Japan Stock Market May Take Further Damage On Friday

(RTTNews) - The Japan stock market on Thursday ended the three-day winning streak in which it had spiked almost 1,100 points or 1.8 percent to a fresh record closing high. The Nikkei now sits just above the 59,140-point plateau and it may see continued selling pressure on Friday.

The global forecast for the Asian markets is soft on surging crude oil prices that correspond with tensions in the Middle East. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to open lower.

The Nikkei finished modestly lower on Thursday as the financial shares, technology stocks and automobile producers ended mostly in the red.

For the day, the index slumped 445.63 points or 0.75 percent to finish at 59,140.23 after trading between 58,621.48 and 60,013.98. Among the actives, Nissan Motor tanked 2.23 percent, while Mazda Motor retreated 1.64 percent, Toyota Motor tumbled 2.13 percent, Honda Motor sank 0.79 percent, Softbank Group surged 3.86 percent, Mitsubishi UFJ Financial contracted 1.50 percent, Mizuho Financial surrendered 1.98 percent, Sumitomo Mitsui Financial declined 1.69 percent, Mitsubishi Electric dropped 0.91 percent, Sony Group stumbled 2.39 percent, Panasonic Holdings cratered 2.70 percent and Hitachi soared 3.36 percent.

The lead from Wall Street is weak as the major averages opened lower on Thursday, dipped midday before ticking higher but still finished in the red.

The Dow dropped 179.71 points or 0.36 percent to finish at 49,310.32, while the NASDAQ sank 219.06 points or 0.89 percent to end at 24,438.50 and the S&P 500 lost 29.50 points or 0.41 percent to close at 7,108.40.

Profit taking contributed to the early weakness on Wall Street following Wednesday's rally, which sent the NASDAQ and S&P to record closing highs.

A steep drop by shares of IBM Corp. (IBM) also weighed on the markets, after the tech giant reported better than expected first quarter earnings but failed to raise its full-year guidance.

Concerns about a re-escalation of the U.S.-Iran war also weighed on the markets after President Donald Trump said he has ordered the Navy to "shoot and kill any boat" that is putting mines in the waters of the Strait of Hormuz.

Crude oil prices surged on Thursday as the Strait of Hormuz remains closed, keeping oil supply concerns elevated. West Texas Intermediate crude for June was up $2.49 or 2.68 percent at $95.45 per barrel.