Asian shares are mixed after Wall St sets a record, and the US dollar’s value slides further

Asian shares were mixed on Wednesday after the S&P 500 ticked to a record, as the U.S. dollar’s value slid further.

Later Wednesday, the Federal Reserve will announce its next move on interest rates. The expectation is that it will hold its main interest rate steady for now.

South Korea’s benchmark hit a record, lifted by gains for technology shares like computer chip maker SK Hynix, which climbed 3%. The Kospi was up 1.3% at 5,152.14.

Tokyo’s Nikkei 225 index lost 0.5% to 53,055.58. The dollar rebounded slightly against the Japanese yen but has still weakened sharply since last week, putting pressure on shares of major exporters.

Toyota Motor Corp. lost 3% and other major manufacturers also extended losses.

The dollar was trading at 152.75 yen, up from 152.19 yen. But it’s nearly 4% lower than its level last week, when it surged to near 160 yen, prompting both Japanese and U.S. officials to warn they will intervene to stanch the yen’s decline.

The euro slipped to $1.1995 from $1.2041 late Monday. It also has surged against the dollar.

An index measuring the U.S. dollar’s strength against several of its competitors has dropped to its lowest point since 2022.

The price of gold jumped nearly 3% to surpass $5,200, and silver’s price jumped 9%.

Prices of precious metals have been soaring as investors have sold dollars to park their money in assets considered to be relatively safe in times of turmoil.

Elsewhere in Asia, Hong Kong’s Hang Seng index rose 2.4% to 27,782.59, while the Shanghai Composite index added 0.5% to 4,160.01.

Taiwan’s Taiex advanced 1.1%, while the Sensex in India gained 0.5%.

On Tuesday, U.S. stocks zigzagged following mixed profit reports from UnitedHealth, General Motors and other big companies.

Several of Wall Street’s most influential stocks will deliver their latest earnings reports later this week. They include Meta Platforms, Microsoft and Tesla on Wednesday and Apple on Thursday.

The S&P 500 rose 0.4% to 6,978.60, edging past its prior all-time high set a couple weeks ago. The Dow Jones Industrial Average dropped 0.8% to 49,003.41, and the Nasdaq composite climbed 0.9% to 23,817.10.

The dollar has weakened since President Donald Trump threatened tariffs against several European countries that he said opposed his taking control of Greenland. Such threats, along with worries about risks like the U.S. government’s heavy debt, have periodically pushed global investors to step back from U.S. markets, a move that’s come to be called “Sell America.”

On Wall Street, Corning helped lead the market higher and climbed 15.6% after announcing a deal with Meta Platforms worth up to $6 billion. Corning will supply optical fiber and cable to help build out data centers for Meta, enough that Corning is expanding its optical-fiber manufacturing facility in Hickory, North Carolina.

Also supporting the U.S. stock market were gains for General Motors, which rose 8.7%, and hospital-operator HCA Healthcare, which rallied 7.1%. Both delivered profits for the end of 2025 that topped Wall Street’s expectations. Each also approved programs to send billions of dollars to their investors by buying back their own stock.

A report from the Conference Board said confidence weakened among U.S. consumers last month. Economists had expected to see a slight improvement, but confidence dropped to its lowest level since 2014, even lower than it was during the COVID-19 pandemic.

Inflation remains stubbornly above the Fed’s 2% target, and lower interest rates could worsen increases in prices for U.S. consumers at the same time that they give the economy a boost. Traders expect the Fed to resume its cuts to interest rates later this year.

The pressure is on companies to deliver strong growth in profits following record-setting runs for their stock prices. Stock prices tend to follow the path of corporate profits over the long term, and earnings need to rise to quiet criticism that stock prices have grown too expensive.

In other dealings early Wednesday, U.S. benchmark crude oil rose 42 cents to $62.81 per barrel. Brent crude, the international standard, was up 34 cents at $66.93 per barrel.

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AP Business Writers Matt Ott and Stan Choe contributed.