TOKYO — Asian stocks traded mixed on Wednesday, as fading enthusiasm for artificial intelligence and other technology stocks gradually dampened the Wall Street market. Turn on the registry setting.
Japan’s Nikkei 225 rose 0.8% in afternoon trading to 63,244.43.
South Korea’s Kospi rose 2.7% to 7,849.21, reversing recent losses. The Kospi fell 2.3% earlier in the week from an all-time high after a senior administration figure suggested the government might redistribute AI windfall profits from companies to citizens. Analysts said some investors snapped up the shares that were sold because the actual impact of these statements is still unclear.
Australia S&The P/ASX 200 index lost 0.5% to 8,630.40. The Hang Seng Index was little changed, falling less than 0.1% to 26,335.30, while the Shanghai Composite Index rose 0.6% to 4,240.79.
“Corporate earnings and AI momentum act as the market’s primary shock absorber, but the road has become noticeably bumpier,” said Tim Waterer, senior market analyst at KCM Trade.
“With oil prices entrenched at high levels and a diplomatic breakthrough between the US and Iran remaining elusive, the easy bullish narrative is becoming more difficult to sustain.”
In energy trade, the price of standard US crude fell $1.30 to $100.88 per barrel. Brent crude lost $1.33, reaching $106.44 per barrel.
These prices are still much higher than they were before War with IranWhich threatens to continue, and the ceasefire appears more fragile. Brent crude rose from about $70 per barrel before the war. The war was essentially closed Strait of Hormuz To oil tankers.
On Wall Street on Tuesday, S&The P 500 index fell 0.2% from its all-time high the previous day. The Dow Jones Industrial Average added 56 points, or 0.1%, while the Nasdaq Composite Index fell 0.7% from its record high.
Some sharp declines have hit chip companies and stocks that have been on an electric run due artificial intelligence Boom. Intel fell 6.8% after seeing its shares more than triple so far this year. Micron Technology shares fell 3.6%.
Treasury yields rose in the bond market after an initial zigzag, suggesting that traders doubt the Federal Reserve will keep interest rates high to combat inflation. The yield on the 10-year Treasury note rose to 4.45% on Tuesday from 4.42% late Monday and remains well above its pre-war level of 3.97%. Traders expect the Fed to keep its key interest rate steady.
All told, S&The P500 index fell by 11.88 points to 7,400.96 points. The Dow Jones Industrial Average added 56.09 points to 49,760.56, and the Nasdaq Composite fell 185.92 points to 26,088.20.
In currency trading, the US dollar rose to 157.74 Japanese yen from 157.59 yen. The price of the euro reached $1.1726, down from $1.1744.
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AP Business Writer Stan Choi contributed to this report.
Yuri Kageyama is in the topics: https://www.threads.com/@yurikageyama