Asia-Pacific markets mostly fell Wednesday, tracking Wall Street losses after a sell-off in U.S. technology stocks weighed on sentiment, while gold extended gains for a second day. Japan’s Nikkei 225 lost 1.2%, dragged by tech stocks. Among the biggest losers on the index were chip equipment maker Lasertec, which plunged 7%, and game maker Konami Group, which lost 5.8%. Japanese semiconductor equipment powerhouse Tokyo Electron also declined 3.2%. The Topix declined 0.39%. Australia’s S&P/ASX 200 reversed course and rose 0.45%. South Korea’s Kospi advanced 0.4%, while the small-cap Kosdaq added 1.01%.
The S&P 500 pulled back as investors dumped technology stocks and moved into shares more broadly linked to improvements in the economy. The broad market index fell 0.84% and closed at 6,917.81. The Dow Jones Industrial Average dipped 166.67 points, or 0.34%, to end at 49,240.99. Earlier, the 30-stock index rose as much as 0.5% to touch 49,653.13, a new record. The Nasdaq Composite shed 1.43%, settling at 23,255.19. Most tech shares were in the red, including most of the “Magnificent Seven” names that have reported earnings so far — Microsoft and Meta Platforms were both down more than 2%, while Apple was marginally lower. Nvidia also slumped, with the artificial intelligence bellwether’s nearly 3% drop adding to its losses for the year.
Gold climbed back above the key $5,000 per ounce level on Wednesday, building on a more than 6% surge in the previous session, the biggest daily gain since 2008, as dip buyers stepped in following a sharp pullback earlier in the week. Geopolitical tensions also lifted the metal’s safe-haven appeal after US forces downed an Iranian drone near an aircraft carrier in the Arabian Sea, although President Donald Trump said diplomacy remains active, with the White House confirming US-Iran talks are still scheduled for Friday. Meanwhile, expectations for rapid Federal Reserve rate cuts eased after Trump nominated Kevin Warsh as Fed chair, though markets still price in two cuts this year, likely around mid-year and later in 2026. Separately, key US labor data, including JOLTS and the monthly jobs report, will be delayed by the partial government shutdown, while House Republicans are set to vote Tuesday on a Senate-approved funding package.
WTI crude oil futures climbed toward $64 per barrel on Wednesday, extending gains from the previous session as geopolitical tensions resurfaced after the US downed an Iranian drone near a US aircraft carrier in the Arabian Sea. The incident unsettled energy markets, though President Donald Trump emphasized that diplomatic channels remain open, with the White House confirming US-Iran talks are still scheduled for Friday. Adding to tensions, Iranian vessels challenged a US-flagged oil tanker transiting the Strait of Hormuz, with US Central Command saying the IRGC harassed the Stena Imperative.
Federal Reserve Governor Stephen Miran has stepped down from his position as chair of the Council of Economic Advisers, CNBC has confirmed. Miran joined the Trump administration’s Council of Economic Advisers in January 2025. He had been on leave from this post since September 2025 — when he became a member of the Federal Reserve Board of Governors. Miran was appointed in September to fill the unexpired term of Biden-appointee former Fed Governor Adriana Kugler, who resigned abruptly in August. At the time, Miran said he expected to fill out Kugler’s term, which expired Jan. 31, then return to his CEA post.
The U.S. military on Tuesday shot down an Iranian drone that flew toward the USS Abraham Lincoln in the Arabian Sea, according to U.S. Central Command. The incident occurred as tensions in the Middle East are high, with President Donald Trump weighing potential military strikes against the Islamic Republic. The Shahed-139 drone “aggressively approached” the aircraft carrier with “unclear intent,” U.S. Central Command spokesman Capt. Tim Hawkins told CNBC in a statement. The Abraham Lincoln was about 500 miles from Iran’s southern coast when the unmanned aircraft “unnecessarily maneuvered” toward the ship, Hawkins said. U.S. forces were operating in international waters and took de-escalatory measures, but the drone continued to fly toward the aircraft carrier, he said.
