Asian shares are mixed in cautious trading after a mixed day on Wall Street

TOKYO (AP) — Asian shares were mixed Wednesday in cautious trading after most U.S. stocks rose, settling back to where they were before last week’s swoon over the future of artificial intelligence.

U.S. futures edged higher while oil prices declined.

Japan's benchmark Nikkei 225 inched less than 0.1% lower to 50,823.52.

SoftBank Group's shares plunged as much as 9% and was down 6.6% by midday. It said Tuesday that it sold its entire stake in the AI chip company Nividia for $5.83 billion last month, raising funds for other investments.

A big question has been whether investors will push the frenzy around AI stocks further. Their sensational growth has been one of the top reasons the U.S. market has hit records despite a slowing job market and still-high inflation. But their prices have shot so high that critics say they’re reminiscent of the 2000 dot-com bubble, which ultimately burst and dragged the S&P 500 down by nearly half.

Elsewhere in Asia, Hong Kong’s Hang Seng rose 0.7% to 26,871.02, while the Shanghai Composite lost 0.2% to 3,993.35.

Australia’s S&P/ASX 200 inched up less than 0.1% to 8,822.00. South Korea’s Kospi added 0.7% to 4,136.14.

On Tuesday, the S&P 500 added 0.2% to 6,846.61. It’s been bouncing around lately, coming off Monday’s vigorous rebound following its first losing week in four.

The Dow Jones Industrial Average surged 1.2%, to a record close of 47,927.96, surpassing its prior all-time high set two weeks ago. The Nasdaq composite lagged the market as Nvidia slipped 3% due to continued concerns that stocks caught up in the artificial-intelligence frenzy may have become too expensive. The Nasdaq dipped 0.3% to 23,468.30.

Helping to lead the market was Paramount Skydance, whose shares jumped 9.8% even though the entertainment giant reported revenue and profit for the latest quarter that fell short of Wall Street’s expectations. It was the company’s first earnings report since Skydance closed its acquisition of Paramount in early August.

Close behind was FedEx, which climbed 5.4% after it increased its forecast for profit in the current quarter. Instead of expecting growth from just the summer, the delivery company now also expects profit to rise in this year’s holiday-shopping season from last year's.

In the U.S. bond market, trading was closed for the Veterans Day holiday.

What’s making the Fed’s job potentially more difficult is that the U.S. government’s shutdown has delayed important updates on jobs and other areas of the economy. The Senate has made moves to end what’s become the longest-ever shutdown, but it’s not assured.

In energy trading, benchmark U.S. crude declined 17 cents to $60.87 a barrel. Brent crude, the international standard, lost 18 cents to $64.98 a barrel.

In currency trading, the U.S. dollar edged up to 154.30 Japanese yen from 154.04 yen. The euro cost $1.1582, down from $1.1587.

AP Business Writer Stan Choe contributed.

Michael Pistillo works on the floor at the New York Stock Exchange in New York, Tuesday, Nov. 11, 2025. (AP Photo/Seth Wenig)

Thomas McArdle works on the floor at the New York Stock Exchange in New York, Tuesday, Nov. 11, 2025. (AP Photo/Seth Wenig)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, right, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, Nov. 12, 2025. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, Nov. 12, 2025. (AP Photo/Ahn Young-joon)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, Nov. 12, 2025. (AP Photo/Ahn Young-joon)

Jeff Vazquez works on the floor at the New York Stock Exchange in New York, Tuesday, Nov. 11, 2025. (AP Photo/Seth Wenig)

James Conti works on the floor at the New York Stock Exchange in New York, Tuesday, Nov. 11, 2025. (AP Photo/Seth Wenig)

Edward Curran works on the floor at the New York Stock Exchange in New York, Tuesday, Nov. 11, 2025. (AP Photo/Seth Wenig)

A television screen is displayed in the window of the Nasdaq MarketSite, in New York's Times Square, Friday, Nov. 7, 2025. (AP Photo/Richard Drew)

People pass the Nasdaq MarketSite in New York's Times Square, Friday, Nov. 7, 2025. (AP Photo/Richard Drew)

A dealer watches computer monitors at a dealing room of Hana Bank in Seoul, South Korea, Friday, Nov. 7, 2025. (AP Photo/Lee Jin-man)

A television screen is displayed in the window of the Nasdaq MarketSite, in New York's Times Square, Friday, Nov. 7, 2025. (AP Photo/Richard Drew)

PALO ALTO, Calif.--(BUSINESS WIRE)--Apr 1, 2026--

Navan (NASDAQ: NAVN), the global AI-powered business travel and expense platform, today announced that PCL Construction has selected Navan to spearhead its global travel and expense transformation.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260331877360/en/

PCL Construction has thrived for more than a century by consistently innovating and adapting to the latest technology. As an employee-owned company, PCL is defined by a culture that empowers its workforce and prioritizes the employee experience. By partnering with Navan, PCL is moving away from decentralized manual workflows toward a high-performance, unified tech stack.

“PCL’s 120-year history is a testament to our ability to adapt and lead. We have always embraced technology to modernize our business and improve the lives of our employees,” said Gordon Stephenson, Chief Financial Officer at PCL Construction. “In Navan, we found a partner that matches our resilient, tech-forward mindset. By unifying travel and expense, we are removing the friction of manual processes and giving our teams a superior, digital-first experience that allows them to stay focused on building the future.”

The decision to adopt Navan reflects a commitment to driving operational excellence across PCL’s more than 30 major centers. Key drivers of the partnership include:

“Navan aims to be the engine behind the world’s most forward-thinking organizations, and PCL Construction is a premier example of a global leader that refuses to settle for the status quo,” said Michael Sindicich, President of Navan. “By integrating travel and expense into a single AI-powered workflow, PCL is setting a new standard for productivity in the construction industry. This partnership continues Navan’s momentum as the platform of choice for complex, global enterprises that demand both financial control and a premium user experience.”

PCL Construction joins a growing list of enterprise organizations switching to Navan, including industry leaders from across Canada and the construction sector. This momentum is underscored by Navan’s recent ranking as the No. 1 Travel Management Software in Canada in the G2 Spring 2026 Rankings, cementing its position as the preferred choice for Canadian companies demanding modern, scalable travel and expense solutions.

About PCL Construction

PCL Construction is one of the most respected and accomplished global construction leaders, comprising independent companies operating throughout the United States, Canada, the Caribbean and Australia. With an annual construction volume of $9.9 billion USD, PCL builds projects that shape communities and strengthen infrastructure. The company’s 100% employee ownership model fuels a culture of commitment for clients in the buildings, civil infrastructure, heavy industrial and solar markets. With a strategic presence in more than 30 major centers, PCL’s leadership teams consistently drive innovation and set new benchmarks for excellence, bringing unparalleled skill to every project. Watch us build at PCL.com.

About Navan

Navan (NASDAQ: NAVN) is the global AI-powered business travel and expense platform that makes travel easy for frequent travelers. From finding flights and hotels, to automating expense reconciliation, with 24/7 support along the way, Navan delivers an intuitive experience travelers love and finance teams rely on. See how Navan customers benefit and learn more at navan.com.

Forward-Looking Statements

All statements in this press release other than statements of historical fact could be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” or similar expressions. Such statements are subject to risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements. These risks and other factors include the risks described under the caption “Risk Factors” in Navan’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on December 15, 2025 and in other reports Navan files from time to time with the SEC. Except as required by law, Navan undertakes no obligation, and does not intend, to update these forward-looking statements.

PCL Construction Selects Navan to Transform Global Travel and Expense Operations