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Stocks Mixed in Asia After Wall Street Hits Fresh Records
Stocks in Asia showed a mixed performance on Friday following Wall Street’s record-breaking session, with chipmakers leading the gains. Japan’s Nikkei 225 briefly surpassed 41,000 for the first time before closing 0.2% lower. However, Chinese property and tech companies weighed on markets in Shanghai and Hong Kong, with the Hang Seng falling 2% and the Shanghai Composite sinking 1%. In Australia, the S&P/ASX 200 lost 0.2%, while India’s Sensex rose 0.3%. Bangkok’s SET edged 0.1% lower, and Taiwan’s Taiex gained 0.2%.
Wall Street Sets New Records
On Thursday, the S&P 500 rose 0.3% to 5,241.53, marking a new all-time high for the third consecutive day. The Dow Jones Industrial Average gained 0.7% to 39,781.37, and the Nasdaq composite rose 0.2% to 16,401.84, both adding to records set a day earlier.
Chipmakers Lead the Way
Micron surged 14.1% after reporting stronger-than-expected results for its latest quarter and providing a forecast for profit in the current quarter that topped analysts’ estimates. Chipmaker Broadcom also climbed 5.6% after holding an investor presentation on its opportunities in AI. This surge in chipmakers was driven by a general frenzy around AI technology on Wall Street.
Reddit’s Debut and Legal Challenges for Tech Giants
Reddit climbed 48.4% in its debut as a publicly traded stock. However, Apple faced a 4.1% slump after the Justice Department announced a sweeping antitrust lawsuit against the tech giant, accusing it of engineering an illegal monopoly in smartphones. Accenture also faced challenges after dropping 9.3% despite reporting stronger profit for the latest quarter than analysts expected.
Market Reaction to Economic Indicators
Treasury yields remained mostly steady after the Federal Reserve’s announcement that it still expects to make three rate cuts this year, calming worries on Wall Street. Reports suggested that the U.S. economy is performing better than expected, with fewer workers filing for unemployment benefits and unexpected growth in manufacturing activity.
Global Financial Developments
The Swiss National Bank announced a surprise cut in its key interest rate, making Switzerland the first major financial center to do so in recent months. Meanwhile, the Bank of England kept its main interest rate unchanged at a 16-year high despite a sharp drop in inflation.
Oil and Currency Markets
In other trading, U.S. benchmark crude oil fell to $80.54 per barrel, while Brent crude, the international standard, dropped to $84.70 per barrel. The U.S. dollar slipped to 151.39 Japanese yen from 151.65 yen, and the euro fell to $1.0822 from $1.0861.
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