MANILA, Philippines (AP) 鈥� Global shares were mostly higher on Wednesday as the July 9 deadline for the U.S. to strike deals with trading partners or impose higher tariffs looms.
In early European trading, Germany鈥檚 DAX rose 0.5% to 23,778.11. In Paris, the CAC 40 added 1.2% to 7,754.34, while Britain鈥檚 FTSE 100 gained 0.3% to 8,811.42.
The futures for the S&P 500 and the Dow Jones Industrial Average edged 0.1% higher.
Shares fell in Japan, hit by jitters over a lack of progress in trade talks with the U.S., but they recovered much of their lost ground, closing 0.6% lower at 39,762.48.
Stephen Innes, managing partner at SPI Asset Management, pointed to President Donald Trump鈥檚 declaration that there will be no extension of his tariff pause, which is just a week away from ending.
鈥淭he message was blunt: if Tokyo won鈥檛 yield, it will pay. Tariffs of 30%, 35% or 鈥榳hatever number we determine鈥� are now openly back on the table,鈥� he said. 鈥淭he negotiating table just became a pressure cooker.鈥�
Hong Kong's Hang Seng advanced 0.6% to 24,221.41, and the Shanghai Composite index edged 0.1% lower to 3,454.79.
South Korea鈥檚 KOSPI fell 0.5% to 3,075.06 after the government reported that inflation rose in June.
Australia鈥檚 S&P ASX 200 climbed 0.7% to 8,597.70. Taiwan's Taiex edged up 0.1% while the Sensex in India lost 0.3%.
On Tuesday, the S&P 500 dipped 0.1% and the Dow industrials added 0.9%. The Nasdaq composite fell 0.8%.
Tesla tugged on the market as the relationship between its CEO, . Once allies, the two have clashed recently, and Trump suggested there鈥檚 potentially 鈥淏IG MONEY TO BE SAVED鈥� by scrutinizing subsidies, contracts or other government spending going to Musk鈥檚 companies.
Tesla fell 5.3%. It has lost just over a quarter of its value so far this year, 25.5%, in large part because of Musk鈥檚 and Trump鈥檚 feud.
Drops for several darlings of the artificial-intelligence frenzy also weighed on the market. Nvidia鈥檚 decline of 3% was the heaviest weight on the S&P 500.
But more stocks within the index rose than fell, led by several casino companies. They rallied following a report showing better-than-expected growth in overall gaming revenue in Macao, China鈥檚 casino hub. Las Vegas Sands gained 8.9%, Wynn Resorts climbed 8.8% and MGM Resorts International rose 7.3%.
Automakers other than Tesla were also strong, with General Motors up 5.7% and Ford Motor up 4.6%.
The U.S. stock market has made a from its . But challenges still lie ahead for Wall Street, with one of the largest being the continued threat of .
Many of Trump鈥檚 stiff proposed taxes on imports are currently on pause, and they鈥檙e scheduled to kick into effect in about a week. Depending on how big they are, they could hurt the economy and worsen inflation.
Washington is also making progress on that could send the U.S. government鈥檚 debt spiraling higher, which could raise inflation. That in turn could mean higher interest rates, which would hurt prices for bonds, stocks and other investments.
Despite such challenges, strategists at Barclays say they see signals of euphoria among some investors. The strategists say a measure that tries to show how much 鈥渆xcess optimism鈥� is in the market is not far from the peaks seen during the that sent GameStop to market-bending heights or to the dot-com bubble at the turn of the millennium.
In other dealings early Wednesday, benchmark U.S. crude added 58 cents to $66.03 per barrel. Brent crude, the international standard, climbed 61 cents to $67.72 per barrel.
The U.S. dollar rose to 144.16 Japanese yen from 143.41 yen. The euro slid to $1.1772 from $1.1808.
Teresa Cerojano, The Associated Press
