Stock market today: World shares are mixed after another Wall Street record day – WTOP News

Stock market today: World shares are mixed after another Wall Street record day – WTOP News

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BANGKOK (AP) — Stocks were mixed on Friday in Europe and Asia after Wall Street hit new records, led by major…

BANGKOK (AP) — Stocks were mixed on Friday in Europe and Asia after Wall Street hit new records, led by big gains at chipmakers.

Germany's DAX rose 0.1% to 18,201.03 and Paris' CAC 40 fell 0.2% to 8,164.36. In London, the FTSE 100 rose 0.7% to 7,936.38.

S&P 500 and Dow Jones Industrial Average futures rose 0.1%.

In Asian trading, Japan's Nikkei 225 surpassed 41,000 for the first time early Friday, but then fell again, closing down 0.2% at 40,888.43.

Chinese real estate and technology companies weighed on the Shanghai and Hong Kong markets.

Hong Kong's Hang Seng fell 2.2% to 16,499.47 and the Shanghai Composite sank 1% to 3,048.03.

In Australia, the S&P/ASX 200 lost 0.2% to 7,770.60. India's Sensex rose 0.3% to 72,881.70.

The Bangkok SET lost 0.4% and the Taiwan Taiex gained 0.2%.

On Thursday, the S&P 500 rose 0.3% to 5,241.53, setting an all-time high for the third day in a row. Three out of four stocks in the index gained ground.

The Dow Jones Industrial Average gained 0.7% to 39,781.37 and the Nasdaq composite rose 0.2% to 16,401.84. Both indices were added to the records established a day earlier.

Micron rose 14.1% and led chipmakers higher after reporting much stronger-than-expected results for its latest quarter. It also gave a profit forecast in the current quarter that beat analyst estimates as it benefits from a rush toward artificial intelligence.

Chipmaker Broadcom rose 5.6% and was an even stronger force driving the S&P 500 higher due to its larger size. The day before, he gave a presentation to investors about his opportunities in AI. The general frenzy around artificial intelligence technology on Wall Street has sent some stocks to dizzying heights.

Reddit rose 48.4% in its debut as a publicly traded stock. The eclectic bazaar of online communities offered its shares at an initial price of $34 per share.

They helped more than offset Apple's 4.1% decline after the Justice Department announced a broad antitrust lawsuit against the iPhone manufacturer. He accused the tech giant of engineering an illegal monopoly on smartphones that locks out competitors and stifles innovation.

Accenture was another market weight after falling 9.3%. The consulting and professional services company posted higher profits in the last quarter than analysts expected. But its earnings forecast for this full fiscal year missed estimates.

Treasury yields were broadly flat a day later the federal reserve He said he still expects to make three rate cuts this year. That helped calm some concerns on Wall Street that he would withdraw some cuts following some higher-than-expected inflation reports.

Lower interest rates would ease pressure on the economy and the financial system. Wall Street expects the Federal Reserve to begin cutting rates at its June meeting.

Some reports on Thursday morning suggested that the US economy is doing better than expected, even despite high rates. Fewer American workers filed for unemployment benefits last week, another sign of a remarkably resilient labor market.

A measure of manufacturing activity in the mid-Atlantic region grew unexpectedly, while a preliminary analysis of manufacturing activity nationally was also better than expected.

The next big inflation update will be released next week, when the United States reports consumer and personal spending data for February. It is the Federal Reserve's preferred measure of inflation. Overall, inflation has slowed in several respects since it spiked in mid-2022, although progress stalled in the first two months of this year.

The Swiss National Bank said it was cutting its key interest rate, a surprise move that makes Switzerland the first major financial center to announce a cut in recent months. The Bank of England it kept its main interest rate unchanged at a 16-year high and avoided signaling when it might start cutting it even though inflation has fallen sharply.

In other trading early Friday, benchmark U.S. crude oil gained 4 cents to $81.11 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, was unchanged at $85.24 a barrel.

The US dollar fell to 151.52 Japanese yen from 151.65 yen. The euro fell to $1.0821 from $1.0861.

Copyright © 2024 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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