The S&P 500 has marked its longest winning streak of 2024, closing out its sixth consecutive week of gains.

Despite this positive momentum, U.S. stock benchmarks retreated from record highs, influenced by rising Treasury yields and the upcoming earnings season.

Traders are taking profits amid ongoing geopolitical uncertainties in the Middle East and Europe, as well as the looming U.S. presidential election.

Concerns over these geopolitical tensions are contributing to market volatility.

Japanese stocks are sharply lower, with the Nikkei 225 Index down 555.13 points or 1.43 percent, reflecting investor concerns ahead of the upcoming general election.

Japan's Nikkei index was the worst performer in Asia, losing 1.7%, despite the yen hitting its weakest level in nearly three months.

Analysts are advising investors to watch for potential announcements from government ministries regarding the National People's Congress meeting next week, as new stimulus remains a key topic.

Broader Asian markets largely remained within a tight range, with Hong Kong's Hang Seng index falling by 1.4%, despite a modest increase in the Shanghai Composite.

The recent interest rate cut by the People's Bank of China is part of broader stimulus measures aimed at boosting economic growth.

Shares in Audinate Group plummeted over 9 percent after the company warned it would not meet its full-year gross profit target.

In Australia, the benchmark S&P/ASX 200 fell by 114 points or 1.37 percent, closing at 8,230.40 after dropping below the 8,300 level.

Gold prices have reached record highs, while oil prices have slightly recovered after a significant drop last week due to concerns about demand in China.