Tokyo — Asian stock markets sagged on Friday, after US tech shares retreated from recent rallies, though optimism about US corporate earnings and the global economy underpinned overall sentiment. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.8% but was still on track for a 0.4% weekly gain, with Samsung Electric, Asia’s largest company by market capitalisation, dropping 3.5%. Japan’s Nikkei average shed 0.4%. On Wall Street, the Dow industrials set a record closing high, helped by a 7.7% jump in Verizon, following the top US wireless carrier’s quarterly earnings. But investors were spooked by a sudden drop in technology and transport shares. The S&P 500 technology sector fell 2% at one point before ending the day down 0.8%. After the bell, Amazon.com shares — up nearly 40% this year — fell 3% after the online retailer reported a slump in profits. US stock futures also dipped 0.3% in Asia. "US hi-tech shares have seen a spectacular rally in the past month. Few inv...
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