TOKYO (AP) — Global shares were mixed Friday following a sell-off of technology shares on Wall Street.
France’s CAC 40 edged less than 0.1% higher in early trading to 5,026.78, while Germany’s DAX was down 0.1% at 13,195.47. Britain’s FTSE 100 climbed 0.1% to 6,011.11. U.S. shares were set to drift higher with Dow futures at 27,708.50, up 0.6%. S&P 500 futures were up 0.9% to 3,369.38.
Japan’s benchmark Nikkei 225 recouped early losses to rise 0.7% and finish at 23,406.49. South Korea’s Kospi was little changed at 2,396.69, while Australia’s S&P/ASX 200 lost 0.8% to 5,859.40. Hong Kong’s Hang Seng gained 0.8% to 24,503.31, while the Shanghai Composite rose 0.8% to 3,260.35.
Analysts say investors are preoccupied with the coronavirus pandemic and hopes for development of a safe, effective vaccine.
While Big Tech is benefiting from the shift to online life that the pandemic and ensuing stay-at-home economy has accelerated, critics said their stocks prices have surged too high.
“Big tech stocks might have seemed like safe havens, but they have found themselves at the center of a brutal sell-off,” said Stephen Innes, chief global market strategist at AxiCorp.
The catch is that progress in curbing COVID-19 could hurt technology shares, Innes said.