By Associated Press
BEIJING — Asian stock markets were mixed Thursday after Wall Street retreated from a record high as major banks reported strong profits at the start of the U.S. earnings season.
Wall Street’s benchmark S&P 500 index closed 0.4% below the previous day’s record due to losses for major tech stocks while smaller companies rallied.
Goldman Sachs /zigman2/quotes/209237603/composite GS +0.13% , JPMorgan Chase /zigman2/quotes/205971034/composite JPM +0.40% and Wells Fargo /zigman2/quotes/203790192/composite WFC +2.00% announced quarterly earnings that beat forecasts. Much of the surge was due to strong trading revenue and expectations for better economic performance, which allowed banks to free up reserves held against the possibility loans might go bad.
The results showed “investment banking and trading are strong and that the party will go on for a couple more quarters,” said Edward Moya of Oanda in a report.
The Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +0.78% lost 1.2% while the Hang Seng /zigman2/quotes/210598030/delayed HK:HSI +0.59% in Hong Kong declined 1.1%. The Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -0.92% in Tokyo gained 0.1% and the Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.60% in Seoul added 0.2%. The S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.13% in Sydney was up 0.2%. Benchmark indexes in Singapore /zigman2/quotes/210597985/delayed SG:STI +0.81% , Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 -2.99% and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX -1.76% inched higher.
On Wall Street, the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.25% declined to 4,124.66. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.16% rose 0.2% to 33,730.89. The Nasdaq composite /zigman2/quotes/210598365/realtime COMP -0.38% dropped 1% to 13,857.84.
In energy markets, benchmark U.S. crude lost 10 cents to $63.05 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.97 on Wednesday to $63.15. Brent crude , used to price international oils, shed 4 cents to $66.54 per barrel in London. It gained $2.91 the previous session to $66.58.
The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.1180% edged down to 108.91 Japanese yen from Wednesday’s 108.94 yen.