BANGKOK (AP) - Shares in Asia displayed a mixed performance on Thursday as U.S. stocks hovered near their historical highs. Financial markets appeared to be regaining composure following recent fluctuations. The dollar saw a decline against both the Japanese yen and the euro, while oil prices remained stable.

In Tokyo, the Nikkei 225 index experienced a rise of 1.3%, closing at 39,465.53. Market focus shifted towards a deadline set for July 9, concerning trade agreements aimed at countering increased U.S. tariffs imposed by President Donald Trump. Japan’s chief trade negotiator, Ryosei Akazawa, was slated to visit Washington for further discussions, with one of the primary issues being the 25% U.S. import tariffs on Japanese vehicles.

On the other hand, Chinese markets presented a mixed scenario. The Hang Seng Index in Hong Kong dropped by 0.5% to 24,357.56, whereas the Shanghai Composite index saw a slight increase of 0.1% to 3,459.66. South Korea's Kospi fell by 1.4% to 3,064.51, as traders opted to secure profits from recent gains. Meanwhile, Australia’s S&P/ASX 200 index slipped by 0.1% to 8,551.30, while Taiwan’s Taiex recorded a modest gain of 0.3%, and the SET index in Bangkok rose by 0.7%.

In the U.S. market, the S&P 500 showed minimal change, closing at 6,092.16, which is only 0.8% shy of its record high established in February. The Dow Jones Industrial Average saw a slight dip of 0.2%, reaching 42,982.43, while the Nasdaq Composite increased by 0.3% to 19,973.55. In the oil market, following a significant plunge of around $10 per barrel earlier in the week, there has been a stabilization in crude prices. Benchmark U.S. crude oil experienced a modest rise of 23 cents to $65.15 per barrel, although it remains below pre-existing levels prior to the outbreak of hostilities between Israel and Iran nearly two weeks ago. Brent crude, on the other hand, advanced by 29 cents to $66.72 per barrel.

A fragile ceasefire between Israel and Iran seems to be holding, at least temporarily, offering a glimmer of stability. Among the stocks that performed well on Wall Street, Bumble surged by 25.1% after announcing a substantial reduction in its workforce by 30%, equating to approximately 240 jobs, which could save the company up to $40 million annually. QuantumScape saw an impressive rally of 30.9% after unveiling advancements in its solid-state battery manufacturing process, a technology poised to enhance electric vehicle performance by improving range, reducing charging times, and limiting battery fire risks. However, the complexity and cost associated with solid-state battery research continue to challenge large-scale manufacturing efforts.

Moreover, companies tied to the cryptocurrency market demonstrated gains as the price of Bitcoin surged, indicating a growing willingness among investors to embrace riskier assets. Coinbase Global, a notable cryptocurrency exchange, experienced a 3.1% increase as Bitcoin surpassed the $107,000 mark. In the bond market, Treasury yields remained relatively stable, with the yield on the 10-year Treasury easing to 4.28% from 4.30% from the previous day.

Yields had fallen the previous day following remarks from the chair of the Federal Reserve, Jerome Powell, who indicated that the Fed is monitoring economic conditions before making any decisions on interest rate cuts. He emphasized the importance of evaluating how President Trump’s tariffs would affect the economy and inflation before committing to any actions. Despite the potential benefits of cutting rates to stimulate economic growth, such a move could also exacerbate inflation concerns.

Trump, advocating for interest rate reductions to alleviate the federal government's debt servicing costs, has been vocally critical of Powell, labeling him as a “numbskull” and a “fool.” This ongoing critique has fueled speculation about the possibility of Trump seeking to replace the Federal Reserve chair to gain more influence over monetary policy. As a result, the value of the U.S. dollar experienced a decline, trading at 144.79 Japanese yen compared to 145.26 yen earlier, while the euro rose to $1.1685 from $1.1661.

As market analysts note, this situation seems to represent an open competition among traders, each trying to promise deeper cuts and more flexible monetary policies.