Stock market today: Asian benchmarks mostly slide as investors focus on earnings

TOKYO -- Asian shares mostly declined Thursday arsenic investors awaited a flood of planetary net reports, including updates from U.S. tech companies known arsenic the “Magnificent Seven.”

Japan's benchmark Nikkei 225 slid 2.1% to 37,670.50. South Korea's Kospi dropped 1.4% to 2,637.18. Hong Kong's Hang Seng gained astir 0.1% to 17,215.51, portion the Shanghai Composite was virtually unchanged astatine 3,044.41.

Trading was closed successful Australia for a nationalist holiday, Anzac Day.

Attention is besides turning to the Bank of Japan, whose two-day monetary argumentation gathering started Thursday.

“For the record, heading into tomorrow’s argumentation decision, exceptional Japanese yen weakness is the agitated elephant successful the country for the BOJ,” Tan Jing Yi of Mizuho Bank said successful a commentary.

In currency trading, the U.S. dollar roseate to 155.67 Japanese yen from 155.31 yen. The euro outgo $1.0715, up from $1.0697.

The yen has been trading astatine 155 yen-levels lately, its lowest level successful 34 years. That helps Japanese exporters by raising the worth of their overseas earnings, but it besides raises the terms of imports. Speculation has been increasing Japan whitethorn intervene to prop up the yen.

On Wall Street, the S&P 500 was virtually level and edged up by little than 0.1% to 5,071.63. It had jumped sharply successful the archetypal 2 days of the week to claw backmost astir two-thirds of past week’s steep loss.

The Dow Jones Industrial Average slipped 0.1% to 38,460.92, and the Nasdaq composite added 0.1%, to 15,712.75.

Tesla jumped 12.1% aft saying the nighttime earlier that it would accelerate accumulation of new, much affordable vehicles, which investors person been hoping volition kickstart growth. The announcement helped investors look past the 55% driblet successful nett that Tesla reported.

Tesla is the archetypal of the radical of stocks among the Magnificent Seven to study its results for the commencement of 2024. The absorption is connected the tiny radical of stocks due to the fact that they drove astir of the U.S. stock market’s summation past year, and they’ll request to execute to warrant their precocious prices.

Meta Platforms besides reported its latest results aft trading ended Wednesday. Alphabet and Microsoft volition travel it a time later.

The anticipation is that nett maturation volition broaden beyond the Magnificent Seven to different types of companies, successful ample portion due to the fact that a remarkably coagulated U.S. economy. They'll apt request to present fatter profits if they privation their banal prices to rise. That’s due to the fact that they’re improbable to get overmuch assistance from the different lever that tin assistance banal prices: involvement rates.

“A beardown net play looks apt to assistance reconstruct marketplace confidence,” according to Solita Marcelli, main concern serviceman Americas astatine UBS Global Wealth Management.

A study Wednesday said orders for machinery, airplanes and different long-lasting manufactured goods were stronger past period than expected. A caller drawstring of specified reports has quashed hopes that the Federal Reserve whitethorn present the 3 cuts to involvement rates this twelvemonth that it had earlier signaled.

Boeing mislaid 2.9% contempt reporting results that weren’t arsenic atrocious arsenic analysts feared. The company, which is battling disapproval astir the information of its airplanes, said it’s taking steps to amended its manufacturing quality, which has slowed down production.

Teledyne Technologies tumbled 10.9% for 1 of the market's largest losses aft the seller of integer imaging sensors, cameras and different instrumentality reported weaker nett and gross than forecast. It said request from the concern automation and trial and measurement markets was weaker than it expected.

On the winning broadside of the market, Hasbro jumped 11.9% aft the artifact and crippled institution reported amended nett and gross for the latest 4th than analysts expected. It benefited from maturation delivered by its Baldur Gate 3 and Magic: The Gathering games, arsenic good arsenic by its Peppa Pig content.

Texas Instruments climbed 5.6% aft reporting stronger nett and gross for the latest 4th than forecast. Boston Scientific was different 1 of the stronger forces pushing upward connected the S&P 500. It roseate 5.7% aft topping forecasts for nett and revenue.

In vigor trading, benchmark U.S. crude added 14 cents to $82.95 a barrel. Brent crude, the planetary standard, roseate 17 cents to $88.19 a barrel.