Current:Home > InvestStock market today: Asian shares mostly rise cheered by Wall Street finish -TradeBridge
Stock market today: Asian shares mostly rise cheered by Wall Street finish
View
Date:2025-04-16 18:44:03
TOKYO (AP) — Asian shares mostly rose Thursday after a firm finish on Wall Street, as expectations remained solid for U.S. interest rate cuts this year.
Japan’s benchmark Nikkei 225 rose 0.8% to 39,773.14. Sydney’s S&P/ASX 200 rose 0.5% to 7,817.30. South Korea’s Kospi added 1.3% to 2,742.00.
Analysts say Taiwan Semiconductor Manufacturing Co’s (TSMC) facilities may get quicker-than-expected relief — easing concerns about production halts — after a powerful earthquake struck Wednesday, killing at least nine people. Trading was closed in Taiwan on Thursday and Friday for national holidays.
“Market participants took comfort in the weaker-than-expected U.S. services purchasing managers index overnight, which offset the surprise rebound in manufacturing activities earlier in the week and suggest that overall demand may still remain tame for the Federal Reserve’s inflation fight,” said Yeap Jun Rong, market analyst at IG.
On Wall Street, the S&P 500 inched up by 5.68 points, or 0.1%, to 5,211.49 The Dow Jones Industrial Average slipped 43.10, or 0.1%, to 39,127.14, and the Nasdaq composite added 37.01, or 0.2%, to 16,277.46.
GE Aerospace helped lead the S&P 500 with a jump of 6.7%. It was the second day of trading for the company after splitting off its power and energy business to mark the end of the General Electric conglomerate. Cal-Maine Foods rose 3.6% after reporting stronger-than-expected profit for the latest quarter by selling a record number of eggs.
They helped offset an 8.2% drop for Intel, which disclosed financial details about key parts of its business for the first time, including its money-losing foundry business. The Walt Disney Co. fell 3.1% after shareholders voted against installing an activist investor to its board who had promised to shake up the company to lift its stock price. The pair’s drops were a large reason the Dow lagged other indexes.
Stocks have broadly slowed their roll since screaming 26% higher from November through March. Worries are rising that a remarkably resilient U.S. economy could prevent the Federal Reserve from delivering as many cuts to interest rates this year as earlier hoped. Critics have also been saying a pullback is overdue as stock prices have grown expensive by several measures.
The Fed has indicated it may still cut its main interest rate three times this year, which would relieve pressure on the economy. But Fed officials say they will do so only if more evidence arrives to show inflation is heading down toward their goal of 2%.
A more comprehensive report on the job market for March will arrive from the U.S. government on Friday, and it will likely be the week’s headline economic data.
Traders have already drastically reduced their expectations for how many times the Federal Reserve will cut interest rates this year, halving them from a forecast of six at the start of the year. That has them on the same page with Fed officials generally. Some investors, though, are preparing for two or even zero cuts this year because the Fed may not want to begin lowering rates too close to November’s election out of fear of appearing political.
In the bond market, Treasury yields fell. The 10-year yield slipped to 4.34% from 4.36% late Tuesday. The two-year yield, which more closely tracks with expectations for Fed action, fell to 4.67% from 4.70%.
In energy trading, benchmark U.S. crude rose 4 cents to $85.47 a barrel. Brent crude, the international standard, gained 7 cents to $89.42 a barrel.
In currency trading, the U.S. dollar edged up to 151.70 Japanese yen from 151.65 yen. The euro cost $1.0842, little changed from $1.0837.
__
AP Business Writer Stan Choe contributed to this report.
veryGood! (9)
Related
- Nearly half of US teens are online ‘constantly,’ Pew report finds
- Hiam Abbass’ Palestinian family documentary ‘Bye Bye Tiberias’ applauded at Marrakech Film Festival
- Trump takes up a lot of oxygen, but voting rights groups have a lot more on their minds
- Jill Biden says White House decor designed for visitors to see the holidays through a child’s eyes
- Stamford Road collision sends motorcyclist flying; driver arrested
- Teyana Taylor Addresses Quietly Filing for Divorce From Iman Shumpert
- 'Today, your son is my son': A doctor's words offer comfort before surgery
- 1 student killed, 1 hospitalized in stabbing at North Carolina high school
- Travis Hunter, the 2
- Giving back during the holiday season: What you need to know to lend a helping hand
Ranking
- The FBI should have done more to collect intelligence before the Capitol riot, watchdog finds
- Walmart Cyber Monday Sale 2023: Get a $550 Tablet for $140, $70 Bed Sheets for $16 & More
- Spain announces a 1.4 billion-euro deal to help protect the prized Doñana wetland from drying up
- Beyoncé Reveals Blue Ivy Carter’s Motivation for Perfecting Renaissance Dance Routine
- 'Kraven the Hunter' spoilers! Let's dig into that twisty ending, supervillain reveal
- Roommates sue Maryland county over death of pet dog shot by police
- David Letterman returns to The Late Show for first time since 2015 in Colbert appearance
- Colorado's Shedeur Sanders was nation's most-sacked QB. He has broken back to show for it.
Recommendation
Highlights from Trump’s interview with Time magazine
Live updates | Israel and Hamas prepare for fourth swap as mediators seek to extend cease-fire
Foul play not suspected after body found in vent at college arts center in Michigan
French labor minister goes on trial for alleged favoritism when he was a mayor
Louvre will undergo expansion and restoration project, Macron says
Schools in Portland, Oregon, and teachers union reach tentative deal after nearly month-long strike
Anthropologie’s Cyber Monday Sale Is Here: This Is Everything You Need to Shop Right Now
Russian FM says he plans to attend OSCE meeting in North Macedonia