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Writer's pictureBy The Financial District

Stocks Mostly Lower After Big Tech Shares Push Nasdaq To Record High

Global markets were mostly lower on Wednesday after a rally in technology stocks propelled the Nasdaq composite to a record high, Zimo Zhong reported for the Associated Press (AP).


Chinese EV companies saw their stocks fall sharply, with Nio’s Hong Kong-listed stock down 6.6%, Geely falling 3.0%, and BYD shedding 0.7%. I Photo: Geely



France’s CAC 40 slipped 0.8% in early trading to 7,452.06, while Germany’s DAX dipped 0.4% to 19,399.03.


Britain’s FTSE 100 shed 0.5% to 8,181.77. In the U.S., Dow futures added 0.1% to 42,508.00, while S&P 500 futures were up 0.2% at 5,884.75. In Asia, Hong Kong’s Hang Seng fell 1.6% to 20,380.64, and the Shanghai Composite index dropped 0.6% to 3,266.24.



Tokyo’s Nikkei 225 index, however, closed up 1.0% at 39,277.39 as the Bank of Japan began a two-day policy meeting on Wednesday.


Meanwhile, Australia’s S&P/ASX 200 dipped 0.8% to 8,180.40 after third-quarter inflation came in at 2.8%, the lowest level in over three years, according to the Australian Bureau of Statistics.



Elsewhere in Asia, South Korea’s Kospi was down 0.9% to 2,593.79, and Taiwan’s Taiex lost 0.5%. The European Union imposed higher tariffs of up to 45.3% on electric vehicles imported from China.


These tariffs, which took effect on Wednesday, are the result of over a year of anti-subsidy investigations that have also prompted countermeasures from Beijing.



In response, China’s Ministry of Commerce stated it “does not agree with or accept” the tariffs. Chinese EV companies saw their stocks fall sharply, with Nio’s Hong Kong-listed stock down 6.6%, Geely falling 3.0%, and BYD shedding 0.7%.


The S&P 500 rose 0.2% to 5,832.92 on Tuesday. Gains in Big Tech stocks helped offset weaknesses in other sectors, pushing the Nasdaq composite up 0.8% to a record 18,712.75. Meanwhile, the Dow Jones Industrial Average fell 0.4% to 42,233.05.




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