Bangkok, Nov 28 (AP) Shares were mixed on Thursday in Asia after stocks on Wall Street retreated, weighed down by losses for technology shares.

Tokyo's Nikkei 225 index gained 0.7 per cent to 38,400.00 and Australia's S and P/ASX 200 advanced 0.8 per cent to 8,473.30.

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South Korea's Kospi was unchanged at 2,503.01 after the central bank cut its benchmark interest rate to relieve pressure on the economy.

The Bank of Korea cut its key rate by a quarter percentage point to 3 per cent and lowered its outlook for the country's economic growth from to 2.2 per cent from 2.4 per cent for this year and to 1.9 per cent from 2.1 per cent for 2025.

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Chinese shares fell as investors sold to lock in profits from recent gains.

Hong Kong's Hang Seng index lost 1.3 per cent to 19,344.07 and the Shanghai Composite index fell 0.3 per cent to 3,299.87.

US markets will be closed on Thursday for Thanksgiving, and will reopen for a half day on Friday.

On Wednesday, the S and P 500 fell 0.4 per cent to 5,998.74, even though more stocks in the index notched gains than ended lower. The loss snapped a seven-day winning streak for the benchmark index.

The Dow Jones Industrial Average fell 0.3 per cent, its first loss after five gains, to 44,722.06. The Dow and S and P 500 remain near the all-time highs they set on Tuesday.

The Nasdaq composite, which is heavily weighted with technology stocks, fell 0.6 per cent to 19,060.48.

Losses for tech heavyweights like Nvidia, Microsoft and Broadcom were the drag on the market. Semiconductor giant Nvidia fell 1.2 per cent.

Its huge value gives it outsized influence on market indexes. Microsoft fell 1.2 per cent and Broadcom finished 3.1 per cent lower.

Several personal computer makers also helped pull the market lower following their latest earnings reports.

HP sank 11.4 per cent after giving investors a weaker-than-expected earnings forecast for its current quarter. Dell slid 12.2 per cent after its latest quarterly revenue fell short of Wall Street forecasts.

Gains for financial and health care companies helped temper the market's losses. Berkshire Hathaway rose 0.9 per cent and Merck and Co. added 1.5 per cent.

The Commerce Department reported that the US economy expanded at a healthy 2.8 per cent annual pace from July through September, leaving its initial estimate unchanged. The growth was driven by strong consumer spending and a surge in exports.

Consumers have been driving economic growth, but the latest round of earnings reports from retailers shows a mixed and more cautious picture.

Department store operator Nordstrom fell 8.1 per cent after warning investors about a trend toward weakening sales that started in late October. Clothing retailer Urban Outfitters jumped 18.3 per cent after beating analysts' third-quarter financial forecasts.

Consumers are feeling the pinch of higher prices: The government's personal consumption expenditures index, or PCE, rose to 2.3 per cent in October from 2.1 per cent in September.

Overall, inflation has been falling broadly since it peaked more than two years ago. The PCE, which is the Federal Reserve's preferred measure of inflation, was just below 7.3 per cent in June of 2022. Another measure of inflation, the consumer price index, peaked at 9.1 per cent at the same time.

The latest data suggest the decline in inflation is stalling as it nears the Fed's target of 2 per cent. The central bank started raising its benchmark interest rate from near-zero in early 2022 to a two-decade high by the middle of 2023 and held it there until it began cutting it in September. A second cut followed in November.

Wall Street expects a similar quarter-point cut at the central bank's upcoming meeting in December, but President-elect Donald Trump has said he plans to impose sweeping new tariffs on Mexico, Canada and China when he takes office in January. That could raise prices on many products, raising inflation and prompting the Fed to rethink future cuts to interest rates.

In other dealings early Thursday, US benchmark crude oil lost 15 cents to USD 68.57 per barrel, while Brent crude, the international standard, also shed 15 cents to USD 72.15 per barrel.

The dollar rose to 151.56 Japanese yen from 151.12 yen. The euro fell to USD 1.0555 from USD 1.0567. (AP)

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)