A region-wide equity index fell, with shares in Japan, South Korea and Australia declining. Chinese benchmarks rose as a private survey showed the country’s manufacturing activity unexpectedly picked up last month, a sign of stabilization after Beijing’s stimulus blitz.

Tech stocks were driving the declines elsewhere in Asia, as investors assessed the impact of US tech giants’ performance on Asian suppliers. Chipmakers lagged early in the day, with SK Hynix Inc. falling and Taiwan Semiconductor Manufacturing Co. losing ground as Taiwanese markets reopened after a typhoon.

The S&P 500 lost 1.9% and the Nasdaq 100 dropped 2.4% Thursday, their worst sessions since early September, reflecting investor unease over the earnings of Microsoft Corp and Meta Platforms Inc. Apple Inc. shares were slightly softer in post-market trading Thursday after reporting weaker-than-anticipated sales in China. Amazon.com Inc. and Intel Corp. bucked the trend, rising in after-hours trade on optimistic outlooks, supporting a small advance for US stock futures early Friday.

“It makes some sense to trim some from those names that have worked so well over the past 12-18 months and look for AI laggards as well as other tech themes like cybersecurity, robotics and automation,” said Michael Landsberg, chief investment officer, Landsberg Bennett Private Wealth Management.

Oil extended gains after Axios reported that Iran is planning a major retaliatory strike on Israel through the militias it backs in Iraq, citing two unidentified Israeli sources. West Texas Intermediate traded above $70 a barrel.

Treasuries were steady after minor gains Thursday. This did little to reverse the heavy selling of the past few weeks that left October as the worst month for Treasuries in two years. Those losses reflected a rethink on US interest rates given signs of resilience in the economy. An index of dollar strength was little changed after falling Thursday.

Weekly US jobless claims fell more than expected, according to figures released Thursday, indicating a robust employment market, and less reason for the Federal Reserve to cut rates. Friday’s nonfarm payroll figures are expected to show 100,000 jobs added to the US economy in October.

Australia’s 10-year bond yield rose to an 11-month high amid uncertainty over next week’s US presidential election.

“We don’t know whether it will be Trump or Harris that will win next week,” said Ken Wong, Asian equity portfolio specialist for Eastspring Investments, speaking on Bloomberg Television. “It’s going to be more important to see post-election around policies. Neither candidate has had much detail around policies and how it can impact countries in Asia.”

The pound was steady Friday after weakening alongside UK bonds and stocks Thursday as investors dumped British assets on inflation fears following the new Labour government’s budget.

Back in Asia, the yen was steady Friday after climbing as much as 1% against the greenback Thursday. The gains followed comments from Bank of Japan Governor Kazuo Ueda that currency markets have had a major impact on the economy, pointing to another potential rate hike in coming months.

Elsewhere, China’s residential property sales rose in October, the first on-year increase of 2024. The moves came after authorities unleashed their strongest package of measures, including cutting borrowing costs on existing mortgages, relaxing buying curbs in big cities and easing downpayment requirements.

In Australia, shares of Macquarie Group Ltd. fell after reporting earnings results that fell short of analyst estimates.

Data set for release in Asia Friday includes China Caixin manufacturing PMI, Indonesian inflation and Hong Kong retail sales.

The Fed’s preferred measure of underlying US inflation posted its biggest monthly gain since April, bolstering the case for a slower pace of interest-rate cuts.

“With the Fed’s attention rotating more toward the full-employment aspect of its dual mandate, we think the steady annual core inflation measure won’t sway the Fed from its rate-cutting path,” Bloomberg economists Stuart Paul and Estelle Ou write in a note.

In commodities, gold retreated as some investors booked profit after the metal’s rally to a fresh record.