Asian equities were set for early declines, reflecting a muted mood on Wall Street that was amplified by Nvidia Corp.’s lackluster revenue forecast. Treasury yields and the dollar rose, while Bitcoin set a fresh record.

Futures for the tech-heavy Nasdaq 100 dropped early Thursday after Nvidia met third-quarter revenue and earnings expectations, but failed to meet the highest estimates for future revenue. Earlier Wednesday, US equity benchmarks were largely unchanged while stock futures for Japan and Hong Kong fell Thursday.

An index of the dollar rose 0.4% Wednesday, helped along by higher Treasury yields and haven demand for the US currency as geopolitical tensions escalated. Ukraine used British cruise missiles against Russian targets for the first time during the conflict. The increase in yields, which reflects a decline in bond prices, partly reflected a lackluster auction for 20-year US government debt.

The tepid response to Nvidia’s earnings may ripple across global markets, given the size of the world’s largest company by market value and its role in the artificial intelligence boom.

“The health of the market being driven by results of individual companies in itself points to a certain element of fragility,” said Subitha Subramaniam, chief economist at Sarasin & Partners. “Is it sufficient that they beat, is it sufficient that they beat by a big margin? We are hanging on every statement of the CEO.”

Meanwhile, investors in Asia will be looking to gauge the effect of a US indictment of Gautam Adani, one of India’s richest people, and other executives over the alleged payment of more than $250 million in bribes. The probe looked into whether there were improper payments made to officials in India for favorable treatment on an energy project. 

Elsewhere, data set for release includes exports for South Korea, the current account balance for Indonesia and inflation in Hong Kong. Turkey will deliver an interest rate decision.

Bitcoin set another all-time high, supported by a series of developments highlighting the deepening embrace of the digital-asset industry in the US under crypto cheerleader Trump. The world’s largest cryptocurrency is fast approaching $100,000, helped along by MicroStrategy Inc.’s massive purchases.

Federal Reserve Bank of Boston President Susan Collins said more interest-rate cuts are needed, but policymakers should proceed carefully to avoid moving too quickly or too slowly. Swaps market pricing indicates a less than 50% chance the Fed will cut rates again in December.

Traders are also monitoring President-elect Donald Trump’s administration picks, especially his selection for the Treasury secretary role. Former Federal Reserve Governor Kevin Warsh and Apollo Global Management’s Marc Rowan are contenders, according to people familiar with the matter. Meanwhile, Trump tapped Cantor Fitzgerald LP Chief Executive Officer Howard Lutnick to lead the Commerce Department, a key role to facilitate his tariff and trade policies.

“As I look at the Treasury secretary race, I want to see exactly who is in that role because the tax policies, the debt limit all come back,” Ed Mills, Washington policy analyst at Raymond James, told Bloomberg Television. “We need to see exactly how that person has a relationship with the Federal Reserve, because monetary policy will quickly figure into all of this.”

Gold was flat early Thursday after notching its third daily advance in the prior session. Oil prices retreated Wednesday after a strong rally earlier in the week leaving West Texas Intermediate around $68 per barrel.

  - Bloomberg