Asian shares trade mixed after US stocks edge back from their record after profit reports

Asian stock markets showed mixed results early Wednesday as interest in computer chips and artificial intelligence kept some global shares afloat. The Nikkei 225 in Japan climbed 0.6% to 68,193.13, while Australia's S&P/ASX 200 slipped 0.7% to 8,723.40. South Korea's Kospi marginally rose 2.0%, offsetting some recent losses. Hong Kong's Hang Seng saw a modest gain of 0.1% to 24,377.61, and China's Shanghai Composite remained nearly unchanged at 3,801.13.

U.S. stock indexes ended Tuesday near their record highs. The S&P 500 edged down by under 0.1%, and the Dow Jones Industrial Average fell 180 points (0.3%). The Nasdaq composite decreased slightly by 0.2%.

Goldman Sachs surged over 4% after reporting stronger-than-expected profits for July to September. However, its stock quickly reversed course and finished with a 0.2% decline.

Analysts predict a near 30% growth in U.S. companies' profits during the summer compared to the previous year. To justify the record stock prices, companies need to exceed these expectations despite ongoing concerns over inflation, bond market pressure, and conflicts in the Middle East.

China's memory chipmaker CXMT, which could compete with industry leaders, rose about 1.0% in early Asian trading. Meanwhile, SK Hynix in South Korea declined.

The S&P 500 closed the day at 7,805.45, the Dow Jones Industrial Average at 51,670.10, and the Nasdaq composite at 27,204.38. In the bond market, Treasury yields eased as oil prices dropped. The 10-year Treasury yield fell to 5.21% from 5.24%. U.S. crude oil prices rose 0.89% to $94.88 a barrel, and Brent crude increased 0.81% to $106.55 a barrel. The U.S. dollar slightly weakened to 158.24 Japanese yen, while the euro rose to $1.1210.