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BANGKOK (AP) – Asian stocks were mixed Thursday after a lackluster day on Wall Street, with selling in tech stocks pushing benchmarks lower.
US futures were flat and oil prices fell.
Tokyo’s Nikkei 225 index fell 0.7% after data showed factory output fell at the fastest pace since May 2020 in January, even though retail sales were stronger than expected It fell to 38,953.49.
Hong Kong’s Hang Seng Index rose 0.9% to 16,684.19, while the Shanghai Composite Index rose 1.5% to 3,002.59. Shenzhen’s small-cap index rose 2.5% after regulators announced new measures to support the market, including increased oversight of financial derivatives.
South Korea’s Kospi fell 0.3% to 2,644.43, while the S&P/ASX 200 rose 0.1% to 7,665.50.
On Wednesday, the S&P 500 index fell 0.2% to 5,069.76, continuing a quiet and listless run since setting a record last week. The Dow Jones Industrial Average fell 0.1% to $38,949.02. The Nasdaq Composite Index fell 0.5% to 15,947.74, a day after coming within 0.1% of its all-time high set in 2021.
In the bond market, U.S. bond yields fell in response to the news. US economic growth is likely to slow slightly This is expected to occur later in 2023 than originally expected. Despite high interest rates aimed at curbing inflation, the economy continues to defy recession expectations.
Nvidia’s 1.3% drop and Google’s parent company Alphabet’s 1.8% decline were the biggest weights on the market. These are among a handful of big tech stocks that have been disproportionately responsible for the S&P 500 index’s record rally.
That kind of market concentration could be a cause for concern, said Scott Wren, senior global market strategist at Wells Fargo Investment Institute. Broad gains across a wide range of stocks are usually a better sign of sustained market strength.
Bumble fell 14.8% after reporting its latest quarterly results that were weaker than analysts expected. The dating and friend-making app company, which recently underwent a management shake-up, also released a revenue forecast for next year that was lower than analysts expected.
Boston Beer, which owns Samuel Adams, reported a bigger loss than analysts expected, dropping 15.8%. Because it is a very hard carbonated drink, it was affected by the decline.
Urban Outfitters fell 12.8% after the retailer reported weaker-than-expected financial results. The company, which also operates Anthropologie stores, said sales at its Urban Outfitters stores continued to be weak.
Helping to limit the market’s losses was eBay, which rose 7.9% after reporting strong financial results that beat analysts’ expectations. Axon Enterprises, which sells Tasers, body cameras and other equipment, also submitted a better-than-expected profit report, sending its stock up 13.8%.
As Bitcoin prices continued to rise, Coinbase continued to perform well, rising 0.8% after rising further earlier in the day. BlackRock’s iShares Bitcoin Fund alone has rapidly grown to $7 billion in assets as new exchange-traded funds (ETFs) that make investing in Bitcoin easier have sparked interest in the currency.
Bitcoin price briefly topped $64,000 on Wednesday for the first time since 2021. It’s up more than 40% this year and is nearing its all-time high of $69,000.
Coinbase CEO Brian Armstrong apologizes to daytime customers for issues that occurred as the company was “dealing with a massive spike in traffic” as Bitcoin prices soared. did. The company said some users may have had zero balances in their accounts or encountered errors when buying or selling.
Beyond Meat soared 30.7% even though its latest quarter’s results were much weaker than expected. Sales were lower than expected but slightly higher than expected, and profitability is likely to increase through 2024, the company said.
Agilent Technologies beat expectations for both profits and sales, rising 3.4%, one of the biggest gains in the S&P 500.
In other trading Thursday, benchmark U.S. crude oil fell 10 cents to $78.44 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude oil, the international standard, fell 9 cents to $82.06 a barrel.
The dollar fell from 150.69 yen to 149.83 yen. The euro rose to $1.0836 from $1.0834.
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AP Business Writers Stan Choe and Matt Ott contributed.
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