Stock market today: Asian shares mixed after Wall Street's lull stretches to a 2nd day

HONG KONG (AP) — Asian shares were mixed on Thursday after Wall Street’s lull stretched into a second day, with Chinese benchmarks rising after China reported better than expected trade figures for April.

U.S. futures were slightly lower and oil prices rose.

In Tokyo, the Nikkei 225 index was up 0.5% at 38,392.10.

Automaker Mitsubishi Motors Corp.'s shares dropped 4.7% in early trading after the company forecasted a 7% lower net profit in the fiscal year that will end in March 2025.

Toyota Motor edged 0.1% higher after it reported Wednesday that it doubled its net profit in the fiscal year that ended in March.

The U.S. dollar rose to 155.59 Japanese yen from 155.52 yen, as reports in Tokyo speculated on the likelihood of further intervention by the Finance Ministry to curb the yen's slide.

“We're always prepared to do so if necessary. We might do it today. We might do it tomorrow,” Masato Kanda, the Finance vice minister for international affairs.

The Hang Seng in Hong Kong added 1.2% to 18,538.57 and the Shanghai Composite index gained 0.9% to 3,156.96.

China reported that its exports rose 1.5% in April from a year earlier, while imports jumped 8.4%. The renewed growth suggests a stronger recovery in demand than earlier data had suggested.

In South Korea, the Kospi lost 0.6%, to 2,729.64. Australia’s S&P/ASX 200 shed 0.9% to 7,735.20.

On Wednesday, the S&P 500 finished virtually unchanged after flipping between modest gains and losses through the day. It edged down by 0.03 to 5,187.67, coming off a very slight gain from Tuesday, which followed a big three-day winning streak.

The Dow Jones Industrial Average rose 0.4% to 39,056.39, and the Nasdaq composite slipped 0.2% to 16,302.76.

Uber Technologies slumped 5.7% after reporting worse results for the latest quarter than analysts expected. It also gave a forecasted range for bookings in the current quarter whose midpoint fell below analysts’ estimates.

Shopify tumbled 18.6% despite reporting better profit and revenue for the latest quarter than analysts expected. The company, which helps businesses sell things online, said its revenue growth would likely slow this quarter and that it would likely make less profit off each $1 in revenue.

Match Group sank 5.4% despite topping profit expectations. The company behind Tinder, Hinge and other apps for connecting people with each other gave a forecast for revenue in the current quarter that fell short of what analysts were expecting.

Intel fell 2.2% after saying the U.S. Commerce Department revoked licenses for exports to a Chinese customer. That could cause its revenue for the current quarter to fall below the midpoint of the forecasted range it had earlier given.

They helped to offset Lyft, which revved 7.1% higher after it topped expectations for profit and revenue. It said growth was particularly strong for early-morning, commute and weekend-evening trips.

Arista Networks climbed 6.5% for the biggest gain in the S&P 500 after topping expectations for both profit and revenue.

Most companies have been reporting stronger profits for the start of the year than analysts expected. That and newly revived hopes for coming cuts to interest rates by the Federal Reserve have helped the U.S. stock market to recover from its rough April.

Treasury yields have largely been easing since Federal Reserve Chair Jerome Powell said last week that the central bank remains closer to cutting its main interest rate than hiking it, despite a string of stubbornly high readings on inflation this year. A cooler-than-expected jobs report on Friday, meanwhile, suggested the U.S. economy could pull off the balancing act of staying solid enough to avoid a bad recession without being so strong that it keeps inflation too high.

In other trading, U.S. benchmark crude oil rose 48 cents to $79.47 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude oil, the international standard, was up 35 cents to $83.93 per barrel.

The euro rose to $1.0751 from $1.0747.

AP Business Writer Stan Choe contributed.

Steam rises from a vent at a work site near the New York Stock Exchange, center, on Wednesday, May 8, 2024, in New York. World shares are mostly higher after U.S. stocks held relatively steady on Wall Street. (AP Photo/Peter Morgan)

The New York Stock Exchange is shown on May 7, 2024, in New York. Wall Street shifted between small losses and gains before the opening bell as more corporate earnings arrive during what is otherwise expected to be relatively quiet week. (AP Photo/Peter Morgan)

A currency trader passes by the screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won, right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, May 8, 2024. (AP Photo/Ahn Young-joon)

Currency traders work near the screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, May 8, 2024. (AP Photo/Ahn Young-joon)

A currency trader passes by the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, May 8, 2024. (AP Photo/Ahn Young-joon)

John Krasinski’s imaginary friends movie “IF” claimed the top spot at the box office this weekend according to studio estimates Sunday. Its $35 million North American debut was also a bit lower than some projections.

Is that a disappointment? An ominous sign of the box office times? Or is the final story on “ IF " yet to be written? It's not just your imagination: In these bumpy early weeks of the 2024 summer box office season, in which nothing has been a runaway hit and every new movie has more and more pressure to succeed, “IF” hit a nerve.

Starring Ryan Reynolds, Cailey Fleming, and an army of A-list voices including Steve Carell, Matt Damon, Emily Blunt, Louis Gossett Jr., Phoebe Waller-Bridge and Maya Rudolph, “IF” was an original idea from Krasinski, who wrote, directed and co-stars.

Paramount debuted the film, which cost a reported $110 million to produce, in 4,041 locations in North America. Internationally, it earned an estimated $20 million from 56 markets, adding up to a $55 million global debut.

