Stock market today: Global stocks mostly fall as Nvidia weighs on Wall Street

TOKYO — Global stocks were mostly lower on Friday after a pullback on Wall Street, where a drop in Nvidia shares dragged shares lower.

France’s CAC 40 fell 0.1% to 7,661.64 and Germany’s DAX fell nearly 0.2% to 18,227.44. Britain’s FTSE 100 fell 0.3% to 8,251.91.

Futures for the Dow Jones Industrial Average were 0.1% lower while those for the S&The P 500 slipped 0.2%.

Japan’s benchmark Nikkei 225 ended little changed, falling less than 0.1% to 38,596.47, after the government reported that the inflation rate rose for the first time in three months to 2.5% in May, from 2.2% in April.

«We will have another month of data before the Bank of Japan’s next meeting, which will be closely watched to determine whether markets are moving forward in favor of a possible rate hike in September this year. year,» said Yeap Jun Rong. market analyst at IG.

The Japanese yen was trading near 34-year lows against the US dollar at 158.88, compared with 158.92 late Thursday.

The US Treasury put Japan on its watch list for possible manipulation of its currency on Thursday, although its annual report concluded that no major trading partner had engaged in distorting its currency to claim an advantage.

The dollar has remained strong against many other currencies in recent years as the Federal Reserve raised interest rates to try to beat inflation. With Japan’s benchmark interest rate close to zero, the gap has hurt the yen against the dollar in a trend that has actually raised concerns in Tokyo over exchange rate volatility.

China’s central bank has sought to shore up the yuan’s weakness by setting its value higher than expected. The yuan’s parity rate was set at 7.1196 against the US dollar. It settled at 7.1192 on Thursday. Traders expected it to fall further.

The central parity rate is based on a weighted average of the prices offered by market makers before the interbank market opens each business day.

Chinese technology-related shares lost ground after Nvidia’s overnight decline, with Hong Kong’s Hang Seng falling 1.7% to 18,028.52 while the Shanghai Composite fell 0.2% to 2,998.14.

S of Australia&The P/ASX 200 rose 0.3% to 7,796.00. South Korea’s Kospi lost 0.8% to 2,784.26.

On Thursday, S&The P 500 fell 0.3% on Thursday from its all-time high before Wednesday’s holiday for financial markets. The Nasdaq composite also retreated from its record high, falling 0.8%. The Dow Jones Industrial Average beat the market with a gain of 0.8%.

Nvidia gave up an early gain and fell 3.5% to put an eight-week winning streak in jeopardy. The company’s computer chips are helping to power the move to AI, which proponents see as producing explosive growth in productivity and profits, and is already up 164% this year after more than tripling last year.

In other early Friday deals, U.S. benchmark crude fell 6 cents to $81.23 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international benchmark, fell 11 cents to $85.60 a barrel.

The euro fell to $1.0687 from $1.0702.