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In
Asia, Japan's benchmark Nikkei 225 dipped 1.7% to finish at
51,497.20 following a national holiday on Monday.
"Japan market continues to pivot from mean reversion to
momentum, with AI/semis driving gains through steep valuation
rerating," said Shrikant Kale, strategist at Jefferies Hong
Kong.
Australia's S&P/ASX 200 shed 0.9% to 8,813.70. South Korea's
Kospi dipped 2.4% to 4,121.74, reversing after a rally took it
to record highs in recent days.
Hong Kong's Hang Seng erased earlier gains to fall 0.8% to
25,952.40, while the Shanghai Composite lost 0.4% to 3,960.19.
Gains for Nvidia, Amazon and other AI superstars have been
pronounced lately on Wall Street. But companies across the U.S.
stock market will need to hit expectations for growth in profit
to justify the big gains for their stock prices since April.
Criticism has been rising that the broad U.S. market, and AI
stocks in particular, have become too expensive and could be
inflating into a dangerous bubble similar to the 2000 dot-com
bust.
For the most part, companies have been meeting the high
expectations for profits. Four out of every five companies in
the S&P 500 have topped analysts’ forecasts so far this
reporting season, according to FactSet.
In other dealings early Tuesday, U.S. benchmark crude fell 63
cents to $60.42 a barrel. Brent crude, the international
standard, declined 67 cents to $64.22 a barrel.
The U.S. dollar slipped to 153.61 Japanese yen from 154.21 yen.
The euro cost $1.1524, inching down from $1.1525.
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