Stocks Pare Nvidia’s Losses as Meituan Drops – Asia Market Wrap
Stocks generally ignored the first drag from Nvidia’s sales forecast missing stratospheric expectations, indicating that the record-breaking rally’s momentum is intact.
S&P 500 contracts, which ended at a record Wednesday, were barely changed after sliding as much as 0.4% earlier. Nvidia’s stock sank 3% in extended hours despite CEO Jensen Huang’s claim that demand is quite high. Futures for the Nasdaq 100 recovered most of their losses, trading 0.2% down, while contracts for European equities advanced 0.2%. Chinese tech stocks soared.
In other market news, the Dollar index declined for the third consecutive day. Short-maturity Treasuries fell following two days of gains, raising the yield on the two-year note by 1 bp to 3.62%. Oil fell after traders ignored US efforts to convince India to stop importing Russian crude.
In China, chip stocks surged, with SMIC soaring 12% after a report stated local companies plan to increase AI chip output next year.
In Japan, a two-year government bond auction on Thursday had lower demand than the 12-month average, as investors remain concerned that the BoJ would hike interest rates this year. Meanwhile, Indian stocks tumbled as high as 0.8% after Trump’s latest tariffs on the country’s exports to the US went into force.
