Contracts for US equities advanced in early trading.