Asian markets dip as investors weigh tech earnings, Gulf tensions
SPY•Asian shares fell as investors weighed strong results from SpaceX, Meta and Super Micro against AI funding concerns and Gulf tensions. Brent crude rose 1.1% to $110.03 a barrel, while US stock futures fell 0.4%.
1. Asian shares slip
Asian stocks struggled in early trade, with the broadest index of Asia-Pacific shares outside Japan down 0.2%, on track for a fourth straight week of declines. Japan’s Nikkei fell 0.4%, and Korean shares lost more than 1%. US stock futures were down 0.4%.
2. Earnings offer support
Overnight, the Nasdaq led Wall Street higher after better-than-expected results from major technology companies. SpaceX posted its first profit as a public company, Meta reported third-quarter revenue above expectations, and Super Micro forecast quarterly revenue and profit margin above estimates. Meta’s plan to issue non-voting Class C common stock drew renewed scrutiny over AI spending.
3. Yields and oil move
The 10-year Treasury yield fell 4.2 basis points to 5.1065%, while the 30-year yield reached a one-week low of 5.3968%. Brent crude rose 1.1% to $110.03 a barrel, near a five-month high, as uncertainty in the Gulf persisted. The dollar index dipped to 102.2; gold was slightly lower at $4,115.50 an ounce.
