Asian shares are mixed after US stocks creep higher ahead of Nvidia earnings report

MANILA, Philippines (AP) — Asian shares were mixed Thursday after modest gains on Wall Street lifted the S&P 500 to another all-time high ahead of computer chip maker Nvidia’s highly anticipated earnings report.

U.S. futures also were mixed and oil prices declined.

In China, shares in computer chip maker Cambricon Technologies surged 7.1% to 1,469.99 yuan ($205.60), becoming the priciest stock on Shanghai’s exchange as it surpassed Kweichou Moutai’s stock, which was unchanged at 1,449 yuan ($202.51) a share. Cambricon’s shares have jumped after it reported its revenue and profit soared in the first half of the year, helped by the Chinese government’s support for domestic semiconductor makers.

The Shanghai Composite index edged less than 0.1% higher to 3,803.08. It has been trading near decade-high levels on heavy buying by institutional investors.

Hong Kong’s Hang Seng dropped 0.7% to 25,035.78, led by losses for technology companies like food delivery company Meituan. Its shares dropped 10.3%, while e-commerce giant JD.com declined 3.5%. Such companies have seen demand sag as Chinese consumers cut back on spending.

Japan’s Nikkei 225 added 0.6% to 42,755.61. It has been trading near record levels, despite friction with Washington over a preliminary trade agreement that has yet to be finalized. Top trade envoy Ryohei Akazawa abruptly postponed a trip to the U.S. capital planned for Thursday in the latest sign of trouble over the deal setting tariffs on Japanese exports at 15%, a policy that has yet to come into effect.

South Korea’s Kospi climbed 0.4% to 3,200.71 after the Bank of Korea kept its policy rate unchanged at 2.5% for its second straight meeting.

Australia’s S&P/ASX 200 edged 0.1% higher to 8,970.30. India’s BSE Sensex fell 1.1%, reopening following a public holiday after higher U.S. tariffs on the country’s exports took effect on Wednesday.

Taiwan’s TAIEX shed 0.7%.

Stock indexes in Jakarta and Kuala Lumpur were both 0.4% higher, while that in Manila was down 0.5% near midday.

On Wednesday, the S&P 500 rose 0.2%, nudging past the record high it set two weeks ago to close at 6,481.40.

The Dow Jones Industrial Average rose 0.3% to 45,565.23, and the Nasdaq composite closed 0.2% higher at 21,590.14.

Technology companies led the way higher, outweighing declines in communication services and other sectors.

After the market closed, Nvidia’s quarterly report showed its earnings and revenue topped Wall Street analysts’ forecasts, though the company noted that sales of its artificial intelligence chipsets rose at a slower pace than analysts anticipated. The stock fell 3.2% in after-hours trading after having slipped 0.1% during the regular session.

Investors consider Nvidia a barometer for the strength of the boom in artificial intelligence because the company makes most of the chips that power the technology. Its heavy weighting also gives Nvidia outsized influence as a bellwether for the broader market.

Trading on Wall Street was off to an uneven start this week following big gains last week on hopes for interest rate cuts from the Fed.

Markets have been subdued since Trump escalated his fight with the central bank by trying to fire Federal Reserve Governor Lisa Cook. Cook’s lawyer said she’ll sue Trump’s administration to try to stop him.

Trump has been feuding with the central bank over its cautious interest rate policy. The Fed has held rates steady since late 2024 over worries that Trump’s unpredictable tariff policies will reignite inflation.

In other dealings early Thursday, U.S. benchmark crude dropped 52 cents to $63.63 per barrel. Brent crude, the international standard, declined 49 cents to $66.95 per barrel.

The dollar fell to 147.19 Japanese yen early Thursday, down from 147.40 yen. The euro rose to $1.1641 from $1.1640.

___ AP Business Writer Alex Veiga contributed.