Australia

Australian shares are set to open higher, after a mixed session on Wall Street.

ASX futures were up 0.42% or 33 points as of 8:00am on Friday, suggesting a higher open.

The Dow Jones Industrial Average bounced after fresh data showed the U.S. economy humming along in the second quarter.

The blue-chip index added 81.20 points, or 0.2%. The S&P 500 fell 0.5%, bringing its losses over the past three days to almost 3%, the biggest such decline since October. The tech-heavy Nasdaq Composite fell 0.9%, after dropping 3.6% in the prior session -- its biggest decline since 2022.

In commodity markets, Brent crude oil was up 0.9% to US$82.43 a barrel, while gold was flat at US$2,364.50.

The Australian dollar was at 65.35 US cents.

Asia

Chinese shares ended mostly lower, dragged by oil and tech stocks. Investor sentiment was likely weighed by Wall Street's selloff overnight and sluggish performances across Asian markets. PetroChina dropped 4.2% and Cnooc was 4.8% lower. Foxconn Industrial Internet declined 4.5% and Hangzhou Hikvision Digital Technology edged 0.1% lower. Among the gainers, China Tourism Group Duty Free Corp. put up 2.4% and East Money Information gained 1.3%. The benchmark Shanghai Composite Index ended 0.5% lower at 2,886.74, the Shenzhen Composite Index edged 0.1% higher and the ChiNext Price Index declined 0.4%.

Hong Kong shares closed lower, dragged by tech and oil companies. Investors are waiting for more specific policies from the month-end Politburo meeting after the Third Plenum summit gave only general outlines for reforms. Meituan led the losses, down 5.5%, while Lenovo dropped 3.9%. Cnooc and PetroChina fell 3.9% and 3.7%, respectively. Meanwhile, Haier Smart Home rose 5.1% and Xinyi Solar added 3.0%. The benchmark Hang Seng Index closed 1.8% lower at 17,004.97 and the Hang Seng Tech Index fell 2.0%.

Japan's Nikkei Stock Average slid 3.3% to close at 37,869.51, as an overnight fall in shares of major U.S. tech companies spurred a selloff on Wall Street. Japan's benchmark index is now in correction territory after closing more than 10% down from its recent closing peak on July 11. Tech- and internet-related companies were among the worst performers on the Nikkei, with Renesas Electronics tumbling 13.6%, Hitachi Ltd. slipping 9.4%, and SoftBank Group falling 9.4%. The 10-year JGB yield was down 0.5bp at 1.065%.

Indian shares closed slightly lower, dragged by bank and steel stocks. Investors are focusing on quarterly earnings by major companies, with some results weighing on market sentiment. Tech Mahindra is due to report earnings later. Axis Bank was the benchmark index's worst performer, dropping 5.2% after lower 1Q net profit on quarter. ICICI Bank lost 2.0% and Tata Steel fell 1.8%. Tata Motors led gains, rising 6.2%, and Larsen & Toubro added 2.9%. The benchmark Sensex edged 0.1% lower to 80,039.80.

Europe

Stocks in the U.K. rose Thursday, as the FTSE 100 Index added 0.4% to 8186.35.

Among large companies, Indivior PLC was the biggest gainer during the session, surging 16%, and IG Group Holdings PLC surged 6.7%. Unilever PLC rounded out the top three movers on Thursday, as shares surged 6.2%.

Centrica PLC posted the largest decline, dropping 9.9%, followed by shares of Centamin PLC, which dropped 7.7%. Shares of Airtel Africa PLC dropped 7.0%.

In other parts of Europe markets closed lower, with the STOXX Europe 600 Index down 0.7% to 508.63, Germany's DAX fell 0.5% to 18,298.72 and France's CAC 40 lost 1.2% to 7,427.02.

North America

The Dow Jones Industrial Average bounced after fresh data showed the U.S. economy humming along in the second quarter.

The blue-chip index added 81.20 points, or 0.2%. The S&P 500 fell 0.5%, bringing its losses over the past three days to almost 3%, the biggest such decline since October. The tech-heavy Nasdaq Composite fell 0.9%, after dropping 3.6% in the prior session -- its biggest decline since 2022.

The Russell 2000 index of small companies jumped 1.3%, continuing its banner stretch.

The moves continued a massive rotation that has rippled through the stock market for much of the past month, with technology titans getting hammered and relative laggards ripping higher.

Data Thursday showed the U.S. economy has remained surprisingly resilient despite higher interest rates. Gross domestic product -- the value of all goods and services produced in the U.S., adjusted for inflation and seasonality -- rose at an annual rate of 2.8% for April through June, the Commerce Department said.

That was faster than the 1.4% pace in the first quarter, and well above what economists had expected. Household spending, the main driver of the U.S. economy, increased at a quicker pace as Americans' incomes continued to rise.

Shares of energy companies, financials and smaller companies, whose fortunes tend to be especially tied to the economy, were among the biggest gainers in trading after the report. Over the last 12 trading days, the Russell 2000 has outperformed the S&P 500 by 12.7 percentage points, its largest 12-day outperformance on record.

Sébastien Page, head of global multiasset at T. Rowe Price, said he doesn't expect a recession and thinks stocks can keep doing well in coming months.

"I think we could continue the rotation," Page said, adding that he's optimistic about sectors and stocks that seem undervalued relative to the broader market.

Some investors said that Wednesday's stock-market swoon marked a healthy pullback after months of major indexes going largely in one direction: up. The S&P 500 suffered its first pullback of at least 2% of 2024.

Individual companies recorded giant moves under the stock-market's surface. And some investors said they expected the bout of volatility to continue, and for major indexes to transition to a new phase marked by bigger swings. In addition to a packed stretch of U.S. corporate earnings, traders have also been parsing economic data and developments tied to the U.S. election.

"This is going to continue bringing volatility into the market," said Ramon Verastegui, founder and chief investment officer at Kairos Investment Advisors.

Ford Motor shares plunged 18%, their biggest decline since November 2008, after the automobile company said vehicle-launch and warranty costs both weighed on profit, while its electric-vehicle business lost $1.1 billion.

Super Micro Computer, the poster child for the artificial-intelligence trade -- which has gotten crushed lately -- fell 2.2%, its ninth consecutive session of losses.