Asian markets retreat after rebounding AI stocks send the S&P 500 to brink of a new record
Summary
Asian stock markets fell, led by South Korea's Kospi, which dropped nearly 8% despite strong earnings from Samsung Electronics. On Wall Street, AI-related stocks helped the S&P 500 index get close to its record high, although most individual stocks declined.Key Facts
- South Korea's Kospi index fell 7.6%, with Samsung and SK Hynix shares dropping about 8.7%.
- Samsung announced its operating income increased 19 times to 89.4 trillion won ($58.7 billion) in the last quarter.
- AI stocks showed mixed behavior due to concerns over whether high investments will lead to enough profit.
- SK Hynix plans to raise $28 billion by selling shares on the Nasdaq, making it one of the largest US stock offerings.
- Tokyo’s Nikkei 225 index declined 1.8%, with major chipmakers losing value.
- Hong Kong’s Hang Seng, Shanghai Composite, and Taiwan’s Taiex indexes also declined.
- The US S&P 500 rose 0.7%, nearing its all-time high, helped by gains in AI technology companies.
- The Dow Jones Industrial Average reached a record high, up 0.3%.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