“Families came out in force and they loved the film,” said Chris Aronson, who heads Paramount’s domestic distribution.

There are several somewhat contradictory narratives swirling around its performance as well. With its PG-rating, “IF” was the first major family friendly film to open in theaters in weeks. And unlike a front-loaded superhero or horror movie, family pics are often running a marathon not a sprint. Last June, Pixar’s “Elemental” was assumed to be dead on arrival when it opened with $29.5 million domestically. But it continued earning throughout the summer and ultimately made nearly $500 million globally.

“IF” got middling reviews from critics (it's currently sitting at a “rotten” 49% on Rotten Tomatoes), but, as with “Elemental,” audiences gave it a solid A CinemaScore this weekend. The studio considers it a successful debut and is optimistic about its longevity as summer actually begins for school age children.

“I think it bodes well for moviegoing in general as we move into the summer movie season," Aronson said. "Kids are out of school starting this coming week and I couldn’t think of a better film to be in the marketplace than this one: It’s new, it’s fresh, its original, and it’s such a heartwarming film.”

“ Kingdom of the Planet of the Apes ” continues to be a bright spot. In just 10 days, it surpassed $100 million domestically and $237 million globally. It came in second place in its second weekend with $26 million (down 55%).

But there also hasn’t been a major movie moment akin to last year’s “The Super Mario Bros. Movie,” “Barbie” or “Oppenheimer” in quite some time. Last year on this weekend “Fast X” opened to over $60 million.

“This is a very unusual summer. It got off to an unusual start without a Marvel movie," said Paul Dergarabedian, the senior media analyst for Comscore. “The box office has been in a holding pattern 20% down from last year.”

“IF” wasn’t the only new film to open this weekend either. Lionsgate’s horror “The Strangers—Chapter 1” overperformed with a $12 million debut from 2,856 locations. The innovative marketing campaign staged some viral moments by bringing the “strangers” to major events, from the Trump trial to Coachella.

The Amy Winehouse biopic “ Back to Black " opened in North America to an estimated $2.9 million from 2,010 screens.

The filmed-for-IMAX documentary “ The Blue Angels ” also made $1.3 million this weekend from 227 screens. It’s playing on the premium large format screens through May 22 before flying to Prime Video on May 23.

The summer, which for Hollywood begins the first weekend in May, is still getting started and could rev up next weekend with the infusion of “Furiosa: A Mad Max Saga” and “The Garfield Movie."

Dergarabedian noted that Memorial Day weekend is a time when moviegoers play can play catch up with films they've missed and heard about. For a film like “IF," which picked up over the weekend with word of mouth buzz, that could bode well. Still, there is no sugar-coating the reality that the 2024 box office is not going to build on 2023.

"On almost every level this is a non-traditional summer in the lineup of films and the trajectory of the box office," Dergarbedian said. “But collectively these films should have a solid Memorial weekend.”

Estimated ticket sales for Friday through Sunday at U.S. and Canadian theaters, according to Comscore. Final domestic figures will be released Monday.

1. “IF,” $35 million.

2. “Kingdom of hte Planet of the Apes,” $26 million.

3. “The Strangers—Chapter 1,” $12 million.

4. “The Fall Guy,” $8.5 million.

5. “Challengers,” $2.9 million.

6. “Back to Black,” $2.9 million.

7. “Tarot,” 2 million.

8. “Godzilla x Kong: The New Empire,” $1.7 million.

9. “The Blue Angels,” $1.3 million.

10. “Unsung Hero,” $1.1 million.

This image released by Amazon Prime shows a scene from the documentary "The Blue Angels." (Amazon Prime via AP)

Actor Marisa Abela attends the premiere of Focus Features' "Back to Black" at AMC Lincoln Square on Tuesday, May 14, 2024, in New York. (Photo by Evan Agostini/Invision/AP)

This image released by Focus Features shows Marisa Abela as Amy Winehouse in a scene from "Back to Black." (Focus Features via AP)

This image released by Focus Features shows Marisa Abela as Amy Winehouse in a scene from "Back to Black." (Focus Features via AP)

This image released by Paramount Pictures shows Cailey Fleming, left, and Ryan Reynolds in a scene from "IF." (Jonny Cournoyer/Paramount Pictures via AP)

This image released by Paramount Pictures shows Ryan Reynolds, from left, Cailey Fleming, the character Blue, voiced by Steve Carell, and the Blossom, voiced by Phoebe Waller-Bridge, in a scene from "IF." (Paramount Pictures via AP)

Emily Blunt, left, and John Krasinski pose with the character "Blue" at the premiere of Paramount Pictures' "IF" at the SVA Theatre on Monday, May 13, 2024, in New York. (Photo by Evan Agostini/Invision/AP)

John Krasinski, left, and Ryan Reynolds attend the premiere of Paramount Pictures' "IF" at the SVA Theatre on Monday, May 13, 2024, in New York. (Photo by Evan Agostini/Invision/AP)

Ryan Reynolds poses with the character "Blue" at the premiere of Paramount Pictures' "IF" at the SVA Theatre on Monday, May 13, 2024, in New York. (Photo by Evan Agostini/Invision/AP)

Cailey Fleming, left, and John Krasinski pose with the character "Blue" at the premiere of Paramount Pictures' "IF" at the SVA Theatre on Monday, May 13, 2024, in New York. (Photo by Evan Agostini/Invision/AP)