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Earnings, Crude Prices Roil Asian Stock Markets

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Asian stock markets churned on Wednesday as markets digested rising crude prices, the unfolding earnings season, and tensions in the Middle East.

Hong Kong and Tokyo finished in the red, while Shanghai inched up. Other regional exchanges were also mixed.

Brent crude oil touched $95.27 a barrel during Asian market hours, up 4.7%.

In Japan, the Nikkei 225 opened higher but waffled, and finished off 0.2% as traders mulled oil prices and earnings reports.

The benchmark Nikkei 225 fell 116.59 to 66,115.60, although gaining issues outnumbered losers 121 to 102.

Leading the upside was advanced material maker Mitsui Kinzoku, up 7.4%, while J. Front Retailing declined 5.7%.

In economic news, Japan's international exports rose 19.3% on the year in June, while imports rose 25.4%, reported the Ministry of Finance.

In Hong Kong, the Hang Seng Index opened lower and could not recover, closing down 1% on softness in gaming and internet-platform shares.

The broad gauge Hang Seng fell 239.63 to 24,892.66, as losing issues outnumbered gainers 50 to 38. The Hang Seng TECH Index lost 3% on the day, while the Mainland Properties Index fell 1.2%.

Leading the upside was Xinyi Solar, gaining 6.4%, while internet services and video game maker Netease fell 7.4%. Gaming giant Tencent declined 7%.

On the mainland, the Shanghai Composite rose 0.1% to 3,867.03.

On the other regional exchanges, the S. Korean KOSPI rose 0.7%; the Taiwan TWSE advanced 1.3%; the Australian ASX 200 gained 0.3%; the Singapore Straits Times Index rose 1.2%, and the Thai Set declined 0.8%. In late trading in Mumbai, the Sensex was down 0.9%.

The MSCI All Country Asia Pacific Index traded evenly on the day.

In other news, Bank Indonesia held its key interest rates unchanged after a policy session.

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Asia Markets

Update: US Equity Indexes Advance as Big Tech Helps Outweigh Worsening Iran Geopolitics

(Updates with index/price moves and company/geopolitical news from the first paragraph.)US equity indexes rose in a broad-based rally, as chipmakers boosted technology to the top of sector charts and helped offset a move higher in crude oil amid renewed threats of more hostilities in the Middle East.The Nasdaq Composite jumped 1.3% to 25,837.21, with the S&P 500 up 0.9% to 7,509.20 and the Dow Jones Industrial Average higher by 0.7% to 52,224.64 on Tuesday. Technology was the standout performer, up 2.4%, followed by energy. Consumer staples and communication services were the sole decliners.Out of the top ten companies with a market capitalization of more than $200 billion each, all but one were from the technology sector, according to data compiled by Finviz. Within that tech dominance, seven were from semiconductors and semiconductor equipment and materials industries, including Intel (INTC).Intel is planning to lay off workers within its data center group, Business Insider reported Tuesday, citing a company spokesperson. Separately, RBC Capital Markets said in a note that Intel is expected to report a decent Q2 supported by server CPU demand and pricing momentum. Intel's shares surged 8.6%, one of the top gainers on the S&P 500 and the Nasdaq."Stock traders have shrugged off the news from the [Iran] War in favor of buying the chip makers again, presumably on the hope that the AI hyperscalers, when they report Q2 earnings over the next few days, will also report large capital spending plans," Thierry Wizman, global foreign-exchange and rates strategist at Macquarie, said in a note. "That's hoped to boost the earnings outlooks for the hardware makers."President Donald Trump delivered a dim view of possible talks with Iran to end the war, telling reporters Tuesday that the US has "no interest in meeting" until Iran is ready to convene "in a meaningful way," the Associated Press reported.A desalination facility and power plants caught fire and suffered serious damage in Kuwait after new Iranian strikes targeted the crucial facilities, along with areas of Bahrain and Jordan, following the 10th consecutive night of US bombing, Al Jazeera, a Middle Eastern broadcaster, reported Tuesday.Meanwhile, the Houthi-run SABA news agency said six ships attempting to pass through the Bab el-Mandeb Strait in the southern Red Sea were forced to reroute on Tuesday after being warned by the rebels, a day after they announced a maritime embargo against Saudi Arabia, according to the Associated Press.The front-month US West Texas Intermediate rose 2% to $84.91 a barrel, and global benchmark North Sea Brent climbed 2.5% to $91.41 a barrel.US Treasury yields rose, with the 10-year up three basis points to 4.63%. The two-year jumped 4.9 basis points to 4.26%.In earnings news, 3M (MMM) raised its full-year earnings guidance while reporting Q2 results above market expectations.General Motors (GM) lifted its outlook for full-year earnings as it recorded an unexpected year-over-year increase in Q2 sales.In precious metal markets, gold futures advanced 1.8% to $4,086.9, and silver futures jumped 3.4% to $59.03.

