Stock market today: Asian stocks fall after a torrent of profit reports leaves Wall Street mixed

Asian stocks mostly fell on Wednesday as markets digested Japanese and Australian business data, after U.S. stocks held relatively steady as earnings reporting season ramped up for big companies.

U.S. futures fell while oil prices were higher.

Japan’s benchmark Nikkei 225 slipped 0.2% in morning trading to 39,508.84, with the Japanese yen trading at its highest level in months ahead of a Bank of Japan policy decision next week.

The U.S. dollar was trading over 162 yen earlier this month but the Japanese currency has strengthened in recent days after officials intervened to staunch the yen's decline. Expectations that the BOJ may raise its near-zero interest rate, and that the Federal Reserve may in turn cut rates, have helped support the yen, which has languished as the gap between U.S. rates and those in Japan widened.

Early Wednesday, the dollar was trading at 154.78 yen, down from 155.59 yen late Tuesday.

A business survey released on Wednesday showed Japan's factory activity contracted in July, as weak demand weighed on the manufacturing sector. Services were on the rise, helping to drive growth in overall activity in Japan’s private sector.

Elsewhere in Asia, Hong Kong’s Hang Seng shed 0.6% to 17,370.09, led by the Hang Seng Tech Index which dropped 0.9%. The Shanghai Composite was nearly unchanged at 2,915.46.

Australia’s S&P/ASX 200 edged 0.1% higher to 7,973.20 after its services sector saw weaker growth in July. Manufacturing improved slightly but remained in contractionary territory.

South Korea’s Kospi shed 0.3% to 2,772.55, as heavyweight Samsung Electronics plunged 1.1% after talks between the company and its largest workers’ union ended with no agreement. Earlier this month, the workers declared an indefinite strike to pressure the company to accept their calls for higher pay and other benefits.

On Tuesday, the S&P 500 slipped 0.2% to 5,555.74. The Dow Jones Industrial Average edged 0.1% lower to 40,358.09, and the Nasdaq composite dipped 0.1% to 17,997.35.

But the smaller stocks in the Russell 2000 continued their big run and rose 1%. They’ve flipped the market’s leaderboard recently and zoomed higher amid hopes for coming cuts to interest rates.

The mixed trading came as dozens of companies reported their results for the spring, with the headliners of Alphabet and Tesla coming after trading closed for the day. Expectations are high, and analysts are forecasting the strongest profit growth for S&P 500 companies broadly since late 2021, according to FactSet.

UPS was one of the heaviest weights on the S&P 500 and tumbled 12.1% after delivering weaker profit and revenue for the spring than analysts expected.

But CEO Carol Tomé said the company’s U.S. business delivered more packages than a year earlier, its first such growth in nine quarters, and called it a “significant turning point for our company.”

Nvidia was the stock most forcefully pushing downward on the S&P 500. Its loss of 0.8% for the day was relatively modest, but the S&P 500 gives more weight to bigger stocks, and Nvidia is worth more than $3 trillion.

That’s despite high mortgage rates having chilled the housing industry. A report on Tuesday showed sales of previously occupied homes weakened by even more in June than economists expected. Sales slowed in part because prices for previously occupied homes are at the highest level ever recorded, according to the National Association of Realtors.

Easier times may be ahead for rates. With inflation slowing, the wide expectation is for the Federal Reserve to begin lowering its main interest rate in September. That would offer some relief for both the economy and financial markets after the Fed has held the federal funds rate at the highest level in more than two decades.

In other dealings, U.S. benchmark crude oil gained 31 cents to $77.27 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, gained 34 cents to $81.35 per barrel.

The euro fell to $1.0845 from $1.0855.

AP Business Writer Stan Choe contributed.

