Current:Home > FinanceStock market today: Asian stocks mixed as traders await Fed conference for interest rate update -AssetLink
Stock market today: Asian stocks mixed as traders await Fed conference for interest rate update
View
Date:2025-04-16 01:36:59
BEIJING (AP) — Asian stocks were mixed Monday as traders looked ahead to the Federal Reserve’s summer conference for signs of whether the U.S. central bank thinks inflation is under control or more interest rate hikes are needed to cool inflation.
Shanghai and Hong Kong retreated while Tokyo and Seoul advanced. Oil prices rose.
Wall Street’s benchmark S&P 500 index edged down 0.1% on Friday to end the week lower ahead of the Jackson Hole, Wyoming, conference. Traders are watching because Fed officials have used the event in the past to indicate changes in policy direction.
There “may be rude hawkish surprises” for investors who assume rate hikes are finished, said Tan Boon Heng of Mizuho Bank in a report. Chair Jerome Powell “may allude to structurally higher (and potentially more volatile) inflation being the new norm.”
The Shanghai Composite Index lost 0.3% to 3,122.67 while the Nikkei 225 in Tokyo advanced 0.6% to 31,626.56. The Hang Seng in Hong Kong lost 1.1% to 17,760.29.
The Kospi in Seoul gained 0.6% to 2,518.44 while Sydney’s S&P-ASX 200 shed 0.2% to 7,137.10.
New Zealand, Singapore and Bangkok retreated while Singapore gained.
On Wall Street, the S&P 500 declined to 4,369.71 on Friday. The Dow Jones Industrial Average added 0.1% to 34,500.66. The Nasdaq composite slipped 0.2% to 13,290.78.
The S&P 500 soared in the first seven months of 2023 but has given back more than one-quarter of those gains after critics warned the market embraced the notion too early that inflation was under control and rate hikes were finished.
Some investors are shifting money to bonds as higher interest rates make their payout bigger and less risky.
Microsoft slipped 0.1% Friday. Alphabet dropped 1.9% and Tesla sank 1.7%.
Tech and other high-growth stocks are seen as some of the biggest losers due to higher rates. Several are down more than 10% from this year’s highs.
Data indicating U.S. consumer spending and hiring are unexpectedly strong have fueled expectations the Fed might feel pressure to keep its benchmark lending rate higher for longer.
Inflation has declined from its peak above 9% last year but still is above the Fed’s 2% target. Consumer prices rose 3.2% in July over a year earlier, up from the previous month’s 3% increase.
Economists say the last stage of getting inflation down to the Fed’s target may prove the most difficult.
On Friday, Ross Stores jumped 5% for the largest gain in the S&P 500 after it reported stronger results than expected. Estee Lauder fell 3.3% despite reporting stronger profit and revenue than expected. Its profit forecast for its upcoming fiscal year fell short of Wall Street’s estimates.
In energy markets, benchmark U.S. crude gained 73 cents to $81.39 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the price basis for international oil trading, advanced 75 cents to $85.55 per barrel in London.
The dollar edged up to 145.35 yen from Friday’s 145.32 yen. The euro rose to $1.0882 from $1.0878.
veryGood! (965)
Related
- Bodycam footage shows high
- Kourtney Kardashian Responds to Criticism Over Her Birthday Flowers
- New England and upstate New York brace for a winter storm
- Get a $69 Deal on $155 Worth of Josie Maran Skincare Products
- Small twin
- AI is predicting the world is likely to hit a key warming threshold in 10-12 years
- Scream’s Josh Segarra Seriously Wants to Form a Pro Wrestling Tag Team With Bad Bunny
- Coach 80% Off Deals: Shop Under $100 Handbags, Shoes, Jewelry, Belts, Wallets, and More
- The Louvre will be renovated and the 'Mona Lisa' will have her own room
- 3 lessons from the Western U.S. for dealing with wildfire smoke
Ranking
- Spooky or not? Some Choa Chu Kang residents say community garden resembles cemetery
- LFO's Brad Fischetti Shares How He Found the Light Again After the Deaths of Rich Cronin and Devin Lima
- Climate solutions do exist. These 6 experts detail what they look like
- Dancing With the Stars' Len Goodman Dead at 78
- 'Most Whopper
- A new solar energy deal will bring power to 140,000 homes and businesses in 3 states
- And Just Like That Confirms Aidan’s Epic Return in Season 2 Teaser
- NOAA predicts a 'near-normal' hurricane season. But that's not good news
Recommendation
New Mexico governor seeks funding to recycle fracking water, expand preschool, treat mental health
Efforts to recharge California's underground aquifers show mixed results
Air quality plummets as Canadian wildfire smoke stretches across the Midwest
North West Joins Mom Kim Kardashian on Red Carpet at Daily Front Row Awards
Chuck Scarborough signs off: Hoda Kotb, Al Roker tribute legendary New York anchor
DWTS' Len Goodman Dead at 78: Bruno Tonioli, Carrie Ann Inaba and More Pay Tribute
And Just Like That Confirms Aidan’s Epic Return in Season 2 Teaser
Taylor Swift Fan Killed By Suspected Drunk Driver After Leaving Eras Tour Concert in Houston