NEW YORK (AP) — Stocks held relatively steady near their record highs as investors pored over a mixed batch of earnings reports from big U.S. companies. The S&P 500 was up 0.2% in early trading Thursday, adding to the all-time high it set a day earlier. The Dow Jones Industrial Average was little changed, and the Nasdaq composite was up 0.3%. Spam maker Hormel fell sharply after reporting earnings that fell short of Wall Street’s forecasts and cutting its outlook for the year. Treasury yields were flat in the bond market following some mixed reports on the economy. European and Asian markets were mixed.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
MANILA, Philippines (AP) — World shares were mixed Thursday after modest gains on Wall Street lifted the S&P 500 to another all-time high ahead of computer chipmaker Nvidia’s highly anticipated earnings report.
The future for S&P 500 rose 0.1% while that for the Dow Jones Industrial Average added 0.3%. Meanwhile, oil prices declined.
In early European trading, Germany's DAX climbed 0.4% to 24,144.65 while Britain's FTSE 100 slipped 0.2% to 9,240.75. In Paris, the CAC 40 jumped 1.1% to 7,825.28.
In China, shares in computer chipmaker Cambricon Technologies soared 15.7% to 1,587.91 yuan ($222), becoming the priciest stock on Shanghai's exchange as it surpassed Kweichou Moutai's stock, which slipped to 1,446 yuan ($202) a share. Cambricon's shares have jumped after it reported its revenue and profit expanded many fold in the first half of the year, helped by the Chinese government's support for domestic semiconductor makers.
The Shanghai Composite index surged 1.1% to 3,843.60. It has been trading near decade-high levels on heavy buying by institutional investors.
Hong Kong's Hang Seng dropped 0.8% to 24,998.82, led by losses for technology companies like food delivery company Meituan. Its shares dropped 10.3% while e-commerce giant JD.com declined 5%. Such companies have seen demand sag as Chinese consumers cut back on spending.
Japan's Nikkei 225 added 0.7% to 42,828.79. It has been trading near record levels, despite friction with Washington over a preliminary trade agreement that has yet to be finalized. Top trade envoy Ryohei Akazawa abruptly postponed a trip to the U.S. capital planned for Thursday in the latest sign of trouble over the deal setting tariffs on Japanese exports at 15%, a policy that has yet to come into effect.
South Korea's Kospi climbed 0.3% to 3,196.32 after the Bank of Korea kept its policy rate unchanged at 2.5% for the second review in a row.
Australia's S&P/ASX 200 edged 0.2% higher to 8,980.00. India's BSE Sensex fell 0.9%, reopening following a public holiday after higher U.S. tariffs on the country's exports took effect on Wednesday.
Taiwan's TAIEX shed 1.2%.
On Wednesday, the S&P 500 rose 0.2%, nudging past the record high it set two weeks ago to close at 6,481.40.
The Dow industrials rose 0.3% and the Nasdaq composite closed 0.2% higher at 21,590.14.
Technology companies led the way higher, outweighing declines in communication services and other sectors.
After the market closed, Nvidia's quarterly report showed its earnings and revenue topped Wall Street analysts' forecasts, though the company noted that sales of its artificial intelligence chipsets rose at a slower pace than analysts anticipated. The stock fell 3.2% in after-hours trading after having slipped 0.1% during the regular session.
Investors consider Nvidia a barometer for the strength of the boom in artificial intelligence because the company makes most of the chips that power the technology. Its heavy weighting also gives Nvidia outsized influence as a bellwether for the broader market.
In other dealings early Thursday, U.S. benchmark crude dropped 48 cents to $63.67 per barrel. Brent crude, the international standard, declined 47 cents to $66.97 per barrel.
The dollar fell to 147.24 Japanese yen, down from 147.40 yen. The euro rose to $1.1639 from $1.1640.
Teresa Cerojano, The Associated Press
