Electronic stock board inside the Kabutowan Building in Tokyo, Tuesday, January 28, 2025.
Toru Hanai | Bloomberg | Getty Images
Asia-Pacific markets opened mixed on Wednesday after Wall Street fell overnight as investors weighed the latest developments on OPEC and a report pointing to weakness in OpenAI.
The United Arab Emirates will leave OPEC on May 1, dealing a major blow to the cartels that coordinate production among many of the world’s biggest oil producers, especially those in the Middle East.
Optimism for tech stocks took a hit after the Wall Street Journal reported that OpenAI’s revenue and new user growth fell short of the company’s targets. The report added that CFO Sarah Fryer told company executives that she was concerned that if OpenAI’s revenue doesn’t grow fast enough, the company may not be able to pay for its computing contracts in the future.
South Korea’s Kospi fell 0.39%, and the small-cap Kosdaq traded flat. In Australia, S&P/ASX 200 It fell by 0.28%.
hong kong Hang Seng Index CSI 300 was flat but increased by 0.95%.
Japanese markets were closed due to the holiday.
S&P 500 futures rose 0.1% and Nasdaq 100 futures rose 0.2%. Futures, which track the Dow Jones Industrial Average, rose 63 points, or 0.1%.
In the US, the S&P 500 fell on Tuesday, weighed down by reports on OpenAI and rising oil prices. Traders are awaiting quarterly results for four of the Magnificent Seven stocks and the conclusion of what could be Jerome Powell’s last policy meeting as Federal Reserve chairman.
The broader market index fell 0.49% to end at 7,138.80, while the tech-heavy Nasdaq Composite Index fell 0.9% to end at 24,663.80. The Dow Jones Industrial Average fell 25.86 points, or 0.05%, to settle at 49,141.93.
