Asian stocks fell for the second day due to lackluster tech earnings and U.S. sanctions on Russia. Oil prices surged 3% after sanctions on Russian companies. Asian markets are cautious ahead of Trump’s Asia visit and potential U.S. software export controls on China.

Global equity markets are easing off record highs, with tech stocks leading the decline. South Korean stocks fell 0.7% amid a decline in tech manufacturers. Brent crude rose 2.9% to $64.41 per barrel after U.S. sanctions on Russian companies.

The sanctions negatively impact Asian economies, with most being net energy importers. Reliance Industries plans to cut Russian oil imports due to sanctions. U.S. crude inventories fell as refining activity and demand strengthened.

S&P 500 e-mini futures edged up 0.1% after tech megacap earnings disappointed. Netflix shares plunged 10% on weak outlook. Tesla shares fell 3.8% after reporting profit below expectations. Apple shares dropped 1.6% over antitrust complaint.

Treasury bonds fluctuated, with the U.S. 10-year note yield at 3.9549%. Investors expect further Fed policy easing, with a 96.7% probability of a rate cut in October. The U.S. dollar index was 0.1% stronger at 99.062. Gold dipped to $4,086.73 per ounce.

Read more at Yahoo Finance: Asian markets retreat as US weighs new trade curbs on China