Asian stocks were poised for a tepid open following technology-led declines on Wall Street. Precious metals were in focus after a slump in silver and gold from fresh all-time highs.
Australian shares edged higher in early trading while equity futures in Japan pointed to a weak start. Contracts on the S&P 500 Index were steady after the US benchmark fell 0.3% Monday and the Nasdaq 100 slid 0.5%. Tesla Inc., Nvidia Corp. and Meta Platforms were among the Big Tech decliners in the session.
The weakness in equities “is a reversal from last week when tech stocks led on the way up,” said Joe Mazzola, head trading & derivatives strategist at Charles Schwab. However, it “doesn’t appear connected to any single fundamental factor,” he said.
A gauge of global equities ended a seven-day winning streak, while a rally in precious metals also halted as traders booked profit. Silver tumbled 9% after climbing above $80 an ounce Monday in a surge powered by speculative trades and fears of a supply shortage. Gold lost more than 4%. Both fluctuated in early trading in Asia on Tuesday.
The S&P 500 is up some 17% year-to-date, underperforming many global peers even as it defied expectations for a tariff-fueled selloff. The MSCI All Country World Index has climbed 21% in 2025, while a measure of Asian stocks has rallied almost 26%.
Even so, an optimistic consensus is taking hold that US stocks will continue rallying in 2026 after three straight years of gains. Despite a raft of risks spanning a potential bust in the artificial-intelligence advance to unanticipated policy shocks, sell-side strategists are forecasting another 9% average gain in the S&P 500 next year.