Investing.com - Asian Pacific shares are witnessing an upbeat start to the week, despite a slump in the US market on Friday, largely driven by a decline in technology stocks.
By 10:40 am AEST (12:40 am GMT), the ASX 200, KOSPI 200, and Nikkei 225 added 1.4%, 0.8%, and 0.6%, respectively.
The past week in the US saw the NASDAQ Composite drop by 5.5%, the S&P 500 lose 3%, while the Dow Jones Industrial Average remained flat, despite a 0.6% gain on Friday.
Among the companies reporting their earnings, Netflix Inc (NASDAQ:NFLX) outperformed its first-quarter earnings expectations and exceeded its subscriber growth estimates. However, the streaming behemoth's shares fell by 9.1% after its second-quarter revenue guidance fell short of analysts' predictions. Netflix also announced its plans to cease providing quarterly membership data and average revenue per member, a metric that has traditionally been of great interest to investors.
Shares of Super Micro Computer Inc (NASDAQ:SMCI), an artificial intelligence hardware company, plummeted by 23% after the company seemingly decided not to pre-announce its fiscal third-quarter earnings. On the other hand, Paramount Global shares leapt by 13% following rumours of Sony's movie studio division potentially joining a bid for Paramount.
American Express Company (NYSE:AXP) increased by 6.2% following a reported rise in the company's first-quarter profit and revenue, driven by increased spending by its predominantly affluent cardmembers.
Trump Media & Technology Group Corp (NASDAQ:DJT) saw a 9.6% rise in its shares. The parent company of the Truth Social platform claimed that its stock could be the target of illegal short selling practices.
Tesla (NASDAQ:TSLA)'s shares dipped by 1.9% following the National Highway Traffic Safety Administration's announcement of a recall of 3,878 Cybertruck vehicles due to an accelerator pedal issue.
Schlumberger NV (NYSE:SLB), the world's largest oil-services company, saw its shares decline by 2.1% despite reporting first-quarter adjusted earnings that met analysts' expectations and revenue that exceeded forecasts.
In the commodities market, Brent crude oil and gold saw modest increases of 0.2% and 0.5%, respectively. Meanwhile, in local bond markets, the yield on Australian 2 Year government bonds fell to 3.87%, and the 10 Year yield also declined to 4.25%. US Treasury notes remained steady, with the 2 Year yield at 4.99% and the 10 Year yield at 4.62%.
Chinese shares closed lower due to risk-off sentiment following Israel's retaliatory strike against Iran. The Shanghai Composite Index fell by 0.3%, the Shenzhen Composite Index dropped by 0.7%, and the ChiNext Price Index declined by 1.8%.
Hong Kong's Hang Seng Index closed 1.0% lower at 16224.14, while Japan's Nikkei Stock Average ended 2.7% lower at 37068.35, marking its biggest percentage drop since September 2022.
Indian shares reversed their earlier losses to close higher, with the Sensex ending 0.8% higher at 73088.33.
European shares ended the week mostly flat, with the pan-European Stoxx Europe 600 down 0.1% to 499.29, France's CAC 40 steady at 8,022.41, and Germany's DAX losing 0.6% to 17,737.36. The UK's FTSE 100 closed up 0.2% to finish at 7,895.85.