Nikkei 225, Kospi, Hang Seng Index
Electronic stock board inside the Kabuto One building in Tokyo, Japan, on Tuesday, Jan. 28, 2025.
Toru Hanai | Bloomberg | Getty Images
Asia-Pacific markets opened mixed on Wednesday after Wall Street fell overnight as investors evaluated the latest developments regarding OPEC as well as a report pointing to weakness in OpenAI.
The United Arab Emirates will exit OPEC on May 1, dealing a major blow to the cartel that coordinates the production of many of the world’s largest oil producers, especially those in the Middle East.
Optimism for tech stocks takes a hit The Wall Street Journal reported OpenAI’s revenue and new user growth appeared to be below its own targets. The report noted that CFO Sarah Friar told company management that she was concerned that OpenAI might not be able to pay computing contracts in the future if its top line did not expand quickly enough.
South Korea’s Kospi index was down 0.39%, while the small-cap Kosdaq traded flat. in Australia, S&P/ASX 200 It fell by 0.28 percent.
of hong kong Hang Seng index Futures were at 25,762 compared to the index’s last close of 25,679.78.
Japanese markets were closed for a holiday.
S&P 500 futures rose 0.1%, while Nasdaq 100 futures rose 0.2%. Futures tied to the Dow Jones Industrial Average rose 63 points, or 0.1%.
Overnight in the US, the S&P 500 fell on Tuesday, driven by the OpenAI report as well as the rise in oil prices. Investors are awaiting quarterly earnings for four of the “Magnificent Seven” stocks, as well as the outcome of Jerome Powell’s final policy meeting as chairman of the Federal Reserve.
The broad market index closed at 7,138.80 points, down 0.49%, while the tech-heavy Nasdaq Composite closed at 24,663.80 points, down 0.9%. The Dow Jones Industrial Average lost 25.86 points, or 0.05%, to settle at 49,141.93.
