Global market update: Tech stocks slide, oil surges, investors eye US CPI

© Reuters.

Investing.com - Asian markets saw mixed results during Tuesday's trade, with Chinese shares closing lower despite a brief period of positivity. This comes as economic concerns persist, despite some indicators showing improvement, such as the rise in new bank loans in August. Insurance and consumer brands dragged the market down, while companies like BYD and China Mobile saw gains. The Hong Kong market also ended lower due to similar economic concerns. However, Japanese stocks ended on a high note, led by gains in auto, tech, and real-estate stocks. Indian shares closed slightly higher, extending gains despite a volatile session.

In Europe, the Stoxx Europe 600 index closed lower due to a sharp rise in oil prices, reigniting concerns about further inflation and interest rate increases. Real estate, industrial and technology stocks were among the biggest fallers. However, the UK's FTSE 100 ended up due to its energy-heavy composition.

In North America, technology stocks pulled the S&P 500 lower after a disappointing forecast from Oracle. The broad index fell 0.6% for the day, while the tech-heavy NASDAQ Composite declined 1%. The Dow Jones Industrial Average slipped 0.1%. Investors are now looking ahead to Wednesday's report on the consumer-price index, the most significant inflation data before the Federal Reserve's rate-setting committee meets next week.

The technology sector led the decline, with Oracle Corporation (NYSE:ORCL) shares slumping 13%, their largest one-day percent decrease since March 2002. Apple Inc (NASDAQ:AAPL) shares also fell 1.7% despite the company's annual product unveiling event. On the other hand, automakers saw a rise in shares after the United Auto Workers union softened its demands for wage increases.