Asian markets showed mixed results on Friday amid holiday-thinned trading, with oil prices retreating from recent highs. The Nikkei 225 in Tokyo dropped 0.8% to 68,512.30, while the Shanghai Composite fell 1.4% to 3,758.47. Hong Kong’s Hang Seng bucked the trend, rising 1.1% to 24,046.79. Investors are awaiting China’s upcoming economic growth figures next week. Australia’s S&P/ASX 200 gained 0.6%, and markets in South Korea and Taiwan were closed.
U.S. stocks had a volatile day on Thursday, with the S&P 500 declining 0.5% for the second consecutive session after hitting a record high earlier in the week. The Dow Jones Industrial Average edged up 0.1%, while the Nasdaq composite fell 1.3%, led by losses in technology stocks. Steven Innes of SPI Asset Management noted that equities remain near record highs, but market conditions have become less favorable.
Oil prices fluctuated sharply, with Brent crude initially surging to nearly $106 before falling to $103.28 after U.S. President Donald Trump mentioned productive discussions with Iran. U.S. benchmark crude also dropped 0.9% to $90.23. Bond yields remained elevated, with the 10-year Treasury yield falling to 5.23% after an auction of 30-year Treasuries reduced the yield to 5.60%. Rising U.S. federal debt levels have added pressure to the market.
In individual stock movements, PepsiCo rose 3.7% after strong quarterly earnings, but declines in Nvidia, Broadcom, and Micron Technology weighed on the market. Nvidia, a leader in artificial-intelligence technology, fell 2.9%, exerting significant downward pressure on the S&P 500. Innes observed that the AI-driven momentum trade is becoming more challenging as investors demand stronger growth justifications.