Stock Market Today: Asian Shares Are Mixed As Investors Weigh Weakness In The Tech Sector

BANGKOK (AP) — Stocks were mixed in Asia on Friday after a recent Wall Street rally was wiped out, with Tesla, Netflix and other big tech-focused companies falling sharply.

Hong Kong, Seoul and Bangkok advanced, while Tokyo, Shanghai and Sydney lagged behind. US futures rose and so did oil prices.

After Taiwan's Taiex fell 0.8%, TSMC, the world's largest chip maker, said sales would fall 10% this year due to weak demand. The company also said it won't be able to produce at a plant under construction in Arizona until 2024. TSMC shares fell 3.1%.

Japan reported that consumer price inflation rose to 3.3% from 3.2% in June, but mainly due to higher electricity tariffs. Excluding volatile costs of fuel and food, price increases have moderated. It eases pressure on the central bank to tighten monetary policy, which has been ongoing for more than a decade to combat sluggish economic growth.

Tokyo's Nikkei 225 index lost 0.4% to 32,351.56, while S The P/ASX 200 index was down 0.2% at 7,307.80. The Shanghai Composite Index fell 0.2% to 3,162.37 points.

In Seoul, the Kospi added 0.1% to 2,603.66 points, while Hong Kong's Hang Seng gained 0.5% to 19,029.45. Thailand's SET rose 0.4%.

Come to Wall Street on Thursday The P 500 fell 0.7% to 4,534.87, while the Nasdaq lost 2.1%, its biggest decline in more than four months. It closed at 14,063.31.

The Dow rose 0.5% to 35,225.18 as it included lower tech stocks.

Thursday's report showed the job market remained surprisingly strong. Fewer-than-expected workers filed for unemployment benefits last week, suggesting the level of layoffs is not worsening.

A strong labor market has helped the U.S. economy continue spending despite much higher interest rates to control inflation, keeping the economy out of a long-anticipated recession.

Investors who are hemmed in by the risks of a too-hot or too-cold economy and recession appear to be moving away as expectations of a "soft landing" in the economy grow, Stephen Innes of SPI Asset Management said in a comment.

"So at this point, investors are probably waiting for more evidence of soft landing dynamics," he said.

Tesla fell 9.7% despite reporting better-than-expected revenue and earnings for the spring. Analysts say investors may be worried about the company's profitability after it slashed prices for electric cars.

Tesla is one of Wall Street's most valuable companies, so its stock moves carry extra weight.

Netflix fell 8.4% despite better-than-expected earnings. An important measure for the company, its revenue from paid memberships fell on average in the quarter compared to last year.

Big tech stocks have risen this year, S Huge profit and 500. Netflix is ​​up 48% YTD, and Tesla is up more than double.

Nvidia is down 3.3%, though it's still up 211.5% year-to-date.

Elsewhere on Wall Street, firms reported mixed results.

Zions Bancorp. It rose 10% last quarter after reporting better-than-expected revenue and profit. Shares of Tryst Financial fell 7.1% after reporting weaker-than-expected earnings.

The banks have come under scrutiny after three failed this year due to high interest rates.

The biggest loss The P 500 was led by Discover Financial, which fell 15.9%. Its latest quarterly results missed forecasts and showed it is working with regulators to resolve a 2007 accounting error that misclassified some credit card accounts. It also said it was suspending the share buyback pending an internal review.

Johnson & Johnson helped the Dow rise 6.1% after reporting better-than-expected revenue and profit in the latest quarter. It also raised its forecast for full-year financial results.

In other trading Friday, benchmark U.S. crude rose 63 cents to $76.28 a barrel in electronic trading on the New York Mercantile Exchange. It rose 36 cents to $75.65 on Thursday.

International trade benchmark Brent crude rose 62 cents to $80.26 a barrel.

The US dollar rose to 140.22 Japanese yen from 140.07 yen The euro strengthened to $1.1138 from $1.1130.

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AP Business Columnist Stan Chow contributed.

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