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Stock Market Live Updates 17 May 2024: Asian markets open lower as Wall Street rally fizzles
Sensex, Nifty, Share Prices LIVE: Asian stocks opened lower on Friday, following a decline in Wall Street shares after recent strong gains. The benchmark Nikkei 225 index fell 0.70%, or 270.63 points, to 38,649.63 in early trade, while the broader Topix index dropped 0.39%, or 10.80 points, to 2,726.74. South Korea’s KOSPI decreased by 0.37%, or 10.18 points, to 2,742.82, and Australia’s S&P/ASX 200 index declined 0.39%, or 30.50 points, to 7,850.80. This downturn followed U.S. stocks closing lower on Thursday after the Dow reached an intra-day high of 40,000 for the first time. Investors recalibrated their rate-cut expectations following data showing a slowdown in inflation and strong corporate earnings results. Early gains in equities dissipated throughout the day, with the Dow Jones Industrial Average falling 38.62 points, or 0.10%, to 39,869.38, the S&P 500 losing 11.05 points, or 0.21%, to 5,297.10, and the Nasdaq Composite decreasing by 44.07 points, or 0.26%, to 16,698.32.