Dow JonesNasdaq CompositeS&P 500$GM$INTC$MMM
Asia Markets

Update: Technology Leads US Equity Indexes Higher While Traders Weigh Escalation in Middle East

(Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.)US equity indexes rose after midday Tuesday as a sharp move in chipmakers lifted technology to the top of sector charts and crude oil advanced amid diplomatic maneuvers to end hostilities in the Middle East.The Nasdaq Composite jumped 1.4% to 25,857.7, with the S&P 500 up 0.9% to 7,512.1 and the Dow Jones Industrial Average higher by 0.8% to 52,276.9.All sectors, except consumer staples, communication services, and real estate, rose. Technology was the standout gainer, up 2.2%.Out of the top ten companies with a market capitalization of more than $200 billion, all but one were from the technology sector, according to data compiled by Finviz. Within that tech dominance, six were from semiconductors and semiconductor equipment and materials industries, including Intel (INTC).Intel is planning to lay off workers within its data center group, Business Insider reported Tuesday, citing a company spokesperson. Its shares surged 8.1%, one of the top gainers on the S&P 500 and the Nasdaq.In earnings news, 3M (MMM) raised its full-year earnings guidance while reporting Q2 results above market expectations.General Motors (GM) lifted its outlook for full-year earnings as it recorded an unexpected year-over-year increase in Q2 sales.In geopolitical news, the Houthi-run SABA news agency said six ships attempting to pass through the Bab el-Mandeb Strait in the southern Red Sea were forced to reroute on Tuesday after being warned by the rebels, a day after they announced a maritime embargo against Saudi Arabia, according to the Associated Press.A desalination facility and power plants caught fire and suffered serious damage in Kuwait after new Iranian strikes targeted the crucial facilities, along with areas of Bahrain and Jordan, following the 10th consecutive night of US bombing, Al Jazeera, a Middle Eastern broadcaster, reported Tuesday.Meanwhile, Iranian Interior Minister Eskandar Momeni arrived in Pakistan for high-level talks, news reports said. Mediators are proposing a 10-day ceasefire between Washington and Tehran, according to a Reuters report. President Donald Trump said Tehran is "desperate" to meet and talk, and threatened to attack a reported new Iranian nuclear site "very heavily," Al Jazeera reported.The front-month US West Texas Intermediate rose 2.4% to $84.44 a barrel, and global benchmark North Sea Brent climbed 2.2% to $91.19 a barrel as diplomatic channels remain open amid a severe escalation in the war.US Treasury yields rose, with the 10-year up three basis points to 4.63%. The two-year jumped four basis points to 4.26%.In precious metal markets, gold futures advanced 1.5% to $4,076.7, and silver futures surged 3.7% to $59.19.In economic news, Redbook US same-store sales rose by 7.8% from a year earlier in the week ended July 18 after an 8.2% year-over-year increase in the previous week.The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index rose to 7.4 in July from minus 25.8 in the previous month, indicating expansion in the sector. This is the first positive reading for the index since October 2024.

Dow JonesNasdaq CompositeS&P 500$GM$INTC$MMM
Asia Markets

Exchange-Traded Funds Higher as US Equities Advance After Midday

Broad Market IndicatorsBroad-market exchange-traded funds IWM and IVV rose. Actively traded Invesco QQQ Trust (QQQ) added 1.9%.US equity indexes were higher after midday Tuesday as a sharp move up in chipmakers lifted technology to the top of sector charts.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each added about 0.5%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) gained 2.9%; iShares US Technology ETF (IYW) rose 2%, and iShares Expanded Tech Sector ETF (IGM) was up 2.4%.The State Street SPDR S&P Semiconductor (XSD) rose 5.3%, and iShares Semiconductor (SOXX) advanced 5.8%.FinancialThe State Street Financial Select Sector SPDR (XLF) rose 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) advanced 1.4%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), declined 1.3%.CommoditiesCrude oil rose 2.4%, and the United States Oil Fund (USO) added 2.3%. Natural gas eased 0.1%, and the United States Natural Gas Fund (UNG) gained 0.4%.Gold on Comex added 1.5%, and the State Street SPDR Gold Shares (GLD) gained 1.6%. Silver was up 3.7%, and iShares Silver Trust (SLV) climbed 4.3%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) fell 1%. The Vanguard Consumer Staples ETF (VDC) lost 0.9%, and iShares Dow Jones US Consumer Goods (IYK) was off 0.6%.The State Street Consumer Discretionary Select Sector SPDR (XLY) added 0.5%. VanEck Retail ETF (RTH) dipped 0.4%, and the State Street SPDR S&P Retail (XRT) was down 0.4%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) rose 0.1% and iShares US Healthcare (IYH) added 0.2%, and Vanguard Health Care ETF (VHT) gained 0.3%. IShares Biotechnology ETF (IBB) climbed up 1%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) added 1%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) were higher as well.CryptocurrencyIn midday activity, bitcoin (BTC-USD) rose 2.2%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) added 2.2%, ProShares Ether ETF (EETH) was up 1.8%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 2% higher.

Dow Jones^EEM^EXI^FAS^FAZ^GLD^IBB^IGM^IGV^IPK^IVV^IWMNasdaq Composite^IYE^IYH^IYJ^IYK^IYW^PMR^QQQ^RTH^SOXXS&P 500^SPY^UNG^USO^VDC^VHT^VIS^XLE^XLF^XLI^XLK^XLP^XLV^XRT^XSD$BETH$BITO$EETH