Stock market today: Global shares mostly decline after Nasdaq ticks to a record high

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Global shares retreated Tuesday, even as most U.S. stock indexes finished higher, especially technology issues like Nvidia.

France’s CAC 40 lost 0.7% in early trading to 8,137.16, while Germany’s DAX declined 0.3% to 18,704.35. Britain’s FTSE 100 fell nearly 0.4% to 8,393.84.

The future for the Dow Jones Industrial Average inched down less than 0.1% and the S&P 500 future was virtually unchanged.

In Asian trading, Japan’s benchmark Nikkei 225 fell 0.3% to 38,946.93. Australia’s S&P/ASX 200 lost 0.2% to 7,851.70. South Korea’s Kospi fell 0.7% to 2,724.18. Hong Kong’s Hang Seng dove 2.1% to 19,220.62, while the Shanghai Composite shed 0.4% to 3,157.97.

In Asia, investors are focused on signs about the health of Chinese economy. S&P Global Market Intelligence raised this year’s growth forecast to 4.8% from 4.7% in April, but stressed it was not overly optimistic.

“The overall outlook of a tepid economic recovery remains unchanged, with the expansion supported by enhanced policy stimulus, strengthening external demand and gradually improving private-sector confidence,” it said in a report.

Hopes are growing that the Federal Reserve will be able to cut interest rates this year as inflation cools. More reports showing big U.S. companies are earning fatter profits than expected also boosted stock prices.

This week has few top-tier economic reports, like last week’s headliner that showed inflation may finally be heading back in the right direction following a discouraging start to the year. But some potentially market-moving reports on corporate profits are on the calendar.

Atop them all is Nvidia, whose rocket ride amid a frenzy around artificial-intelligence technology has been a major reason for the S&P 500’s gains over the last year. It will report its latest quarterly results on Wednesday, and expectations are high. Analysts are forecasting its revenue more than tripled to $24.59 billion from a year earlier.

Its stock climbed 2.5% to bring its gain for the year so far to 91.4%.

On Wednesday, the Federal Reserve will release the minutes from its latest meeting, where it again held its main interest rate at the highest level in more than two decades.

In other trading, benchmark U.S. crude fell 87 cents to $78.93 a barrel. Brent crude the international standard declined 64 cents to $83.07 a barrel.

The U.S. dollar edged down to 156.15 Japanese yen from 156.27 yen. The euro cost $1.0864, up from $1.0861.