China plans to send a delegation to India’s upcoming AI summit in the latest sign of improving ties between the two neighbours, CNBC has learned. A vice minister from China’s Ministry of Science and Technology will lead the delegation, said George Chen, partner and co-chair of digital practice at consultancy The Asia Group, citing conversations with his government contacts. He added that the Indian embassy in Beijing had reached out to China to arrange the visas. The Asia Group frequently engages with Chinese policymakers about AI regulatory development. It’s the first public confirmation that China will attend the event in New Delhi, scheduled for Feb. 16 to 20. Chinese state media in late December had cited Indian media as saying that New Delhi had extended an official invitation to Beijing to attend the AI Impact Summit.
President Donald Trump on Tuesday signed a bill into law to reopen most of the government, officially ending a partial shutdown that began last weekend. The House of Representatives narrowly passed the bill 217-214 earlier in the day after the Senate approved it last week. Much of the government has been shuttered since Saturday morning. The bill provides funding for the departments of Defense, Treasury, State, Health and Human Services, Labor, Housing and Urban Development, Transportation, and Education through the remainder of the fiscal year on Sept. 30. It also provides two weeks of stopgap funding for the Department of Homeland Security after the Senate stripped full-year funding for the agency in response to the killings of two U.S. citizens by federal immigration officers. The Tuesday vote in the House was bipartisan. Before the vote, the lead Democratic negotiator on the spending bills, Rep. Rosa DeLauro of Connecticut, urged members of her party to support it.
Advanced Micro Devices reported fourth-quarter earnings that topped expectations, but the company’s first-quarter forecast fell short of what some analysts were expecting amid an AI spending boom. The stock fell Tuesday as much as 8% in extended trading. For the first quarter, AMD said it expects $9.8 billion in revenue, plus or minus $300 million, versus expectations of $9.38 billion. Some analysts, however, were expecting AMD to provide stronger guidance as customers continue to ramp up spending for the chips necessary to power AI models. Net income climbed to $1.51 billion, or 92 cents per share, versus $482 million, or 29 cents per share, in the year-ago period. AMD’s overall revenue was up 34% on an annual basis.
Novo Nordisk’s U.S. shares plummeted Tuesday after the company said it sees sales and profit growth declining this year, hit by lower prices in the U.S. and loss of exclusivity for its blockbuster Wegovy and Ozempic in China, Brazil and Canada. Novo’s American depositary shares fell as much as 14% in afternoon trading, after a trading halt. The results were published after the closing bell in Copenhagen, where the company has its primary listing, and ahead of the scheduled release early Wednesday. For 2026, the drugmaker sees sales and operating profit both declining between 5% and 13% at constant exchange rates, far worse than analysts had expected. It comes as the Danish drugmaker is fighting to regain its footing in the weight-loss space amid fierce competition.
Enphase Energy, Inc. reported better-than-expected fourth quarter results on Tuesday, with both earnings and revenue surpassing analyst estimates, sending shares up 5.5% in after-hours trading. The global energy technology company posted adjusted earnings per share of $0.71, significantly beating the analyst consensus of $0.58. Revenue came in at $343.3 million, slightly above the $341.3 million analysts had expected, though down 10.3% compared to the $382.7 million reported in the same quarter last year. The company also issued an optimistic revenue forecast for the first quarter of 2026. Enphase’s stock jumped more than 20% in extended trading as investors responded positively to the earnings beat and strong guidance. The company projected first quarter 2026 revenue between $270 million and $300 million, exceeding analyst expectations of $262.4 million.
Nvidia is nearing a deal to invest roughly $20 billion in OpenAI as part of its latest funding round, a person familiar with the matter told Reuters on Tuesday. ChatGPT maker OpenAI is looking to raise up to $100 billion in its latest funding round, valuing it at about $830 billion, Reuters had reported last week. Companies including Amazon and SoftBank Group Corp are racing to forge partnerships with OpenAI, betting that closer ties with the artificial-intelligence startup would give them a competitive edge in the AI race. The Nvidia-OpenAI deal is not finalised yet, the source said. Bloomberg News reported earlier in the day that Nvidia was nearing a deal with OpenAI. The news comes days after the Wall Street Journal reported that Nvidia’s September plan to invest $100 billion in OpenAI and supply it with data center chips had stalled after the chipmaker expressed doubts about the deal.