ASX set to edge higher as Wall Street slides

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The two-year Treasury yield, which more closely follows expectations for the Fed’s upcoming moves, slipped to 4.23 per cent from 4.27 per cent late Wednesday and from 4.37 per cent two days ago.

Treasury yields are still higher than they were last autumn, though. And higher yields can put downward pressure on stock prices, unless companies deliver higher profits to make up for it.

On Wall Street, Morgan Stanley climbed 4 per cent after reporting stronger earnings for the latest quarter than analysts expected. CEO Ted Pick said investment banking improved in the quarter. Strong financial markets also helped its total client assets grow to $US7.9 trillion ($12.7 trillion) across its wealth and investment management businesses.

It followed stronger-than-expected profit reports from a bevy of banks the day before, including Citigroup, Goldman Sachs and Wells Fargo.

Bank of America also delivered a profit report on Thursday that beat expectations, but its stock was more subdued. It fell 1 per cent.

US Bancorp, meanwhile, fell to one of the worst losses in the S&P 500 after reporting results for the latest quarter that fell short of analysts’ expectations. It dropped 5.6 per cent.

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The only stock to lose more in the index was UnitedHealth Group, which tumbled 6 per cent. The insurer reported a stronger profit than expected, but its revenue for the latest quarter came up shy of forecasts. A rise in medical costs surprised analysts.

It was the company’s first financial report since the shooting of one of its executives outside a New York City hotel early last month.

Another weight on the market was Tesla, which fell 3.4 per cent on news it is offering discounts on its Cybertruck, the latest sign that Elon Musk’s company is struggling to attract buyers as sales of its electric vehicle models drop for the first time in a dozen years.

All told, the S&P 500 slipped 12.57 points to 5,937.34. The Dow dipped 68.42 to 43,153.13, and the Nasdaq composite sank 172.94 to 19,338.29.

In stock markets abroad, indexes rose across much of Europe and Asia. France’s CAC 40 jumped 2.1 per cent, South Korea’s Kospi gained 1.2 per cent and Hong Kong’s Hang Seng rose 1.2 per cent for some of the bigger gains.

Taiwan computer chip maker Taiwan Semiconductor reported Thursday that its profit in the last quarter jumped 57 per cent. The world’s biggest semiconductor manufacturer — which has found itself in the middle of a trade and technology rift between the US and China — said it results were propelled by the artificial intelligence boom.

Its stock that trades in the United States rose 3.9 per cent.

AP

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