Wall Street Closes Mixed as Nasdaq Hits New Record
On Thursday, US stock markets ended the day with mixed results. The Dow Jones and S&P 500 slipped, while the Nasdaq reached an all-time closing high, overcoming a sharp drop in several major stocks.
Eli Lilly Disappoints Investors
Shares of Eli Lilly tumbled 14.1 percent after the company released data on its oral weight-loss drug, orforglipron. While the pharmaceutical giant raised its full-year earnings and revenue outlook, the trial results failed to meet market expectations.
Fortinet Slump Shakes Cybersecurity Sector
Fortinet shares plunged 22 percent after the cybersecurity firm issued a revenue forecast that fell short of Wall Street projections.
Closing Numbers
The Dow Jones Industrial Average fell 224.48 points, or 0.51 percent, to 43,968.64. The S&P 500 dropped 5.06 points, or 0.08 percent, closing at 6,340.00. The Nasdaq Composite gained 73.27 points, or 0.35 percent, to finish at 21,242.70.
Political Pressure Hurts Intel, but Boosts Apple
Intel’s stock slipped 3.1 percent after Donald Trump called for the immediate resignation of new CEO Lip-Bu Tan, describing him as a “highly controversial figure” due to ties with Chinese companies.
Meanwhile, Apple shares rose 3.2 percent as investors welcomed Trump’s latest tariff move, which largely spared major tech giants from his threatened 100 percent levy on chips and semiconductors.
US Announces Heavy Tariffs but Spares Local Manufacturers
The US President has announced an almost one hundred percent tariff on semiconductor imports. However, the measure will not apply to companies that already manufacture domestically or have committed to shifting production to the United States.
Japanese Stocks Surge on Optimism
On Friday, Japan’s stock markets rallied sharply, fueled by upbeat corporate earnings and expectations that Washington will revise overlapping trade tariffs on Japanese goods. The positive sentiment stood in contrast to declines in other Asian markets, which followed a mild pullback on Wall Street in the previous session.
Most Asian Markets in the Red, Tokyo Shines
The MSCI broad index for Asia-Pacific shares outside Japan fell 0.4 percent. Hong Kong led regional losses, reacting to modest declines in US stocks that closed just below their weekly highs.
Nikkei and Topix Break New Records
Japan’s Nikkei 225 climbed 2 percent, while the Topix index reached an all-time high, surpassing the 3000-point mark for the first time.
SoftBank and Sony Lead the Rally
SoftBank Group shares soared 11 percent after the tech investment giant reported a return to profit in the first quarter. Sony Group shares gained 6 percent, extending the 4.1 percent rise from Thursday after posting strong earnings.
US and Japan Seek Tariff Resolution
Ahead of the implementation of new US trade measures, a Tokyo trade representative said Washington has agreed to adjust some overlapping tariffs on Japanese goods to prevent double taxation on certain products.
Asian Markets Under Pressure
On Friday, Hong Kong’s Hang Seng index fell 0.6 percent, weighed down mainly by technology stocks. China’s blue-chip CSI 300 index slipped 0.1 percent, while Australia’s benchmark dropped 0.2 percent.
Currency Moves
The US dollar rose 0.1 percent against the Japanese yen, reaching 147.27.Fresh data on Japanese household spending showed a 1.3 percent increase, falling short of market expectations. This figure is closely monitored by the Bank of Japan when determining the timing of its next interest rate hike.
Euro Holds Steady
The euro remained at 1.1669 dollars, marking a 2.23 percent gain over the past month. The US dollar index, which tracks the greenback against a basket of major trading partner currencies, edged up 0.2 percent to 98.124.
Oil Flat, Gold Slips
In commodities, Brent crude oil prices held steady at 66.45 dollars per barrel, while US WTI futures were nearly unchanged at 63.81 dollars. Gold prices fell 0.4 percent, with the last traded price for bullion at 3391.157 dollars per ounce.
