Stocks in Asia were set to follow a big tech-led drop on Wall Street amid concern over how a Chinese ban on Apple Inc.’s iPhone could impact the industry that has driven this year’s market rally. The dollar held gains.
Contracts fell for equity benchmarks in Japan and Hong Kong, where the start of trading was delayed by heavy rains, while those for Australia and the US were flat in early trading. The Nasdaq 100 and S&P 500 fell as Apple slid about 6.5% in two days, while an index of US-traded Chinese stocks dropped the most in more than a month. The dollar is headed for its longest weekly rally in years amid speculation the Federal Reserve will keep interest rates elevated.
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