Asia markets tumbled Friday to end two days of gains as traders digested a host of disappointing corporate results and a fall in US technology stocks dented optimism.
Despite yet another Dow Jones record Thursday, Tokyo, Hong Kong and Shanghai were all down Friday, with sharp falls recorded in Seoul and Sydney.
The tech-heavy Nasdaq's streak of all-time high closes ended Thursday with Apple, Google-parent Alphabet and Netflix shares all slumping at least 1.5 percent.
Investors were also spooked after internet colossus Amazon reported its profit shrank despite surging sales as it poured money into growth, with its shares slipping three percent.
The dollar, which had fallen sharply on Wednesday after a Federal Reserve policy statement highlighted a tepid inflation outlook, again drifted lower after staging a modest recovery on data showing US durable goods orders climbed more than expected.
Thursday figures also showed the US goods trade deficit fell, fuelling hopes of solid US growth data later in the day.
"Durable goods and trade data boosted the prospects for a solid GDP print for the second quarter in the United States," said Greg McKenna, chief market strategist at CFD and FX Provider, AxiTrader.
"That we may have seen a near term pessimistic crescendo yesterday for the dollar is a real chance if the next week sees a run of better data in the States."
The Dow closed at its second straight record following strong earnings from Verizon and Procter & Gamble and another gain by Boeing, which also surged Wednesday following strong results.
But high-profile earnings disappointments pressured bourses in Europe with Deutsche Bank, Germany's biggest lender, slumping 6.5 percent after reporting that operating profit more than doubled, while posting a 10 percent decline in revenue.
- US growth data -
Attention remains focused on corporate results ahead of the US growth data, analysts said.
Asian investors largely discounted a raft of Japanese economic data, which showed household spending rose after 15 months of declines while inflation stayed tepid.
"Investors are becoming increasingly wary over the historically low volatility levels, with a host of key economic data coming out in the US," Hideyuki Ishiguro, a senior strategist at Daiwa Securities in Tokyo, said.
"With Amazon?s earnings falling short of estimates, the US market may readjust its expectations."
Oil took a breather in Asian trade Friday after rising for four straight days on receding US crude inventories, although prices were pegged by lingering concerns about an oversupply.
Dongyul Lim, senior sales trader at CMC Markets in Singapore, said: "The US could continue to increase oil production at any time, and rises in oil prices could be subdued if there is no clarity over future US output growth."
-- Bloomberg News contributed to this report --
- Key figures around 0230 GMT -
Tokyo - Nikkei 225: DOWN 0.4 percent at 19,994.54 (break)
Hong Kong - Hang Seng: DOWN 0.5 percent at 27,003.57
Shanghai - Composite: DOWN 0.1 percent at 3,248.76
Euro/dollar: UP at $1.686 from $1.1677
Pound/dollar: UP at $1.3080 from $1.3061
Dollar/yen: DOWN at 111.09 yen from 111.24 yen
Oil - West Texas Intermediate: DOWN four cents at $49.00 per barrel
Oil - Brent North Sea: DOWN four cents at $51.45
New York - DOW: UP 0.4 percent at 21,795.55 (close)
London - FTSE 100: DOWN 0.1 percent at 7,443.01 points (close)