SINGAPORE — Japan and Hong Kong stocks dropped 2% as Asia-Pacific markets tumbled on Tuesday after a volatile session overnight on Wall Street.

The Nikkei 225The Topix dropped 1.84%, as tech and auto stocks fell almost 2%. Hong Kong Hang Seng indexAfter a loss of 2%, the economy started to recover.

The ASX 200Banks, miners, and oil stocks lost almost 3% across the board as they all fell. Bank stocks including ANZ, Commonwealth Bank of Australia, and National Australia Bank all dropped around 3%. Oil stocks fell as Santos dropped 4.53% and Beach Energy fell 6.54%, while Woodwide Petroleum was down 3.82%.

South Korea is home to the KospiThe decline in sales was also around 1.84%.

Stocks in China were slightly lower. Shanghai Composite fell 0.35% and Shenzhen Component lost 0.45%.

South Korea’s economy expanded 1.1% during the fourth quarter 2021, compared with the prior quarter. Bank of Korea said in a press release on Tuesday.In 2021, GDP increased by 4% over the course of the year. the fastest in 11 years, according to Reuters.

The Australian Bureau of Statistics reported that inflation rose by 1.3% and 3.5% respectively in the fourth quarter of last year. Prices increased at its fastest annual pace since 2014, Reuters reported.

Hyundai Motors plans to release fourth-quarter earnings results.

The U.S. market was volatile Monday. The session saw stocks fall earlier, but they were still volatile. mounted a dramatic comebackAs investors bought tech shares that had been damaged, they became more attractive.

Following a 1,115 point drop at one point, the Dow gained 99.13 points or 0.3% to 34,364.50. It was up for its seventh consecutive day of gains. The S&P 500 closed in the green after briefly hitting correction territory earlier in the session, falling more than 10% from its Jan. 3 record close. At 4,410.13, it was 0.3% more. 

Nasdaq Composite index gained 0.6% to 13,855.13, after it had fallen as low as 4.9% earlier.

“The stock market’s recent decline reflects concerns about Fed tightening, at a moment when economic momentum is slowing. However after eight straight days of selling and 10% drop year to date, more attractive valuations especially in technology stocks attracted bargain hunters,” Kathy Lien of 60 Second Investor wrote in a Tuesday note.

Due to Fed tightening expectations, oil prices dropped by around 2% overnight. Federal Open Market Committee due to meet on Tuesday and Wednesday to decide on the next steps for U.S. monetary policy.

U.S. crude rose by 0.74% to $83.93/barrel in early Asia trade, while Brent futures increased by 0.75% at $86.92.

After falling to new lows on Monday, Bitcoin recovered to positive territory. The market was up 3% on Monday bitcoin fell to $32,982.11, its lowest point since July, according to Coin Metrics. The largest cryptocurrency market capital was still up 5.6% during afternoon trading at $37,183.25. However, broader equities reversed their course and closed the day higher. The cryptocurrency was last seen trading at $36,093 in Asia during Asia hours.

The U.S. dollar indexThe index, which compares the greenback to a basket made up of its peers was 95.93. This is a significant increase from levels near 95.6.

The Japanese yenThe dollar traded at 113.80, slightly higher than the level of 114. The Australian dollarThe price was $0.7152. This is a drop from $0.717.