FILEThe New York Stock Exchange is shown on May 16, 2024, in New York. (AP Photo/Peter Morgan, File)

The Greenbrier Companies, Inc. CEO & President Lorie Tekorius, right, rings the opening bell of the New York Stock Exchange, Monday, July 22, 2024. (AP Photo/Richard Drew)

Specialists Patrick King, left, and Douglas Johnson work on the floor of the New York Stock Exchange, Monday, July 22, 2024. U.S. stocks are climbing Monday and clawing back some of the losses from their worst week since April. (AP Photo/Richard Drew)

Specialist Anthony Matesic works on the floor of the New York Stock Exchange, Monday, July 22, 2024. U.S. stocks are climbing Monday and clawing back some of the losses from their worst week since April. (AP Photo/Richard Drew)

Currency traders pass by the screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, July 23, 2024. (AP Photo/Ahn Young-joon)

Currency traders pass by the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, July 23, 2024. (AP Photo/Ahn Young-joon)

A currency trader passes by the screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, July 23, 2024. (AP Photo/Ahn Young-joon)

SAO PAULO (AP) — Saquon Barkley has been practicing the art of positive thinking since switching teams for the first time in his career.

Yet he probably couldn’t have imagined making such a spectacular debut for the Philadelphia Eagles.

Barkley scored three touchdowns Friday night in the first NFL game in South America and led the Eagles to a 34-29 victory over the Green Bay Packers, who lost quarterback Jordan Love to an injury in the closing seconds.

“I'm always about visualizing success and putting positivity in my mind,” said Barkley, who became the first player to score three touchdowns in his Eagles debut since Terrell Owens in 2004. “That's one of my goals this year: Be more of a positive thinker.”

Now it's the Packers who will try to get negative thoughts out of their minds as they worry about the future of Love, who signed a four-year, $220 million extension this summer. Love limped off the field with assistance after getting injured with 6 seconds left.

Packers coach Matt LaFleur had no update on Love's condition after the game.

Backup Malik Willis was sacked by Zack Baun on the final play, preventing him from launching a Hail Mary from the Philadelphia 47.

“We’ve got to learn from this,” LaFleur said. “Because, just watching the tape, and I’m not trying to take anything away from Philly — they battled and they played their game — but I think there was a lot of opportunities that we didn’t capitalize.”

Barkley rushed for 109 yards and scored on an 18-yard catch and runs of 11 and 2 yards. He spent six seasons with the New York Giants before Philadelphia signed him to a three-year, $37.75 million deal with $26 million guaranteed.

Jalen Hurts was 20 of 34 for 278 yards with two touchdowns and two interceptions for the Eagles. A.J. Brown caught five passes for 119 yards, including a 67-yard touchdown, in a festive setting that Eagles coach Nick Sirianni compared to a playoff atmosphere.

“Man, did Brazil get a great game tonight or what?” Sirianni said. “I know we converted some people to be big-time football fans tonight.”

Green Bay’s Jayden Reed scored on a 33-yard jet sweep and a 70-yard reception, which was the longest touchdown completion of Love’s career. Reed caught Love’s pass inside Philadelphia’s 40 and made a move at around the 30 that sent safety C.J. Gardner-Johnson sprawling.

Reed became the first player to have a touchdown catch of 30-plus yards and a touchdown run of 30-plus yards in a season opener since Hall of Famer Jim Brown of the Cleveland Browns against Washington in 1963.

Reed also had an apparent 38-yard touchdown reception on the opening drive get wiped out because both teams had 12 men on the field. He finished with four catches for 138 yards.

Love went 17 of 34 for 260 yards with two touchdowns and an interception.

Barkley’s third touchdown put the Eagles ahead 31-26 with 4:26 left in the third quarter. Reed Blankenship set up that score with an interception that gave Philadelphia the ball at Green Bay’s 25.

The Eagles still led 31-26 when Jaire Alexander intercepted Hurts in the end zone early in the fourth quarter. Green Bay drove into the red zone but settled for a 26-yard field goal by rookie Brayden Narveson, who went 3 for 4 on his attempts.

Philadelphia then controlled possession until Jake Elliott kicked a 21-yard field goal with 27 seconds left.

Some Eagles players had expressed reluctance earlier this week about traveling to Brazil, which cost them the opportunity to play their season opener in front of a friendly crowd at Lincoln Financial Field. The crowd at NeoQuimica Arena instead was balanced among Packers fans, Eagles fans and spectators who just cheered any positive development.

