Global shares are mostly lower after Wall Street closes at new record highs

MANILA, Philippines — Global shares are mostly down on Friday after Wall Street closed at an all-time high with Delta Air Lines kicking off earnings season with a solid outlook for the rest of 2025, spurring an airline stock rally.

In early European trading, Germany's DAX lost 0.9% to 24,246.86. In Paris, the CAC 40 shed 0.7% to 7,850.46, while Britain's FTSE 100 edged 0.2% down to 8,956.81.

In Asia, shares were mixed. Chinese markets were sharply higher in earlier trading, buoyed by signs of possible additional stimulus measures in China and Goldman Sachs Group's upgrade of Hong Kong stocks to market-weight. The gains were later trimmed, with the Hang Seng in Hong Kong finishing 0.6% higher to 24,172.50, and the Shanghai Composite up 0.1% to 3,510.18 .

Tokyo's Nikkei 225 closed 0.2% lower to 39,569.68, while South Korea's Kospi shed 0.2% to 3,173.77.

Australia's S&P/ASX 200 slipped 0.1% to 8,580.10, and India's BSE Sensex fell 0.8% to 82,518.15.

The S&P 500 futures was down 0.5%. The Dow Jones Industrial Average futures slid 0.6%.

''Just as the market was catching its breath at new highs—drunk on Nvidia fumes and blissfully ignoring the dollar's quiet groan—President Trump tugged the rug again. A new act in the tariff opera: 35% duties on Canadian imports, with a sweeping upgrade in blanket tariffs now floating between 15% and 20%," Stephen Innes of SPI Asset Management said in a commentary.

''Asian equities, initially hopeful, wilted into flat lines as if someone had pulled the plug on the optimism generator. There's a growing sense now that risk has become radioactive—tradable, but only in hazmat gloves," he added.

On Thursday, Wall Street added to its recent milestones as the market closed at an all-time high after Delta Air Lines kicked off earnings season with a solid outlook for the second half of the year.

The S&P 500 rose 0.3%, inching past the record it set last week after a better-than-expected June jobs report.

The Nasdaq composite edged up 0.1%, enough of a gain to notch a new high for the second day in a row. The Dow Jones Industrial Average finished 0.4% higher.

Delta surged 12%, bringing other airlines along with it, after beating Wall Street's revenue and profit targets. The Atlanta airline also gave a more optimistic view for the remaining summer travel season than it had just a couple months ago.

The airline and other major U.S. carriers had pulled or slashed their forecasts in the spring, citing macroeconomic uncertainty amid U.S. President Donald Trump's tariff rollouts, which have consumers feeling uneasy about spending on travel.

Meanwhile, bitcoin (BTC-USD) climbed to a new all-time high Thursday, breaking above $113,000.

The token's price jump came amid bullish momentum across risk assets and coincides with Nvidia's surge to a $4 trillion valuation. It also comes days before the U.S. Congress' Crypto Week on July 14, where lawmakers will debate a series of bills that could define the regulatory framework for the industry.

In other dealings on Friday, benchmark U.S. crude added 25 cents to $66.82 per barrel. Brent crude, the international standard for oil prices, advanced 16 cents to $68.80 per barrel. The dollar was trading at 146.85 Japanese yen, up from 146.20 yen. The euro slid to $1,1686 from $1.1704.

—- AP Business Writer Alex Veiga contributed to this report.