MANILA – Asian stock markets showed varied performance on Thursday as the S&P 500 posted modest gains, reaching a new record on Wall Street prior to the eagerly awaited earnings announcement from chip manufacturing giant Nvidia.

U.S. futures also were mixed and oil prices declined.

In China, Cambricon Technologies, a computer chip maker, saw its shares soar by 7.1% to 1,469.99 yuan ($205.60), making it the most expensive stock on the Shanghai exchange, surpassing Kweichou Moutai, which remained steady at 1,449 yuan ($202.51) per share. The surge in Cambricon’s shares followed its report of significant revenue and profit growth in the year’s first half, driven by China’s support for local semiconductor producers.

The Shanghai Composite index nudged upwards by less than 0.1% to 3,803.08, maintaining its proximity to decade-high figures due to substantial institutional buying.

Meanwhile, Hong Kong’s Hang Seng index dropped 0.7% to 25,035.78, primarily due to declines in technology stocks like the food delivery firm Meituan, which plummeted 10.3%, and e-commerce leader JD.com, which fell 3.5%. These companies have faced reduced demand as Chinese consumer spending wanes.

Japan’s Nikkei 225 increased by 0.6% to 42,755.61, positioning close to record peaks despite ongoing trade friction with the United States over a tentative deal pending finalization. Japan’s top trade negotiator, Ryohei Akazawa, unexpectedly delayed his planned Thursday visit to Washington, highlighting issues surrounding the agreement, which involves setting 15% tariffs on Japanese exports, a policy yet to be enacted.

South Korea’s Kospi climbed 0.4% to 3,200.71 after the Bank of Korea kept its policy rate unchanged at 2.5% for its second straight meeting.

Australia’s S&P/ASX 200 saw a slight rise of 0.1% to 8,970.30. In India, the BSE Sensex dipped by 1.1% upon reopening after a public holiday, reflecting the impact of increased U.S. tariffs on Indian exports that went into effect on Wednesday.

Taiwan’s TAIEX shed 0.7%.

Stock indexes in Jakarta and Kuala Lumpur were both 0.4% higher, while that in Manila was down 0.5% near midday.

On Wednesday, the S&P 500 rose 0.2%, nudging past the record high it set two weeks ago to close at 6,481.40.

The Dow Jones Industrial Average rose 0.3% to 45,565.23, and the Nasdaq composite closed 0.2% higher at 21,590.14.

Technology companies led the way higher, outweighing declines in communication services and other sectors.

After the market closed, Nvidia’s quarterly report showed its earnings and revenue topped Wall Street analysts’ forecasts, though the company noted that sales of its artificial intelligence chipsets rose at a slower pace than analysts anticipated. The stock fell 3.2% in after-hours trading after having slipped 0.1% during the regular session.

Investors consider Nvidia a barometer for the strength of the boom in artificial intelligence because the company makes most of the chips that power the technology. Its heavy weighting also gives Nvidia outsized influence as a bellwether for the broader market.

Trading on Wall Street was off to an uneven start this week following big gains last week on hopes for interest rate cuts from the Fed.

Markets have been subdued since Trump escalated his fight with the central bank by trying to fire Federal Reserve Governor Lisa Cook. Cook’s lawyer said she’ll sue Trump’s administration to try to stop him.

Trump has been feuding with the central bank over its cautious interest rate policy. The Fed has held rates steady since late 2024 over worries that Trump’s unpredictable tariff policies will reignite inflation.

In other dealings early Thursday, U.S. benchmark crude dropped 52 cents to $63.63 per barrel. Brent crude, the international standard, declined 49 cents to $66.95 per barrel.

The dollar fell to 147.19 Japanese yen early Thursday, down from 147.40 yen. The euro rose to $1.1641 from $1.1640.

___ AP Business Writer Alex Veiga contributed.