Asian shares fell on Friday after a broad-based decline on Wall Street dragged down U.S. stocks, with Hong Kong’s benchmark index falling more than 2 percent as investors remained cautious about China’s plans to help its struggling property sector.
US futures rose while oil prices fell.
Chinese officials briefed reporters in Beijing on the results of a high-level meeting between China and the United States. The ruling Communist Party, The plan provides some details of the comprehensive blueprint it has adopted to make China a technology leader, build its financial markets, and raise living standards.
But the sheer volume of information remained relatively vague, though more details are expected in the coming weeks. In Hong Kong, the Hang Seng Index lost 2.1% to 17,401.86 points, and the Shanghai Composite Index fell 0.1% to 2,974.62 points.
In Tokyo, the Nikkei 225 index fell 0.4% to 39,979.79 points, while South Korea’s Kospi fell 1.6% to 2,778.31 points. Australia’s S&P/ASX 200 index fell 1.1% to 7,949.50 points.
In Taiwan, the Taiex index fell 1.8%, with Taiwan Semiconductor Manufacturing Co. falling 2.4%, extending losses from a report that Washington may double restrictions on sales to China of semiconductors and equipment used to manufacture and test them.
U.S.-traded shares of TSMC rose 0.4% on Thursday after the industrial giant reported stronger-than-expected fourth-quarter earnings. It rebounded from an 8% loss the day before, but only after swinging between gains and losses.
A pullback in the technology sector this week dragged down markets in the United States and Asia after a wave of strong gains.
European stocks were mixed on Thursday after The European Central Bank left its key interest rate unchanged.
On Wall Street, the S&P 500 fell 0.8% to 5,544.59 points. The Dow Jones Industrial Average fell 1.3% to 40,665.02 points, and the Nasdaq Composite dropped 0.7% to 17,871.22 points.
As they did the day before, when the Nasdaq fell to a 10-year low. Worst loss since 2022Several major tech stocks led the market lower. Apple Inc. fell 2%, while Microsoft Corp. fell 2.2%. Amazon Microsoft, up 0.7%, was among the heavyweights in the S&P 500.
Associated Press business reporter Seth Sottile provides the AP’s one-minute markets brief for Thursday.
But chipmakers’ shares were steady. Nvidia The company’s stock rose 2.9%, extending its gains for the year to nearly 145%.
Earlier this year, shares of Nvidia and a few other stocks that became known Like the “Magnificent Seven” That was probably enough to support the rest of the market as their stock prices rose significantly amid AI obsessionWhile other stocks have suffered under the weight of higher interest rates and slowing economic growth.
Thursday’s losses hit many corners of the market. Smaller-cap stocks, which had been on the rise after lagging far behind their larger rivals, fell more than the rest of the market. The Russell 2000 lost 1.8% after jumping more than 1% in five of the past six days.
Most of the S&P 500 stocks fell, with Domino’s Pizza the biggest loser, falling 13.6% despite beating analysts’ earnings expectations for the spring. The pizza chain also temporarily suspended its long-term outlook for the number of stores it will open globally.
Darden RestaurantsShares of Chase Energy, the company behind Olive Garden, Long Horn Steakhouse and other chains, fell 3%. The company said it will buy the Chase Tex-Mex chain in a $605 million all-cash deal. Chase Energy shares jumped 47.8%.
Thursday saw mixed reports on the US economy. One report said: More workers are filing for unemployment benefits. Last week’s figures were lower than economists had expected. That could signal a weak labor market, though the number remains low compared to history. A separate report said manufacturing in the Mid-Atlantic region was growing much better than economists had expected.
Recent encouraging reports on Inflation has Raising expectations The Federal Reserve may start easing interest rates. In September, the US central bank decided to keep benchmark interest rates at their highest level in more than two decades. Investors are hoping that the economy will remain in a “Goldilocks” state, where the weather is not so hot that it puts upward pressure on inflation, but not so cold that it slides into recession.
Expectations of stronger corporate earnings growth also helped drive market gains.
In other early Friday trading, benchmark U.S. crude oil fell 51 cents to $80.79 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the global benchmark, fell 37 cents to $84.74 a barrel.
The US dollar rose to 157.42 Japanese yen from 157.37 yen, and the euro fell to $1.0890 from $1.0897.
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Associated Press business writer Stan Choi contributed.
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