NEW YORK (AP) — Stocks are off to a mixed start on Wall Street as losses for Big Tech companies offset gains elsewhere in the market. The S&P 500 was down 0.1% in the early going Wednesday, even though far more stocks were rising than falling within the index. Losses for Nvidia and Microsoft helped pull the index lower. Dell sank after reporting revenue that fell shy of forecasts, and HP fell after giving a weaker-than-expected outlook. The Dow Jones Industrial Average added 0.2% to its record high a day ealier. The Nasdaq composite fell 0.4%. U.S. markets will be closed Thursday for Thanksgiving.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
BANGKOK (AP) — World shares were mixed Wednesday, with Chinese stocks leading gains after U.S. stocks rose to records despite President-elect Donald Trump’s latest talk about tariffs.
Germany's DAX lost 0.5% to 19,196.97 while the CAC 40 in Paris shed 1.2% to 7,109.24. Britain's FTSE 100 edged 0.1% higher, to 8,267.96.
The future for the S&P 500 was 0.1% lower while that for the Dow Jones Industrial Average was nearly unchanged.
In Asian trading, Tokyo’s Nikkei index fell 0.8% to 38,134.97 as the Japanese yen surged in value against the U.S. dollar. The dollar fell to 151.42 yen from 153.08 yen. It had traded above 155 yen recently, but uncertainty over the future course of U.S. trade policy has led investors to buy yen as a safe haven, analysts said.
Sharp tariff hikes that Trump said he would impose on imports of goods from Canada, Mexico and China could roil the global economy if they take effect. His comments Monday provoked vehement responses from all three major U.S. trading partners.
“Investors, already jittery, are keenly aware of the ripple effects such protracted disputes could have, particularly on the Chinese and European economies that are bracing for Trump’s tariff onslaught,” Stephen Innes of SPI Asset Management said in a commentary.
Chinese markets advanced, led by strong buying of technology shares. Hong Kong’s Hang Seng gained 2.3% to 19,603.13, while the Shanghai Composite index added 1.5% to 3,309.78. Analysts said investors were buying in anticipation of more economic stimulus measures from a top level annual economic meeting next month.
South Korea's Kospi dropped 0.7% to 2,503.06 as Samsung Electronics lost 3.4% after the company announced a shift in its top management.
The company said the reshuffle, which included appointing Young Hyun Jun, a Samsung vice chairman who heads its Device Solutions division, to be CEO was intended to strengthen Samsung's competitiveness, focusing on computer chips.
Australia's S&P/ASX gained 0.6%, to 8,406.70, while India's Sensex added 0.3%. Taiwan's Taiex sank 1.5% and the SET in Bangkok shed 0.6%.
On Wall Street, investors appeared to shrug off the tough talk on trade.
The S&P 500 climbed 0.6% on Tuesday to 6,021.63 to top the all-time high it set a couple weeks ago. The Dow Jones Industrial Average added 0.3%, to 44,860.31, besting its own record set the day before. The Nasdaq composite gained 0.6% as Microsoft and Big Tech led the way, closing at 19,174.30.
Trump has often praised the use of tariffs, but investors are weighing whether his latest threat is an overture for negotiations or will actually become policy, with painful ramifications for markets and the global economy.
Higher prices could push the Federal Reserve to put off its cuts to interest rates, just after it began its main interest rate from a two-decade high a couple months ago to support the job market. Lower interest rates can boost the economy, but also fuel inflation.
A report on Tuesday from the Conference Board said confidence among U.S. consumers improved in November, but not by as much as economists expected.
In other dealings early Wednesday, U.S. benchmark crude oil gained 11 cents to $68.88 per barrel. Brent crude, the international standard, picked up 11 cents, to $72.43 per barrel.
The euro rose to $1.0524 from $1.0488.
Elaine Kurtenbach, The Associated Press
