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BEIJING (AP) Asian stock markets were mixed on Tuesday as Wall Street slid lower following its latest rally.
Shanghai and Hong Kong advanced. Tokyo and Seoul declined. Oil prices rose.
Wall Street’s benchmark S&P 500 index lost 0.4% Monday as technology stocks fell after a rapid run while most other stocks advanced. The index has moved away from this year’s high of two weeks ago, but is still up more than 20% since mid-October.
The moderation of previous overbought technical conditions and extreme bullish sentiment continues, IG’s Yeap Jun Rong said in a report.
The Shanghai Composite Index gained 0.5% to 3,166.41 while Tokyo’s Nikkei 225 fell 0.8% to 32,453.74. The Hang Seng in Hong Kong rose 1.3% to 19,052.70.
The Kospi in Seoul fell 0.2% to 2,575.68 while the S&P ASX 200 in Sydney rose 0.6% to 7,118.20.
New Zealand and Bangkok fell, while Singapore and Jakarta advanced.
Stock prices rose this year on hopes that an expected recession, after the Federal Reserve and central banks in Europe and Asia raised interest rates to cool inflation, would come later and be shorter and more shallow than previously predicted.
The S&P 500 hit a year high two weeks ago before the enthusiasm waned. Last week was the index’s first losing week in the past six.
On Monday, the US market benchmark fell to 4,328.82. The Dow Jones Industrial Average lost less than 0.1% to 33,714.71.
The composite Nasdaq, dominated by technology stocks, fell 1.2% to 13,335.78.
Tesla Inc. fell 6.1% after roughly doubling this year.
PacWest Bancorp, one of the banks that has punished Wall Street in its search for the system’s next potential weak link, rose 4% after it sold a portfolio of loans to raise cash.
Electric vehicle company Lucid Group rose 1.5% after announcing a deal that would see it supply the powertrain and battery systems to Aston Martin.
A report on Friday will show how the Federal Reserve’s preferred measure of inflation behaved in May, but data on consumer and wholesale prices was reported earlier this month
Traders are betting that the June inflation numbers due next month will prompt the Fed to raise rates by a quarter of a percentage point at its next meeting, which is July 25-26, according to data from CME Group.
The Fed skipped a rate hike at this month’s meeting after pushing up its benchmark lending rate to a 16-year high to cool inflation. Much of Wall Street expects a hike next month to be the last of this cycle.
The Fed, meanwhile, has suggested it could raise rates two more times as inflation remains stubbornly high, even though it has fallen from its peak last summer.
In the energy markets, benchmark US crude oil rose 32 cents to $69.69 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained 21 cents to $69.37 on Monday. Brent crude, the price benchmark for international oil trade, added 31 cents to $74.66 a barrel in London. It was up 33 cents from the previous session to $74.18.
The dollar fell from 143.45 yen on Monday to 143.40 yen. The euro rose from $1.0915 to $1.0923.
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