The Eagles weren't complaining afterward.

“I don't know if Sao Paulo knows when to cheer, but it was great,” Brown said. “It was loud the entire time. They kind of got a bad rap. We got a whole bunch of 'Don't do's,' but it's been great ever since we got here.”

Players from both teams were slipping on the playing surface throughout the first half, prompting many to change their cleats. A Brazilian soccer league game was played in the stadium five days earlier.

NeoQuimica Arena’s field is often praised by soccer players as Brazil's best, but it had never hosted an American football game. The hybrid field includes both grass and synthetic fiber.

The slippery surface may have contributed to a sloppy start.

Philadelphia committed turnovers on each of its first two series, enabling Green Bay to start back-to-back drives in the red zone, but the Packers settled for field goals both times.

“The red area was a huge problem tonight,” LaFleur said. “I would say a year ago, we were pretty damn good in that area. And we got destroyed in that area tonight.”

The offenses took over in the second and third quarters. Six of seven possessions resulted in touchdowns.

INJURIES

Eagles LB Devin White (ankle) didn’t play. The Packers were missing RBs AJ Dillon and MarShawn Lloyd. Dillon went on injured reserve last week with a neck issue, and Lloyd was out with a hamstring injury.

UP NEXT

Packers: Host Indianapolis on Sunday, Sept. 15.

Eagles: Host Atlanta on Monday, Sept. 16.

Megargee reported from Wisconsin.

AP NFL: https://apnews.com/hub/nfl

Philadelphia Eagles quarterback Jalen Hurts (1) passes against the Green Bay Packers during the first half of an NFL football game, Friday, Sept. 6, 2024, at the Neo Quimica Arena in Sao Paulo. (AP Photo/Doug Benc)

Green Bay Packers wide receiver Jayden Reed (11) breaks away from Philadelphia Eagles linebacker Zack Baun (53) during the first half of an NFL football game, Friday, Sept. 6, 2024, at the Neo Quimica Arena in Sao Paulo. (AP Photo/Andre Penner)

Philadelphia Eagles running back Saquon Barkley (26) scores past Green Bay Packers linebacker Isaiah McDuffie (58) during the first half of an NFL football game, Friday, Sept. 6, 2024, at the Neo Quimica Arena in Sao Paulo. (AP Photo/Doug Benc)

Philadelphia Eagles running back Saquon Barkley (26) runs for a touchdown against the Green Bay Packers during the first half of an NFL football game, Friday, Sept. 6, 2024, at the Neo Quimica Arena in Sao Paulo.(AP Photo/Doug Benc)

Philadelphia Eagles running back Saquon Barkley (26) celebrates after scoring against the Green Bay Packers during the first half of an NFL football game, Friday, Sept. 6, 2024, at the Neo Quimica Arena in Sao Paulo. (AP Photo/Fernando Llano)

Philadelphia Eagles running back Saquon Barkley (26) celebrates after scoring against the Green Bay Packers during the first half of an NFL football game, Friday, Sept. 6, 2024, at the Neo Quimica Arena in Sao Paulo. (AP Photo/Fernando Llano)

Philadelphia Eagles running back Saquon Barkley (26) scores past Green Bay Packers linebacker Isaiah McDuffie (58) during the first half of an NFL football game, Friday, Sept. 6, 2024, at the Neo Quimica Arena in Sao Paulo. (AP Photo/Doug Benc)

Green Bay Packers wide receiver Jayden Reed (11) celebrates after scoring against the Philadelphia Eagles during the first half of an NFL football game, Friday, Sept. 6, 2024, at the Neo Quimica Arena in Sao Paulo. (AP Photo/Doug Benc)

Philadelphia Eagles running back Saquon Barkley (26) runs for a touchdown against the Green Bay Packers during the first half of an NFL football game, Friday, Sept. 6, 2024, at the Neo Quimica Arena in Sao Paulo. (AP Photo/Doug Benc)