Asian shares are mixed after Wall Street sets more records for US stocks
NEW YORK (AP) — U.S. stock indexes drifted through a quiet Monday after the United States agreed to tax cars and other products coming from the European Union at a 15% rate, lower than President Donald Trump had earlier threatened. Many details of the trade deal are still to be worked out, and Wall Street is heading into a week full of potential flashpoints that could shake markets.
The S&P 500 was nearly flat and edged up by less than 0.1% to set an all-time high for a sixth straight day. The Dow Jones Industrial Average dipped 64 points, or 0.1%, while the Nasdaq composite added 0.3% to its own record.
Tesla rose 3% after its CEO, Elon Musk, said it signed a deal with Samsung Electronics that could be worth more than $16.5 billion to provide chips for the electric-vehicle company. Samsung’s stock in South Korea jumped 6.8%.
Other companies in the chip and artificial-intelligence industries were strong, continuing their run from last week after Alphabet said it was increasing its spending on AI chips and other investments to $85 billion this year. Chip company Advanced Micro Devices rose 4.3%, and server-maker Super Micro Computer climbed 10.2%.
But an 8.3% drop for Revvity helped to keep the market in check. The company in the life sciences and diagnostics businesses reported a stronger profit for the latest quarter than Wall Street expected, but its forecast for full year profit disappointed analysts.
Companies are broadly under pressure to deliver solid growth in profits following big jumps in their stock prices the last few months. Much of the gain was due to hopes that Trump would walk back some of his stiff proposed tariffs, and critics say the U.S. stock market looks expensive unless companies produce bigger profits.
All told, the S&P 500 added 1.13 to 6,389.77 points. The Dow Jones Industrial Average dipped 64.36 to 44,837.56, and the Nasdaq composite rose 70.27 to 21,178.58.
More fireworks may be ahead this week. “This is about as busy as a week can get in the markets,” according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley.
Hundreds of U.S. companies are lined up to report how much profit they made during the spring, with nearly a third of the businesses in the S&P 500 index scheduled to deliver updates. That includes market heavyweights Apple, Amazon, Meta Platforms and Microsoft. Those companies have grown so huge that their stock movements can almost dictate what the overall S&P 500 index does. Microsoft alone is worth $3.8 trillion.
On Wednesday, the Federal Reserve will announce its latest decision on interest rates.
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