Stocks in most of Asia are trading down after a relief rally on Thursday. The US stock index futures, open for trade on Friday are down or lower than expected Amazon earnings. The e-commerce giant also warned investors about lower-income and profit growth going forward.

Japan’s Nikkei 225 dipped 1.2% in early trade, while the Topix lost 0.81%. South Korea’s Kospi was down 0.81%. Shanghai markets are trading down 0.4% while in Hong Kong down 1.04% on the back of fears related to Chinese technology shares.

It seems fears surrounding technology-driven stocks – the backbone of the stock rally in the US during the pandemic – is losing steam as the world is opening up. The Nasdaq Golden Dragon China Index — which tracks 98 of China’s biggest firms listed in the U.S. — fell by 0.5%.

However, the US markets closed at an all-time high during regular trading on Thursday. despite lower than expected economic growth. The Dow Jones Industrial Average rose 153.6 points to 35,084.53, the S&P 500 gained 18.51 points to 4,419.15 and the Nasdaq Composite added 15.68 points to 14,778.26.