(Bloomberg) — Most Asian stocks declined following losses on Wall Street after an unimpressive begin to the earnings reports from the “Magnificent Seven” megacap technology firms.

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Equity benchmarks in Japan, Hong Kong and mainland China all fell while those in South Korea swung between gains and losses. US shares dropped Tuesday as traders assessed earnings from a few of corporate America’s largest businesses including Tesla Inc. and Alphabet Inc. Taipei’s bourse is shut for a typhoon, with tech giant Taiwan Semiconductor Manufacturing Co. not trading.

Investors were trying to tech earnings to keep up a rally that drove US and global stocks to records. That did not materialize as Alphabet retreated as the corporate’s chief signaled patience shall be needed to see concrete results from artificial-intelligence investments. Tesla slid as much as 7% after profit missed estimates and the electric-vehicle giant delayed its Robotaxi event to October. Most shares of Tesla suppliers and electric vehicle peers in Asia declined.

“Provided that profit expectations are high for the ‘Magnificent Seven,’ these firms may have quite a bit to prove,” said Anthony Saglimbene at Ameriprise. “At the identical time, their outlooks will likely be heavily scrutinized compared to elevated valuations.”

The yen strengthened for a 3rd day to approach the 155 per dollar level as traders looked ahead to a Bank of Japan policy meeting next week. Only about 30% of BOJ watchers predict the authorities will hike rates of interest on July 31, but greater than 90% say there’s a risk of such a move, based on a Bloomberg survey.

Any intraday rallies in dollar-yen are being sold into by smaller Tokyo-based accounts because the narrative around a possible 15 basis-point rate hike from the BOJ gains traction, based on an Asia-based currency trader.

Bloomberg’s gauge of the dollar touched its highest level in nearly two weeks before erasing gains.

Investors are also watching China, where the market that has lost momentum amid economic troubles and geopolitical risks. The outstanding balance of short trades on China’s stock exchanges fell to 27.9 billion yuan ($3.8 billion), the bottom in greater than 4 years, on Monday, when China’s recent measures to curb short-selling went into effect, China Securities Journal reported Wednesday.

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The quantity of redemptions from China’s stock-focused mutual funds was one among the most important since 2005 within the second quarter, with greater than half of the best-performing products seeing net selling by existing investors, based on Changjiang Securities.

Typhoon Gaemi is approaching Taiwan with strong winds and heavy rain, compelling Taipei to suspend its $2.4 trillion stock market. Trading in securities, currencies and stuck income shall be suspended Wednesday, based on statements from its exchange. The Philippines may even close its financial markets, schools and offices after the typhoon lashed Manila.

Upbeat earnings on Wall Street can be a much-needed driver for equities after a bumper first half of the yr. The market is facing pressure heading right into a seasonally weak period, with volatility prone to be heightened by the US presidential election. Along with the woes for Big Tech, United Parcel Service Inc. suffered its worst plunge ever on a profit miss.

The five biggest US technology firms are facing tough comparisons with stellar earnings cycles of the past yr. Profits for the group are projected to rise 29% within the second quarter from the identical period a yr earlier, data compiled by Bloomberg Intelligence show.

Treasury 10-year futures edged lower in Asia as investors awaited debt auctions Wednesday and US manufacturing PMI data. Oil slipped amid algorithmic selling and low summer liquidity. Gold held an advance before key US economic data this week, that’s forecast to support the case for interest-rate cuts.

Key events this week:

• Canada rate decision, Wednesday

• US recent home sales, S&P Global PMI, Wednesday

• IBM, Deutsche Bank earnings, Wednesday

• Germany IFO business climate, Thursday

• US GDP, initial jobless claims, durable goods, Thursday

• US personal income, PCE, consumer sentiment, Friday

Among the essential moves in markets:

Stocks

• S&P 500 futures fell 0.4% as of 12 p.m. Tokyo time

• Nikkei 225 futures fell 0.4%

• Japan’s Topix fell 0.4%

• Australia’s S&P/ASX 200 was little modified

• Hong Kong’s Hang Seng fell 0.7%

• The Shanghai Composite fell 0.3%

• Euro Stoxx 50 futures fell 0.5%

Currencies

• The Bloomberg Dollar Spot Index was little modified

• The euro fell 0.1% to $1.0843

• The Japanese yen rose 0.2% to 155.26 per dollar

• The offshore yuan was little modified at 7.2879 per dollar

Cryptocurrencies

• Bitcoin was little modified at $65,883.76

• Ether fell 1% to $3,449.51

Bonds

• The yield on 10-year Treasuries was little modified at 4.25%

• Japan’s 10-year yield advanced one basis point to 1.070%

• Australia’s 10-year yield advanced two basis points to 4.36%

Commodities

• West Texas Intermediate crude rose 0.5% to $77.34 a barrel

• Spot gold rose 0.2% to $2,414.57 an oz

This story was produced with the help of Bloomberg Automation.

–With assistance from Jason Scott.

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