Stock market today: Asia stocks mixed as Chinese technology stocks slip

Asia stocks were mixed Wednesday, as Chinese technology stocks faltered after a short-term rally.

The Hang Seng Index fell 0.25% to 22,920.18, while the Shanghai Composite was up 0.54% to 3,342.55. Japan’s Nikkei 225 slipped 0.40% to 39,112.58, while South Korea’s KOSPI gained 1.78% to 2,673.69. Australia’s S&P/ASX 200 was also down 0.65% to 8,425.90.

China’s technology stocks slumped Wednesday after a brief bull run earlier in the week. Alibaba’s Hong Kong-traded stock fell 1.03%, while search engine giant Baidu fell 2.11% after it reported a 2% drop in revenue for its fourth quarter compared to a year earlier as artificial intelligence rivalry heats up in China.

Chinese video games firm Tencent saw its stock slip 0.97% while online services firm Meituan declined 1.68%.

The decline in Chinese technology stocks came even as U.S. stocks crept to a record as the S&P 500 nudged higher on Tuesday.

The main measure of Wall Street’s health rose 0.2% to finish just above its all-time closing high set last month.

The Dow Jones Industrial Average added 10 points, or less than 0.1%, while the Nasdaq composite rose 0.1%.

In energy trading, benchmark U.S. crude added seven cents to $71.90 a barrel. Brent crude, the international standard, rose seven cents to $75.91 a barrel.

In currency trading, the U.S. dollar strengthened to 152.05 Japanese yen from 152.01 yen. The euro cost $1.0452, up from $1.0446.

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AP Business Writer Stan Choe in New York contributed.