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Stock market today: Asian benchmarks mostly slide as investors focus on earnings

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Japanese Yen,Bank Of Japan,Japan

TOKYO (AP) — Asian shares mostly declined Thursday as investors awaited a flood of global earnings reports, including updates from U.S. tech companies known ...

TOKYO — 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.”

The yen has been trading at 155 yen-levels lately, its lowest level in 34 years. That helps Japanese exporters by raising the value of their overseas earnings, but it also raises the price of imports. Speculation has been growing Japan may intervene to prop up the yen. Tesla is the first of the group of stocks among the Magnificent Seven to report its results for the start of 2024. The focus is on the small group of stocks because they drove most of the U.S. stock market’s gain last year, and they’ll need to perform to justify their high prices.Meta Platforms also reported its latest results after trading ended Wednesday. Alphabet and Microsoft will follow it a day later.

A report Wednesday said orders for machinery, airplanes and other long-lasting manufactured goods were stronger last month than expected. A recent. The company, which is battling criticism about the safety of its airplanes, said it’s taking steps to improve its manufacturing quality, which has slowed down production.

Texas Instruments climbed 5.6% after reporting stronger profit and revenue for the latest quarter than forecast. Boston Scientific was another one of the stronger forces pushing upward on the S&P 500. It rose 5.7% after topping forecasts for profit and revenue.

 

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