NEW YORK (AP) — U.S. stocks are quiet as Wall Street gears up for what may be the biggest event left on its calendar this year, the earnings report from superstar stock Nvidia after the close. The S&P 500 was flat in early trading Wednesday. The Dow Jones Industrial Average was up 74 points, or 0.2%, while the Nasdaq composite slipped 0.1%. Williams-Sonoma soared after delivering better profit and revenue than expected. Target fell sharply after delivering results that fell short of analysts’ expectations. Target also gave a weaker-than-expected forecast for the holiday season. Treasury yields edged higher in the bond market.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
HONG KONG (AP) — World stocks were mixed on Wednesday, despite gains on Wall Street, as worries mounted over escalations in the Russia-Ukraine war.
On Tuesday, Ukraine fired several American-supplied longer-range missiles into Russia, according to the official, marking the first such use in nearly 1,000 days of war. On the same day, Russian President Vladimir Putin formally lowered the threshold for Russia’s use of its nuclear weapons.
Britain’s FTSE 100 rose 0.1% to 8,108.45 after the Office for National Statistics reported the inflation rate picked up to 2.3% in October, a sharp increase from the 1.7% rise recorded in September. Germany’s DAX added 0.6% to 19,173.08, while the CAC 40 in Paris was up 0.5% to 7,268.87.
The futures for the S&P 500 and the Dow Jones Industrial Average were up 0.3%.
In Japan, the Nikkei 225 slipped 0.2% to 38,352.34 after the Finance Ministry reported the country recorded a trade deficit in October, for a fourth straight month. Exports rose 3.1% from a year earlier as a weak yen and the rising price of energy kept import costs high. A trade deficit occurs when the country is importing more goods and services than it is exporting.
Shares of Seven & i Holdings Co., the company that owns over 80,000 7-Eleven convenience stores worldwide, soared 8.4% on Wednesday after local media reported that the founding family plans to raise over 8 trillion yen ($51.66 billion) to take the company private within this financial year.
China's central bank announced it will keep its benchmark lending rates unchanged after it cut its one-year lending rate to 3.1% in October. Hong Kong’s Hang Seng edged 0.2% higher to 19,705.01, and the Shanghai Composite gained 0.7% to 3,367.99.
Australia’s S&P/ASX 200 dipped 0.6% to 8,326.30. South Korea’s Kospi added 0.4% to 2,482.29.
On Tuesday, the S&P 500 rose 0.4% to 5,916.98 after erasing an early drop of 0.7%. The Nasdaq composite also shook off an early loss to turn 1% higher to 18,987.47, while the Dow Jones Industrial Average slipped 0.3% to 43,268.94.
Nvidia’s 4.9% climb accounted for most of the index’s gain. The chip company’s stock rallied ahead of its profit report for the latest quarter, which is coming later Wednesday, and vaulted its gain for the year to nearly 197% thanks to the craze around artificial-intelligence technology.
The worries on the Ukraine-Russia conflict sent investors into U.S. Treasury bonds, which are seen as some of the world’s safest investments. The rise in their prices in turn lowered their yields, and the 10-year Treasury yield fell to 4.39% from 4.41% late Monday.
Gold also rose 0.6% and recovered some of the losses it sustained following Donald Trump’s victory in the U.S. presidential election, as investors herded into places traditionally considered safer during times of trouble.
Walmart climbed 3% after topping forecasts for both profit and revenue. The nation’s biggest retailer said it saw broad-based strength across its categories, including sales made both online and in stores. It also said it served more upper-income households, while raising its forecasts for sales and profit for the full year.
Lowe’s likewise delivered bigger profit and revenue for the latest quarter than analysts expected, but its stock nevertheless dropped 4.6%. A report in the morning said construction crews broke ground on fewer new homes last month than economists expected, and rival Home Depot slipped 0.9%.
Other big companies set to report their latest quarterly results this week include Target on Wednesday and Deere & Co. on Thursday.
In other dealings early Wednesday, benchmark U.S. crude oil edged 30 cents higher to $69.54 per barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, added 25 cents to $73.56 per barrel.
The dollar rose to 155.63 Japanese yen from 154.54 yen. The euro slipped to $1.0574 from $1.0598.
Zimo Zhong, The Associated Press
