U.S. major averages turned lower after manufacturing sector activities contracted for the second month in a row, raising questions about the strength of the economy. European markets advanced on the rate-cut expectation this Thursday. China's manufacturing activity growth accelerated to a 2-year high.
The tech-heavy Nasdaq Composite traded at a new intraday record high after Nvidia jumped 5%. European markets lacked direction as investors anticipated an interest rate cut next week. The Shanghai authorities announced measures to support residential property market transactions. The yen remains under pressure.
The U.S. market rally failed to broaden beyond tech stocks after Nvidia delivered knockout results, raised its current quarter sales outlook, and announced a stock split. European markets traded in a tight range, and private sector activities accelerated. China indexes declined for the second day in a row.