Stock market today: Japan leads losses in Asia after sharp decline on Wall St driven by Big Tech

HONG KONG -- Asian stocks were mostly little Friday morning, pinch Japan's benchmark Nikkei losing complete 2% successful early trading aft a sharp diminution connected Wall Street driven by precocious expectations.

United States futures and lipid prices were higher.

Japan’s benchmark Nikkei 225 sank 2.3% successful greeting trading to 38,196.53. On Thursday, nan Bank of Japan announced to support its benchmark complaint unchanged astatine 0.25%, ​​which was successful statement pinch marketplace expectations. The Japanese yen traded little Friday. The dollar roseate to 152.35 Japanese yen from 152.00 yen.

China markets were nan objection from Friday's downturn vibe. The Hang Seng successful Hong Kong added 1.0% to 20,526.69 and nan Shanghai Composite scale was up 0.4% astatine 3,294.55.

Factory activity successful China went backmost into maturation successful October, pinch nan charismatic manufacturing purchasing managers’ scale released Thursday reaching 50.1, ending 5 consecutive months of contraction. Another backstage study Friday besides showed a reference of 50.3, supra nan description statement of 50.

Australia’s S&P/ASX 200 dropped 0.8% to 8,093.80 aft its shaper value scale successful nan 3rd 4th roseate 3.9% year-on-year, a return to beneath 4.0% yearly maturation for nan first clip since September 2023, according to information from nan Australian Bureau of Statistics.

Elsewhere, South Korea’s Kospi remained virtually unchanged astatine 2,556.57. Taiwan’s Taiex mislaid 0.8%, weighed down by a 1% diminution successful Taiwan Semiconductor Manufacturing Corp., Apple's spot supplier, pursuing Apple’s quarterly net report Thursday, which revealed a driblet successful income gross from China.

On Thursday, nan S&P 500 sank 1.9% to 5,705.45 for its worst time successful 8 weeks, and fell further from its record group earlier successful October. The Dow Jones Industrial Average dropped 0.9% to 41,736.46, while nan Nasdaq composite tumbled 2.8% to 18,095.15 for a second-straight nonaccomplishment aft mounting its latest all-time high.

Microsoft reported bigger profit maturation for nan latest 4th than analysts expected. Its gross besides topped forecasts, but its banal nevertheless sank 6% arsenic investors and analysts scoured for imaginable disappointments.

Meanwhile, nan genitor institution of Facebook likewise served up a better-than-expected profit report. As pinch Microsoft, that wasn’t capable to boost its stock. Investors focused alternatively connected Meta Platforms’ warning that it expects a “significant acceleration” successful spending adjacent twelvemonth arsenic it continues to move money into processing artificial intelligence. It fell 4.1%.

The tumble for Big Tech connected nan past time of October wiped retired nan S&P 500’s summation for nan month. The scale fell 1% for its first down period successful nan past six, moreover though it group an all-time precocious during that period.

In nan enslaved market, Treasury yields edged little pursuing a mixed group of reports connected nan U.S. economy.

One study said a measure of inflation that nan Federal Reserve likes to usage slowed to 2.1% successful September from 2.3%. That’s almost each nan measurement backmost to nan Fed’s 2% target, though underlying trends — aft ignoring nutrient and power costs — were a touch hotter than economists expected.

A abstracted study said maturation successful workers’ wages and benefits slowed during nan summer. That could put little unit connected upcoming inflation.

A 3rd report, meanwhile, said fewer U.S. workers applied for unemployment benefits nan erstwhile week. That’s an denotation that nan number of layoffs remains comparatively debased crossed nan country.

Treasury yields bobbed up and down respective times aft nan reports, earlier moving lower. The output connected nan 10-year Treasury fell to 4.27% from 4.30% precocious Wednesday. That’s still up sharply from nan astir 3.60% level it was astatine successful nan mediate of September.

In different dealings, U.S. benchmark crude lipid gained $1.33 to $70.59 per tube successful physics trading connected nan New York Mercantile Exchange.

Brent crude, nan world standard, surged $1.23 to $74.04 per barrel.

The euro fell to $1.0878 from $1.0885.

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AP Business Writer Stan Choe successful New York contributed.