Global Markets See Mixed Results Amid Big Tech Declines

Global stock markets were mixed on Thursday, August 6, after major tech companies saw declines in value. South Korea's Kospi index dropped by more than 4% as SK Hynix, a memory chipmaker and Big Tech giant, fell by 10.4%. The US war with Iran continues to affect the global economy, particularly oil prices which held steady at around $79 per barrel.

The Dow Jones Industrial Average saw its futures rise by 0.3%, while the S&P 500's future rose by 0.1%. Analysts are predicting a mixed market response ahead of Friday's nonfarm payroll report in the US, which is expected to reveal job numbers for July. 'Asia's chip selloff looks like a combination of profit-taking and risk reduction ahead of Friday's nonfarm payroll report,' said Stephen Innes of SPI Asset Management.

Big Tech companies Alphabet (Google) and Microsoft saw declines of 4% and 1.1%, respectively. This comes as the US market has been experiencing sharp overall gains, with three-quarters of S&P 500 companies reporting results so far and a predicted profit growth of 50% when all are finished.