HONG KONG (AP) — World stocks were mixed Tuesday after Wall Street giant Nvidia dropped another point, while U.S. indexes were also mixed on Monday while most stocks rose.
The future for the Dow Jones Industrial Average was little changed, while the S&P 500 futures fell less than 0.1%.
European markets opened lower. France's CAC 40 fell 0.7% to 7,652.41. Germany's DAX fell 1.1% to 18,117.45 while Britain's FTSE 100 fell 0.1% to 8,276.46.
Japan's benchmark Nikkei 225 rose 1% to 39,173.15 after Bank of Japan data on Tuesday showed the services producer price index rose 2.5% in May compared with the same period a year earlier, slower than the 2.7% rise seen in April.
All eyes are still on the Japanese yen, with the U.S. dollar-Japanese yen exchange rate still at its weakest level in nearly 34 years. The yen rose to 159.45 against the dollar in trading on Tuesday. The dollar closed at 159.59 yen on Monday.
Hong Kong's Hang Seng index recovered most of the day's losses to close 0.3% higher at 18,072.90, and the Shanghai Composite index fell 0.4% to 2,950.00.
Australia's S&P/ASX 200 rose 1.4% to 7,838.80. The Kospi in South Korea rose 0.4% to 2,774.39.
Elsewhere, Taiwan's Taiex rose 0.3%, while Bangkok's SET gained 0.1%.
On Monday, the S&P 500 fell 0.3% to 5,447.87. Declines for Nvidia and other winners of Wall Street's artificial intelligence boom pushed the Nasdaq Composite down 1.1% to 17,496.82, while the Dow Jones Industrial Average rose 0.7% to 39,411.21.
Shares of oil and gas companies were the strongest in the market, as seven of every 10 stocks in the S&P 500 rose. Exxon Mobil rose 3%, and oilfield services provider SLB gained 4%, as oil prices rose to near their highest level since April.
But declines in some high-profile stocks erased all those gains, and most headlines shined on Nvidia's 6.7% drop. It was the third consecutive drop for the chip company, which had surged more than 1,000% since the autumn of 2022.
Nearly insatiable demand for Nvidia's chips to power artificial intelligence applications has been a big reason for the recent record surge in the US stock market, even as the economy's growth has slowed under the burden of high interest rates. But the AI boom has been so frenzied that it has raised concerns about a possible bubble in the stock market and too-high expectations among investors.
Nvidia's stock has been tumbling since it overtook Microsoft as Wall Street's most valuable stock last week, down roughly 13% in just three days. Because Nvidia has grown so large, its stock's movements add extra weight to the S&P 500 and other indexes. On Monday, it was the heaviest weight ever on the S&P 500.
In the bond market, Treasury yields fell slightly. The yield on the 10-year Treasury fell to 4.23% from 4.26% late Friday.
It has mostly fallen since peaking at 4.70% in late April, easing pressure on the stock market. Yields have fallen on expectations that inflation is slowing enough that the Federal Reserve will be persuaded to cut its key interest rate later this year.
The Fed has kept the federal funds rate at the highest level in more than 20 years, hoping to ease pressure on the economy and keep inflation under control.
In other deals on Tuesday, U.S. benchmark crude oil fell 20 cents to $81.43 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude fell 12 cents to $85.03 a barrel.
The euro was unchanged at $1.0732.