Stock market today: Asian stocks mixed after Tech stocks pull Wall Street lower with focus on Nvidia

Feb 19, 2024, 10:53 PM

HONG KONG (AP) — Asian stocks were mixed Wednesday after technology stocks led Wall Street broadly lower on Tuesday, with investors waiting for chipmaker Nvidia’s quarter earning 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 Revenue in the third quarter.

U.S. futures fell while oil prices gained.

Japan’s benchmark Nikkei 225 lost over 0.4% in morning trading at 38,200.00.

Japan’s exports experienced a remarkable year-on-year increase of 11.9% in January, driven by strong demand from chip-making machinery in China, and solid export gains of auto in the U.S. and EU, according to Wednesday data from the Ministry of Finance.

Hong Kong’s Hang Seng gained 2.8% to 16,698.00, driven by Tech Index which advanced 3.6%. The Shanghai Composite was up 1.7% to 2,972.87.

Australia’s S&P/ASX 200 slipped 0.8% to 7,600.00 despite Wednesday data from the Australian Bureau of Statistics showing the country’s wage index increased by 4.2% compared to the same period in the previous year, marking the highest recorded annual increase since the March quarter of 2009.

South Korea’s Kospi lost 0.4% to 2,647.44.

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 were the biggest drag on the market, with chipmakers as a particularly heavy weight. 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 that inflation would 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 Wells Fargo Investment Institute.

At this point, Wall Street is now looking for the first rate cut to come in June, months later than earlier anticipated. Investors have to wait until the end of February 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 energy trading, U.S. benchmark crude added 26 cents to $77.30 a barrel. Brent crude, the international standard, gained 32 cents to $82.66 per barrel.

In currency trading, the U.S. dollar dropped to 149.90 Japanese yen from 149.99 yen. The euro cost $1.0815, up from $1.0803.


Associated Press

Stock market today: World shares mostly gain after Wall St rallies to new records

BANGKOK (AP) — Shares were mostly higher in Europe and Asia on Tuesday after U.S. stocks rallied to more records, with gains for technology companies pushing the benchmarks higher. Germany’s DAX climbed 0.4% to 18,135.67, while the CAC 40 in Paris rose 0.4% to 7,600.86. In London, the FTSE 100 gained 0.4% to 8,175.37. The […]

9 hours ago

Associated Press

India and US vow to boost defense, trade ties in first high-level US visit since Modi’s election win

NEW DELHI (AP) — India and the United States on Monday pledged to boost defense and technology cooperation and remove long-standing barriers to bilateral strategic trade, following a meeting between the national security advisers of both countries. National Security Adviser Jake Sullivan is on a two-day visit to the Indian capital, New Delhi, the first […]

11 hours ago

Associated Press

US suspends inspections of avocados, mangoes in Mexico’s Michoacan state over security concerns

MEXICO CITY (AP) — The United States government has suspended inspections of avocados and mangoes in the Mexican state of Michoacan due to security concerns, an official said Monday. A U.S. government spokesperson, whose name could not be used under agency policy, said the U.S. Department of Agriculture’s Animal and Plant Health Inspection Service is […]

13 hours ago

Associated Press

Before his summit with North Korea’s Kim, Putin vows they’ll beat sanctions together

SEOUL, South Korea (AP) — Russian President Vladimir Putin thanked North Korea for supporting his actions in Ukraine and said their countries will cooperate closely to overcome U.S.-led sanctions as he headed to Pyongyang on Tuesday for a summit with North Korean leader Kim Jong Un. Putin’s comments appeared in an op-ed piece in North […]

15 hours ago

Associated Press

North Korea says Russian President Putin will arrive in the North on Tuesday

SEOUL, South Korea (AP) — North Korean state media says Russian President Vladimir Putin will arrive in the country on Tuesday for a two-day visit. Putin is expected to meet North Korean leader Kim Jong Un for talks focused on expanding military cooperation as they deepen their alignment in the face of separate, intensifying confrontations […]

1 day ago

Associated Press

Stock market today: Asian shares mostly gain after Wall St rallies to new records

BANGKOK (AP) — Shares were mostly higher in Asia on Tuesday after U.S. stocks rallied to more records, with gains for technology companies pushing the benchmarks higher. U.S. futures were flat and oil prices declined. This week has few top-tier economic reports apart from an update Tuesday on how much American shoppers are spending at […]

1 day ago

Stock market today: Asian stocks mixed after Tech stocks pull Wall Street lower with focus on Nvidia