Stock market today: Asian markets track Wall Street's decline, eroding last year's gains

Asian shares have dropped after Wall Street started 2024 with a slump, giving back some of its big gains from last year

Asian shares dropped Wednesday after Wall Street started 2024 with a slump, giving back some of its powerful gains from last year.

U.S. futures were lower and oil prices were little changed.

Hong Kong’s Hang Seng lost 1% to 16,618.50, influenced by a 2% drop in technology shares, while the Shanghai Composite index gained 0.1% to 2,966.13.

Prices of Chinese gaming companies rose, with Tencent Holdings and Netease both adding over 1% following local reports that a senior official responsible for overseeing China’s gaming industry had been dismissed after the release of draft regulations last month spurred a meltdown in gaming stocks just days before Christmas.

Australia’s S&P/ASX 200 slipped 1.4% to 7,523.20. South Korea’s benchmark slumped 2.3% to 2,607.31 after hovering around a 19-month high Tuesday amid the short-selling ban.