A currency trader at KEB Hana Bank headquarters in Seoul, South Korea, monitored the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between the U.S. dollar and South Korean won. Meanwhile, Asian shares faced declines as investors exercised caution ahead of central bank meetings by major institutions like the Federal Reserve, Bank of England, and Bank of Japan.
In Japan, the Nikkei 225 and Australia’s S&P/ASX 200 experienced losses, while South Korea’s Kospi, Hong Kong’s Hang Seng, and the Shanghai Composite also saw declines. The government in Japan reported a slight improvement in the nation's unemployment rate for June, marking the first positive change in five months.
On Wall Street, the S&P 500, Dow Jones Industrial Average, and Nasdaq composite showed mixed results, with ON Semiconductor and McDonald’s influencing market movements. The upcoming week is significant for Wall Street as influential companies like Microsoft, Meta Platforms, Apple, and Amazon are scheduled to release their earnings reports, impacting stock movements.
Despite the dominance of Big Tech stocks in driving market highs due to AI technology excitement, recent underwhelming profit reports from Tesla and Alphabet have raised concerns about the sector's continued performance. This shift has led to a focus on other market segments, with expectations of interest rate cuts boosting smaller stocks and supporting the stock market amidst uncertainties in the tech industry.