Business

Asian stocks trade mixed after Wall Street closes for holiday

NEW YORK (AP) Technology stocks largely led Wall Street lower Tuesday as chipmaker Nvidia pulled back ahead of the release of its highly anticipated earnings report this week.

The S&P 500 fell 30.06 points, or 0.6% to 4,975.51. It just had its second week of decline in the last 16 weeks. The losses pushed the benchmark index even further below the record it set last week.

The Dow Jones Industrial Average fell 64.19 points, or 0.2%, to 38,563.80. The Nasdaq Composite Index fell 144.87 points, or 0.9%, to 15,630.78.

Technology stocks were the main drag on the market, with chipmakers being a particularly heavyweight. Nvidia fell 4.4%. It's still the S&P 500's biggest gain so far this year, up about 40%. Wall Street will be closely watching its latest earnings update on Wednesday for clues about its health and the broader potential of tech sectors in 2024.

Several major retailers released their latest results on Tuesday, presenting mixed results. Walmart rose 3.2% after reporting better-than-expected results for its latest quarter and issuing sales forecasts that beat Wall Street expectations. It is also buying smart TV maker Vizio.

Home Improvement Retailer Home deposit remained virtually unchanged after a choppy day of trading. It beat Wall Street's profit forecasts, but gave investors disappointing profit forecasts for the year.

The market fell last week after several economic data indicated that inflation remained stubbornly high. This stalled a recovery that began in late October, based on hopes that inflation would slow enough to allow the The Federal Reserve will lower interest rates.

The narrative that got us to these levels is widely being questioned, said Sameer Samana, senior global markets strategist at the Wells Fargo Investment Institute.

At this point, Wall Street now expects the first rate cut to come in June, months later than expected. Investors should wait until the end of February 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.

The key question to answer now is whether inflation has bottomed out and, if so, whether it is going sideways or rising, Samana said.

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 eased from their most recent peak in late October, when the average rate on a 30-year mortgage reached 7.79%.

Several companies will publish their results this week. Online craft marketplace Etsy will report Wednesday. TurboTax maker Intuit will report Thursday, along with online travel company Booking Holdings.

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.

Discover Financial Services rose 12.6%, the highest in the S&P 500, after agreeing to be acquired by Capital One Financial for around $35 billion.

Bond yields have fallen. The 10-year Treasury yield fell to 4.27% from 4.28% Friday evening. The two-year Treasury yield fell to 4.61% from 4.65%.

Business Writers Yuri Kageyama and Matt Ott contributed to this report.

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