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BANGKOK (AP) – Global stocks were mixed Thursday after Wall Street suffered its worst loss since September as the U.S. Federal Reserve signaled no interest rate cuts were imminent. .
Germany’s DAX fell 0.3% to 16,857.43, while Paris’ CAC40 index fell 0.8% to 7,594.59. Britain’s FTSE 100 index fell 0.4% to 7,658.84.
The S&P 500 futures index rose 0.3% and the Dow Jones Industrial Average futures index rose 0.1%.
In Asian trading, Hong Kong’s Hang Seng rose, but gave up much of its early gains. The Shanghai Composite Index rose 0.5% to 15,566.21, while the Shanghai Composite Index fell 0.6% to 2,770.74.
Tokyo’s Nikkei Stock Average fell 0.8% to $36,011.46, while Seoul’s Kospi rose 1.8% to $2,542.46.
India’s Sensex fell 0.1% to 71,662.39 after the government announced a short-term budget to cover spending until national elections are held in May. The plan would increase spending on construction projects and housing for poor villagers. Reduce government deficits by reducing subsidies.
In Australia, the S&P/ASX 200 fell 1.2% to 7,588.20.
Bangkok’s SET rose 0.4%.
On Wednesday, big tech stocks, scorched by the fall from high expectations, sparked a sharp selloff, with the Nasdaq Composite index down 2.2% at the top of the market.
The S&P 500 fell 1.6%, its worst day since September. The Dow Jones Industrial Average fell 0.8%.
Alphabet, one of the biggest weights in the market, fell 7.5% despite reporting that its latest quarter’s profits and sales beat analysts’ expectations. Analysts have pointed to some worrying trends behind the scenes in how much money Google’s parent company makes from advertising.
Microsoft fell 2.7% despite delivering better-than-expected profits and sales. Wedbush Securities analyst Dan Ives even called the quarterly report “a masterpiece that should hang in the Louvre.”
Tesla, another member of the group of tech stocks known as the Magnificent Seven, fell 2.2%. A Delaware judge ruled a day earlier that the company’s CEO, Elon Musk, was not entitled to a landmark pay package previously awarded to him.
On Thursday, three more Big Tech stocks are scheduled to report earnings: Amazon, Apple, and Meta Platforms, the parent company of Facebook and Instagram.
The Federal Reserve on Wednesday kept its key interest rate on hold, saying it “does not believe it is appropriate” to cut rates to its 2% target “until there is greater confidence that inflation is on a sustainable path.”
“We are in no way declaring victory,” Fed Chairman Jerome Powell said.
Powell also said Fed officials just need to see several more months of data that supports sustained declines in inflation. “We’re confident,” he said. “It’s increasing, but I want to be more confident.”
Following the Fed’s announcement, bond yields in the bond market were up and down. It had previously fallen after a weaker-than-expected economic report.
Wages and benefits for U.S. workers grew slower than economists expected in the final three months of 2023, a report says. Although all workers want bigger raises, the colder-than-expected numbers could further allay one of the Fed’s big concerns: that too large wage increases will eventually create a vicious cycle that keeps inflation high. There is sex.
The yield on the 10-year U.S. Treasury note was 3.95% early Thursday, up from 3.92% late Wednesday. It was 4.04% late Tuesday. In October, it exceeded 5%, the highest level since 2007.
In other trading Thursday, benchmark U.S. crude oil rose 72 cents to $76.57 a barrel in electronic trading on the New York Mercantile Exchange.
International standard Brent crude rose 71 cents to $81.26 per barrel.
The dollar fell from 146.92 yen to 146.83 yen. The euro fell to $1.0801 from $1.0817.
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