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Stock Market Today: Global Stocks Mixed After Tech Stocks Drag Wall Street Lower

Stock Market Today: Global Stocks Mixed After Tech Stocks Drag Wall Street Lower


HONG KONG (AP) Global stocks were mixed on Wednesday after technology stocks largely dragged Wall Street lower on Tuesday as investors awaited chipmaker Nvidia's quarterly earnings report.

The report, which will be released later today, will put stock markets in Hong Kong, China and Taiwan on alert, with the three regions contributing more than 45% of Nvidias' third-quarter revenue.

Germany's DAX gained 0.1% to 17,088.95 and the CAC 40 in Paris gained 0.1% to 7,803.29. In London, the FTSE 100 index was down 0.7%, at 7,666.21.

S&P 500 and Dow Jones Industrial Average futures rose 0.2%.

HSBC Holdings said on Wednesday its pre-tax profit rose to a record $30.3 billion in 2023, but fell short of analysts' expectations as revenue growth was offset by the recognition of an impairment charge of 3 billion dollars relating to the investment in a Chinese bank. Hong Kong-listed HSBC shares fell 3.8% in afternoon trading.

Hong Kong's Hang Seng gained 1.6% to 16,503.10, lifted by gains in its technology index, which rose 2.7%. The Shanghai Composite rose almost 1.0% to 2,950.96.

Japan's benchmark Nikkei 225 index lost almost 0.2% to 38,300.00.

Japanese exports rose a larger-than-expected 11.9% in January from a year earlier, driven by strong demand for chipmaking machinery in China and strong gains in exports to the United States and Europe, according to data released Wednesday.

Australia's S&P/ASX 200 index slipped 0.7% to 7,608.40 despite data from the Australian Bureau of Statistics showing the country's wage index rose 4.2% from the same period from the previous year, marking the largest annual increase recorded since the start of 2009.

South Korea's Kospi lost 0.2% to 2,653.31.

On Tuesday, the S&P 500 index fell 0.6%, following only its second week of decline in the last 16 weeks following a holiday Monday.

The Dow Jones Industrial Average fell 0.2% and the Nasdaq composite fell 0.9%.

Technology stocks, particularly chipmakers, were the most detrimental to the market. Nvidia fell 4.4%. It's still the S&P 500's biggest gain so far this year, up about 40%.

At this point, Wall Street is now hoping its first rate cut will come in June, months later than expected. Investors should wait until next week for another key inflation update. That's when the government will release its monthly report on personal consumption and spending, the federal government's preferred measure of inflation.

Investors have a relatively light week when it comes to economic news. Home sales data will be released on Thursday. The real estate market remains tight as demand for housing continues to outstrip supply. Mortgage rates remain high, although they have declined since their most recent peak in late October, when the average rate on a 30-year mortgage was 7.79%.

More than 80% of S&P 500 companies have released their latest results. Analysts surveyed by FactSet expect overall earnings growth of about 3.3% for the fourth quarter and forecast earnings growth of about 3.6% for the current quarter.

In other trading, benchmark U.S. crude lost 36 cents to $76.69 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, fell 36 cents to $81.98 a barrel.

The US dollar fell from 150.01 Japanese yen to 150.10 yen. The euro costs $1.0793, up from $1.0807.




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