Investing.com - APAC markets started off on a low note on Thursday, despite a tech-driven rally in the Nasdaq overnight.
By 10:50 am AEST (12:50 am GMT) the S&P/ASX 200, KOSPI 200, and Nikkei 225 each recorded losses between 1% and 1.6%.
In the US, technology giants led the way, pushing the NASDAQ Composite up for a second consecutive session. Amazon.com Inc (NASDAQ:AMZN) rose 3.9% to a record high, pushing its market value past $2 trillion. Apple Inc (NASDAQ:AAPL) and Meta Platforms Inc (NASDAQ:META) also posted gains of 2% and 0.5% respectively.
This resulted in a 0.5% increase in the Nasdaq, while the S&P 500 and the Dow Jones Industrial Average posted modest gains of 0.2% and less than 0.1% respectively.
Despite the market's calm demeanor, the S&P 500 has yet to record a one-day decline of at least 2% in 338 days, marking the longest stretch since 2018. Investors are keenly waiting for data on spending and inflation later this week for insights into the pace of price increases.
In corporate news, FedEx Corporation (NYSE:FDX) soared more than 15% following a stronger-than-expected revenue report. Rivian Automotive Inc (NASDAQ:RIVN) also surged over 20% after Volkswagen (ETR:VOWG_p) announced plans to invest up to $5 billion in the EV maker.
In commodities, Brent crude oil inched up 0.2% to US$85.16 a barrel, while gold dipped 0.9% to US$2,298.23.
Chinese stocks ended higher, with the Shanghai Composite Index and the Shenzhen Composite Index posting gains of 0.8% and 2.0% respectively. Hong Kong's Hang Seng Index also edged 0.1% higher to close at 18,089.93.
Japanese shares ended higher, led by chip and other electronics stocks, with the Nikkei Stock Average rising 1.3% to 39,667.07. Indian shares also ended higher, with the benchmark Sensex Index ending 0.8% higher at 78,674.25.
In Europe, however, stocks slipped with the FTSE 100 Index declining 0.3% to 8,225.33. The STOXX Europe 600 Index, Germany's DAX, and France's CAC 40 also closed lower.