BUSINESS

Wingstop shares fell 7% before third-quarter results, extending a sharp annual decline as analysts lowered price targets and concerns grew about weaker fast-food demand.

XPeng shares fell more than 5% after weaker CATL results heightened concerns about China's crowded EV market, while investors assessed the company's losses and long-term technology ambitions.

US stocks rose modestly as strong SpaceX and Super Micro results revived interest in AI shares, while investors awaited Tesla and Meta earnings amid persistent inflation and interest-rate risks.

The Nasdaq rose as strong SpaceX and Super Micro results boosted AI stocks, though elevated interest rates, inflation concerns and upcoming earnings continued to weigh on investors.

US small-cap stocks recorded their strongest session in more than two months on Tuesday, helped by falling Treasury yields, lower oil prices and a broad shift away from large technology companies.

Super Micro shares jumped after the AI server maker raised its fiscal first-quarter revenue forecast by about $4 billion, citing strong demand for artificial intelligence systems.

Credo Technology shares rose more than 8% as AI infrastructure stocks recovered, supported by renewed spending optimism, strong financial results and a bullish analyst price target.

SpaceX shares rose nearly 10% after quarterly revenue and earnings exceeded expectations, driven by rapid AI cloud growth, while committees began studying a possible Tesla merger.

Vertiv shares rose more than 7% after strong SpaceX and Super Micro results renewed investor interest in AI infrastructure stocks ahead of the company's earnings report.

Vicor shares rose more than 9% after quarterly revenue and profit exceeded expectations, with stronger margins and backlog supporting optimism about demand for AI infrastructure power components.

The Dow Jones Industrial Average held near 52,500 in early trading after rising 1.02%, supported by strong industrial and health-care earnings as technology shares lagged.

Oil prices rose as reported tanker attacks near the Strait of Hormuz, strikes on Saudi energy facilities and falling US inventories heightened concerns about global supply disruptions.

Elon Musk said combining Tesla and SpaceX could be beneficial as independent committees examine a potential merger, but he stressed that shareholder approval is required and no deal is assured.

Chinese shares declined as CATL fell 10% following slower profit growth, while soft consumer demand and fading hopes for fresh stimulus overshadowed stronger-than-expected economic growth.

India's Sensex fell 0.46% to 73,514.35 as consumer, financial and auto stocks declined, extending two-session losses to about 1,215 points despite gains in technology shares.

India's Nifty 50 fell 0.66% to 22,738.45 as selling spread across midcaps, smallcaps, banks and defence stocks, while IT shares outperformed.

Bitcoin rose about 0.45% to near US$83,315 after recovering from recent lows, while ETF flows, leveraged liquidations and expectations for further Federal Reserve rate rises influenced sentiment.

McDonald's has relaunched its Boo Buckets at participating US restaurants, with five Disney Villains designs available with Happy Meals while supplies last.

KFC will end its nearly 40-year US beverage partnership with Pepsi and begin serving Coca-Cola in 2027, while Mountain Dew Sweet Lightning will leave the menu.

South Korea's KOSPI surged 3.29% as Samsung Electronics and SK Hynix rallied, foreign investors resumed buying and traders weighed chip earnings, bond yields and AI spending concerns.

Japan's Nikkei 225 rose 0.85% as technology shares followed Wall Street higher and exports jumped 16.7%, though higher imports widened the country's trade deficit.

Telix Pharmaceuticals shares fell 6.6% to A$14.72, extending a volatile period as investors weigh strong revenue growth against rising costs, valuation concerns and regulatory risks.

NextDC shares plunged 37% after a delayed power upgrade for its Melbourne M3 data centre forced the company to cut fiscal 2027 revenue and earnings guidance.

Zip shares fell 4.5% to A$2.025, extending a steep annual decline despite record fiscal 2026 earnings, strong US growth and plans for a share consolidation.

Reliance Worldwide shares fell more than 4% as investors assessed uncertainty around Brookfield's potential A$4.75-per-share takeover proposal, alongside tariff pressures and weaker market demand facing the plumbing products maker.

GenusPlus shares fell nearly 4% after NextDC cut its fiscal 2027 guidance, triggering a broader sell-off in companies exposed to data centre and power infrastructure projects.

The ASX 200 edged lower after NextDC shares plunged more than 40% over a data-centre power delay, offsetting gains in James Hardie and a positive Wall Street lead.

ASIC is investigating a Sydney-based financial services firm over alleged links to overseas investment operators accused of using its Australian licence to target investors and contribute to reported losses of $138 million.

RBA Deputy Governor Andrew Hauser says Australia's inflation outlook has deteriorated since August, raising market speculation that the central bank could consider a rate increase in November.