Stock Market Today: Global Shares Decline, Nasdaq Hits Record

Tokyo, May 21 (AP) Global shares retreated Tuesday, even as most US stock indexes finished higher, especially technology issues like Nvidia.

France's CAC 40 lost 0.7 per cent in early trading to 8,137.16, while Germany's DAX declined 0.3 per cent to 18,704.35. Britain's FTSE 100 fell nearly 0.4 per cent to 8,393.84.

The future for the Dow Jones Industrial Average inched down less than 0.1 per cent and the S&P 500 future was virtually unchanged.

In Asian trading, Japan's benchmark Nikkei 225 fell 0.3 per cent to 38,946.93. Australia's S&P/ASX 200 lost 0.2 per cent to 7,851.70. South Korea's Kospi fell 0.7 per cent to 2,724.18. Hong Kong's Hang Seng dove 2.1 per cent to 19,220.62, while the Shanghai Composite shed 0.4 per cent to 3,157.97.

In Asia, investors are focused on signs about the health of Chinese economy. S&P Global Market Intelligence raised this year's growth forecast to 4.8 per cent from 4.7 per cent in April, but stressed it was not overly optimistic.

“The overall outlook of a tepid economic recovery remains unchanged, with the expansion supported by enhanced policy stimulus, strengthening external demand and gradually improving private-sector confidence,” it said in a report.

Hopes are growing that the Federal Reserve will be able to cut interest rates this year as inflation cools. More reports showing big US companies are earning fatter profits than expected also boosted stock prices.

This week has few top-tier economic reports, like last week's headliner that showed inflation may finally be heading back in the right direction following a discouraging start to the year. But some potentially market-moving reports on corporate profits are on the calendar.

Atop them all is Nvidia, whose rocket ride amid a frenzy around artificial-intelligence technology has been a major reason for the S&P 500's gains over the last year. It will report its latest quarterly results on Wednesday, and expectations are high. Analysts are forecasting its revenue more than tripled to USD 24.59 billion from a year earlier.

Its stock climbed 2.5 per cent to bring its gain for the year so far to 91.4 per cent.

On Wednesday, the Federal Reserve will release the minutes from its latest meeting, where it again held its main interest rate at the highest level in more than two decades.

In other trading, benchmark US crude fell 87 cents to USD 78.93 a barrel. Brent crude the international standard declined 64 cents to USD 83.07 a barrel.

The US dollar edged down to 156.15 Japanese yen from 156.27 yen. The euro cost USD 1.0864, up from USD 1.0861.