Asia-Pacific markets traded mixed on Wednesday after Wall Street fell overnight as investors assessed the latest developments regarding 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 didn’t grow fast enough, the company might not be able to pay for future computing contracts.
South Korea’s Kospi rose 0.75% to close at 6,690.9, while the small-cap Kosdaq rose 39% to 1,220.26. In Australia, S&P/ASX 200 The number of cases decreased by 0.27% to 8,687 cases.
hong kong Hang Seng Index It rose 1.2% in the final hour of trading, while mainland China’s CSI300 index rose 1.1% to close at 4,810.35.
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.
