TOKYO (AP) — Global stocks fell on Tuesday even as most U.S. stock indexes rose, especially technology stocks such as Nvidia.
France’s CAC40 fell 0.7% in early trading to 8,137.16, while Germany’s DAX fell 0.3% to 18,704.35. Britain’s FTSE 100 index fell nearly 0.4% to 8,393.84.
Futures for the Dow Jones Industrial Average fell less than 0.1%, while futures for the S&P 500 were little changed.
In Asian trading, Japan’s benchmark Nikkei 225 fell 0.3% to 38,946.93. Australia’s S&P/ASX 200 index fell 0.2% to 7,851.70. South Korea’s Kospi fell 0.7% to 2,724.18. Hong Kong’s Hang Seng Index fell 2.1% to 19,220.62, and the Shanghai Composite Index fell 0.4% to 3,157.97.
In Asia, investors are keeping an eye on signs regarding the health of China’s economy. S&P Global Market Intelligence raised its growth forecast for this year to 4.8% from 4.7% in April, but stressed that it is not overly optimistic.
“The overall outlook for a gradual economic recovery remains unchanged, with the economy expanding supported by stronger policy stimulus, stronger external demand and gradually improving private sector confidence,” the report said. .
As inflation subsides, expectations are rising that the Federal Reserve will be able to lower interest rates this year. A growing number of reports showing bigger-than-expected profits at major U.S. companies also boosted stocks.
There are few major economic reports this week, like last week’s headline which suggested inflation may finally be heading back in the right direction after a gloomy start to the year. However, there are several reports scheduled that could move the market on corporate earnings.
At the top of the list is Nvidia, whose rise amid a frenzy around artificial intelligence technology has been a major reason for last year’s rise in the S&P 500. Expectations are high when the company reports its latest quarterly results on Wednesday, with analysts expecting revenue to more than triple year-over-year to $24.59 billion.
The company’s stock price rose 2.5%, bringing its year-to-date gain to 91.4%.
On Wednesday, the Federal Reserve will release minutes from its latest meeting, which once again left its key interest rate unchanged at the highest level in more than 20 years.
In other trading, benchmark U.S. crude oil fell 87 cents to $78.93 a barrel. Brent crude, the international benchmark, fell 64 cents to $83.07 a barrel.
The dollar fell slightly from 156.27 yen to 156.15 yen. The euro rose to $1.0864 from $1.0861.
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