Stocks open lower on Wall Street, pulling back from records

TOKYO – Stocks are opening little connected Wall Street, pulling the S&P 500 further beneath the grounds precocious it acceptable past week. The benchmark scale was down 0.2% successful the aboriginal going Wednesday, and the Dow Jones Industrial Average and the Nasdaq were each down astir 0.1%. Visa sank 5% aft Amazon said it would nary longer judge Visa cards issued successful the U.K. successful a quality implicit fees. Mastercard besides fell 4%. Several large retailers were moving aft reporting their latest quarterly results. TJX Cos. jumped 9.5% aft reporting net and income that came successful up of analysts’ estimates.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier communicative follows below.

Global shares were mixed Wednesday aft virtual talks betwixt President Joe Biden and China's Xi Jinping.

France's CAC 40 inched up astir 0.1% to 7,157.55 successful aboriginal trading, portion Germany's DAX edged up 0.2% to 16,276.37. Britain's FTSE 100 dipped 0.1% to 7,319.95. U.S. shares were acceptable for gains, with the aboriginal for the Dow industrials up astir 0.1% astatine 36,085.00. The S&P 500 aboriginal added 0.1% to 4,699.25.

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The online talks betwixt Biden and Xi precocious Monday U.S. clip appeared to awesome a measurement successful the close absorption but they did not output immoderate large steps toward resolving longstanding disputes implicit commercialized and different issues.

“Any factual improvement from the gathering inactive awaits to beryllium seen, but the amiable attack frankincense acold successful addressing issues from some parties pares down the risks of governmental hostility successful markets,” said Yeap Jun Rong, marketplace strategist astatine IG successful Singapore.

In Asian trading, Japan's benchmark Nikkei 225 fell 0.4% to decorativeness astatine 29,688.33. South Korea's Kospi fell 1.2% to 2,962.42. Australia's S&P/ASX 200 mislaid 0.7% to 7,369.90 and Hong Kong's Hang Seng fell 0.3% to 25,650.08.

The Shanghai Composite gained 0.4% to 3,537.37.

Stocks closed higher connected Wall Street connected Tuesday arsenic investors reviewed coagulated net reports from large retailers and a amazingly beardown study connected user spending. The authorities reported that Americans mostly shrugged disconnected higher prices past period and stepped up their spending astatine retail stores and online.

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Several ample U.S. retailers volition merchandise their latest fiscal results this week. Target reports its results connected Wednesday and Macy’s reports results connected Thursday.

Investors besides received different encouraging economical update from the Federal Reserve, which said industrial accumulation rebounded successful October with a 1.6% gain. The summation followed a 1.3% plunge successful September.

Wall Street is intimately monitoring the latest economical reports for much clues arsenic to however businesses and consumers are dealing with rising inflation. Companies person been raising prices arsenic they look higher earthy materials costs and proviso concatenation problems. Consumers person been consenting to wage the higher prices connected galore goods, though analysts are acrophobic that consumers could yet propulsion backmost connected spending due to the fact that of inflation.

Heightened concerns implicit ostentation tripped up the broader marketplace past week pursuing a beardown tally that lasted respective weeks arsenic companies reported mostly coagulated earnings.

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In vigor trading, benchmark U.S. crude fell 54 cents to $80.22 a tube successful physics trading connected the New York Mercantile Exchange. It mislaid 12 cents connected Tuesday to $80.76 per barrel. Brent crude, the planetary standard, mislaid 50 cents to $81.93 a barrel.

In currency trading, the U.S. dollar strengthened to 114.83 Japanese yen from 114.80 yen. It has been rising from the 110 yen level since September. The euro slipped to $1.1317 from $1.1322.

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