Asian shares are mixed, tracking gains on Wall Street as corporate profits pile higher

Shares were mixed Wednesday in Asia after U.S. stocks rose again as companies reported stronger-than-expected profits.

U.S. futures fell and oil prices declined.

Uncertainty around President Donald Trump's trade war limited gains in U.S. stocks on Tuesday. So did a drop in consumer confidence and a weak update on how many job openings U.S. employers were advertising at the end of March.

Tokyo's Nikkei 225 index climbed 0.6% to 36,045.38.

Japanese automakers' shares were mixed even after Trump signed an order relaxing some U.S. tariffs on imports of autos and auto parts.

Shares in Toyota Motor Corp. lost 1.6% while Honda Motor Co. gained 0.4%. Nissan Motor Co. lost 0.2%.

In Hong Kong, the Hang Seng rose 0.4% to 22,093.73, while the Shanghai Composite index slipped 0.2% to 3,281.20 as surveys showed export orders to manufacturers declined in April as higher U.S. tariffs on Chinese goods began to take effect.

South Korea's Kospi dropped 0.3% to 2,556.61, while the S&P/ASX 200 in Australia surged 0.7% to 8,126.20.

Taiwan's Taiex and the Sensex in India were both little changed.

On Tuesday, U.S. stocks rose again. The S&P 500 climbed 0.6% to 5,560.83 as its winning streak extended to a sixth day. The Dow Jones Industrial Average added 0.7% to 40,527.62. The Nasdaq composite rose 0.5% to 17,461.32.

CEOs say they're unsure how long their companies can keep piling up profits due to the lack of clarity about Donald Trump's trade war.

Honeywell International helped lead the market with a gain of 5.4% after reporting stronger profit and revenue for the latest quarter than analysts expected. It also raised its forecast for profit over the full year.

Sherwin-Williams rose 4.8% for another one of the market’s bigger gains after the paint and coatings company likewise reported a better-than-expected profit.

UPS stock swung between losses and gains at the day's start of trading after it reported a stronger profit than analysts expected for the first three months of 2025. Because it's the world's largest package delivery company, UPS can offer a window into how the global economy is doing.

But UPS also said it wasn’t updating its financial forecasts previously given for 2025 because of “the current macro-economic uncertainty.” It also said it expects to cut about 20,000 jobs and close 73 buildings this year. Its stock finished 0.4% lower.

Investors fear Trump’s tariffs could bring a recession if left unaltered because they could freeze global trade and send prices higher for all kinds of products. And Trump’s on-again-off-again rollout could by itself throw into disarray the long-term plans for spending and investment by businesses and households.

U.S. households are getting much more pessimistic because of tariffs, and a report from the Conference Board on Tuesday said their expectations for income, business and job market conditions dropped to the lowest level since 2011 and are well below the level that usually signals a recession ahead.

U.S. Treasury Secretary Scott Bessent said such economic uncertainty is a tool Trump can use as he negotiates tariffs and trade deals. "President Trump creates what I would call strategic uncertainty in the negotiations," he told reporters at the White House.

General Motors slipped 0.6% despite reporting a stronger profit for the latest quarter than analysts expected. The company rescheduled a conference call with investors to discuss its results and forecasts for 2025 to Thursday because of "recent reports regarding updates to trade policy."

Coca-Cola also overcame an early drop to rise 0.8%. The beverage giant reported better-than-expected earnings in the first quarter and said the impact of tariffs on its business are likely to be "manageable."

Treasury yields fell. The yield on the 10-year Treasury dropped to 4.17% from 4.23% late Monday.

Yields have largely been sinking since an unsettling, unusual spurt higher earlier this month rattled both Wall Street and the U.S. government. That rise had suggested investors worldwide may have been losing faith in the U.S. bond market's reputation as a safe place to park cash.

In other dealings early Wednesday, U.S. benchmark crude oil lost 70 cents to $59.72 per barrel. Brent crude, the international standard, shed 64 cents to $62.64 per barrel.

The U.S. dollar rose to 142.59 Japanese yen from 142.35 yen. The euro rose to $1.1395 from $1.1386.