Asian Stocks Set to Slide as Nvidia Disappoints: Markets Wrap

-- Stocks in Asia slipped as Nvidia Corp. earnings lacked the wow factor to impress investors, while Chinese results helped extend a selloff in the country’s tech companies.MSCI’s Asia-Pacific gauge declined 0.5%, dragged by chipmakers Taiwan Semiconductor Manufacturing Co. and SK Hynix Inc. A gauge of Chinese tech stocks fell more than 2% in Hong Kong. Nvidia slumped more than 8% in post-market trading following a sales forecast that disappointed some on Wall Street.

Treasury 10-year yields steadied after rising one basis point to 3.84% in the previous session. The dollar edged lower after gaining broadly amid speculation investors were buying the US currency for portfolio re-balancing. The New Zealand dollar strengthened after the country’s business confidence jumped to a 10-year high.

Later Thursday, investors will shift focus to key US data including a growth reading, personal consumption and weekly jobless claims to help firm bets the Federal Reserve will quickly ease policy this year. Fed Bank of Atlanta President Raphael Bostic said it “may be time to cut” but he’s still looking for additional data to support lowering interest rates next month.

The week before Minnesota Gov. Tim Walz was picked by Democratic presidential nominee Kamala Harris to be her running mate, he visited Vikings training camp and made a glowing 11-win prediction for his favorite team in that other fall season that will dominate American attention this year.

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