Current:Home > ScamsStock market today: Asian stocks mixed after tech shares pull Wall Street lower -RiskWatch
Stock market today: Asian stocks mixed after tech shares pull Wall Street lower
View
Date:2025-04-13 08:58:10
HONG KONG (AP) — Asian stocks were mixed Wednesday after technology shares led Wall Street broadly lower on Tuesday, with investors waiting for chipmaker Nvidia’s quarterly earnings report.
The report, which will come out later in the day, will put stock markets in Hong Kong, China and Taiwan on alert as these three regions contributed over 45% of Nvidia’s revenues in the third quarter.
U.S. futures fell while oil prices gained.
Japan’s benchmark Nikkei 225 lost nearly 0.2% to 38,300.00.
Japan’s exports rose by a remarkable 11.9% in January from a year earlier, driven by strong demand for chip-making machinery in China and solid gains in exports to the United States and Europe, according to data released Wednesday.
Hong Kong’s Hang Seng gained 2.4% to 16,642.00, driven by gains in its Tech Index, which advanced 3.6%. The Shanghai Composite rose nearly 2.0% to 2,979.30.
Australia’s S&P/ASX 200 slipped 0.7% to 7,608.40 despite data from the Australian Bureau of Statistics showing the country’s wage index increased by 4.2% compared to the same period a year before, marking the highest recorded annual increase since early 2009.
South Korea’s Kospi lost 0.2% to 2,652.62.
On Tuesday Wall Street, the S&P 500 fell 0.6% to 4,975.51. It is coming off only its second losing week in the last 16. The losses pushed the benchmark index further below the record it set last week.
The Dow Jones Industrial Average fell 0.2%, to 38,563.80. The Nasdaq composite fell 0.9%, to 15,630.78.
Technology stocks, especially chip makers, were the biggest drag on the market. Nvidia slumped 4.4%. It’s still the S&P 500’s biggest gainer so far this year, rising about 40%.
The market fell last week after several pieces of economic data signaled that inflation remains stubbornly high. That stalled a rally that began in late October, based on hopes inflation will cool enough to allow the Federal Reserve to cut interest rates.
“The narrative that drove us to these levels is very much being called into question,” said Sameer Samana, senior global market strategist at the Wells Fargo Investment Institute.
At this point, Wall Street is now looking for its first rate cut to come in June, months later than earlier anticipated. Investors have to wait until next week for another key update on inflation. That’s when the government will release its monthly report on personal consumption and expenses, the Fed’s preferred measure of inflation.
“The key question to answer now is whether inflation is bottoming out, and if it is, does it go sideways or back up,” Samana said.
Investors have a relatively light week of economic news. Data on home sales will be reported on Thursday. The housing market remains tight as demand for homes continues to outpace supply. Mortgage rates remain high, though they have been easing from their most recent peak in late October, when the average rate on a 30-year mortgage hit 7.79%.
More than 80% of companies in the S&P 500 have reported their latest results. Analysts polled by FactSet expect overall earnings growth of about 3.3% for the fourth quarter and are forecast earnings growth of about 3.6% for the current quarter.
In other trading, U.S. benchmark crude added 13 cents to $77.17 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, gained 15 cents to $82.49 per barrel.
The U.S. dollar rose to 150.09 Japanese yen from 150.01 yen. The euro cost $1.0814, up from $1.0807.
veryGood! (89)
Related
- Nearly 400 USAID contract employees laid off in wake of Trump's 'stop work' order
- What's making us happy: A guide to your weekend viewing and gaming
- Ashlyn Harris Steps Out With Sophia Bush at Art Basel Amid Ali Krieger Divorce
- Kevin Costner Sparks Romance Rumors With Jewel After Christine Baumgartner Divorce Drama
- At site of suspected mass killings, Syrians recall horrors, hope for answers
- Michigan State selects UNC-Chapel Hill chancellor as next president
- Bills coach Sean McDermott apologizes for crediting 9/11 hijackers for their coordination while talking to team in 2019
- Some eye colors are more common than others. Which one is the rarest?
- Buckingham Palace staff under investigation for 'bar brawl'
- In a reversal, Starbucks proposes restarting union talks and reaching contract agreements in 2024
Ranking
- Jamie Foxx reps say actor was hit in face by a glass at birthday dinner, needed stitches
- Ex Black Panther who maintained innocence in bombing that killed an officer died in Nebraska prison
- Russia puts prominent Russian-US journalist Masha Gessen on wanted list for criminal charges
- Polish truck drivers are blocking the border with Ukraine. It’s hurting on the battlefield
- The Daily Money: Spending more on holiday travel?
- Teacher gifting etiquette: What is (and isn't) appropriate this holiday
- Amy Robach and T.J. Holmes' Exes Andrew Shue and Marilee Fiebig Spotted Together Amid Budding Romance
- What’s streaming now: Nicki Minaj’s birthday album, Julia Roberts is in trouble and Monk returns
Recommendation
From family road trips to travel woes: Americans are navigating skyrocketing holiday costs
2 journalists are detained in Belarus as part of a crackdown on dissent
How a top economic adviser to Biden is thinking about inflation and the job market
One of America's last Gullah Geechee communities at risk following revamped zoning laws
Senate begins final push to expand Social Security benefits for millions of people
FTC opens inquiry of Chevron-Hess merger, marking second review this week of major oil industry deal
Mormon church selects British man from lower-tier council for top governing body
11 dead in clash between criminal gang and villagers in central Mexico