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Markets Score 45 Bearish

Nikkei Retreats from Record Highs Amid Oil Surge and Tech Volatility

Apr 29, 2026 23:16 UTC
NKY, CL=F, 9984.T, 7203.T, GOOGL, AMZN, META, MSFT
Immediate term

The Japanese stock market snapped a two-day rally as geopolitical tensions drove oil prices higher and technology stocks weighed on the index. Investors are now eyeing critical US big-tech earnings and domestic economic data.

  • Nikkei 225 closed at 59,917.46, down 1.02%
  • WTI Crude oil climbed to $106.72 per barrel
  • Softbank Group plummeted 9.86% amid tech sector weakness
  • Automotive stocks including Nissan and Mazda posted gains
  • US markets remained cautious ahead of Big Tech earnings
  • Federal Reserve maintained current interest rates in a divided decision

The Nikkei 225 retreated from its record closing high on Tuesday, ending a strong two-day surge. The index fell 619.90 points, or 1.02%, to close at 59,917.46, leaving it just shy of the psychological 60,000-point threshold. The downturn was driven by a sharp sell-off in the technology sector, though losses were partially mitigated by gains in automotive and financial stocks. This volatility comes as global markets react to escalating tensions in the Middle East and a continued blockade of the Strait of Hormuz. Softbank Group led the decline with a 9.86% plunge, while Hitachi dropped 5.77%. Conversely, the automotive sector showed resilience, with Nissan Motor rising 3.28% and Mazda Motor gaining 2.16%. Financials also provided support, with Mizuho Financial surging 5.12% and Sumitomo Mitsui Financial climbing 4.52%. External pressures mounted as West Texas Intermediate (WTI) crude jumped 6.79% to $106.72 per barrel. In the US, markets remained mixed as traders awaited earnings from Alphabet, Amazon, Meta, and Microsoft, while the Federal Reserve opted to keep interest rates unchanged in a divided vote. Market participants are now focusing on upcoming Japanese economic indicators, including industrial production and retail sales figures, to gauge domestic health following a period of mixed performance in construction and housing starts.

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