Asian shares mostly declined Thursday as investors awaited a flood of global earnings reports, including updates from U.S. tech companies known as the “Magnificent Seven.”
In currency trading, the U.S. dollar rose to 155.67 Japanese yen from 155.31 yen. The euro cost $1.0715, up from $1.0697. The Dow Jones Industrial Average slipped 0.1% to 38,460.92, and the Nasdaq composite added 0.1%, to 15,712.75., which investors have been hoping will kickstart growth. The announcement helped investors look past the 55% drop in profit that Tesla reported.
The hope is that profit growth will broaden beyond the Magnificent Seven to other types of companies, in large part because a remarkably solid U.S. economy. They’ll likely need to deliver fatter profits if they want their stock prices to rise. That’s because they’re unlikely to get much help from the other lever that can lift stock prices: interest rates.
Teledyne Technologies tumbled 10.9% for one of the market’s largest losses after the seller of digital imaging sensors, cameras and other equipment reported weaker profit and revenue than forecast. It said demand from the industrial automation and test and measurement markets was weaker than it expected.
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