Asian markets showed mixed performance on Tuesday, while U.S. stocks continued their downward trend for a third consecutive day. Trading remained closed in Tokyo and Seoul for New Year's holidays. Australia's stock market experienced a decline, while Hong Kong's market saw a slight increase. China's Shanghai Composite Index dipped after manufacturing data indicated that Beijing's stimulus efforts have yet to fully revitalize the economy. U.S. stocks, marked by the S&P 500's 1.1% drop, are still projected to achieve their second consecutive yearly gain of over 20%.
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But much of what he spread was misinformationMaking any New Year's resolutions? Here are some tips to help make them stickWorking Well: When holidays present rude customers, taking breaks and the high road preserve peaceFrom destruction to deadly heat, Associated Press photographers capture climate change in 2024From destruction to deadly heat, Associated Press photographers capture climate change in 2024Takeaways from AP's report on social safety nets in states that ban abortionIn 2024, artificial intelligence was all about putting AI tools to workTimes Square ball takes final test for New Year's EveSyria's dwindling Jewish community can visit one of the world's oldest synagogues againLas caras que marcarán las relaciones México-EEUU en la nueva era TrumpFIL:E - The New York Stock Exchange is shown in New York’s Financial District on Dec. 23, 2024. TOKYO — Asian markets shares were mixed on Tuesday, with trading closed in Tokyo and Seoul for New Year holidays. Australia’s S&P/ASX 200 in Sydney skidded 0.6% to 8,182.80 in early trading. Hong Kong’s Hang Seng added 0.5% to 20,140.91, while the Shanghai Composite lost 0.2% to 3,399.74 after Chinese manufacturing data seemed to show that Beijing’s stimulus measures have not done enough to boost the nation’s sluggish economy. On Monday, U.S. stocks closed broadly lower, with the S&P 500 falling 1.1% to 5,906.94, its third straight decline. Roughly 90% of stocks within the index lost ground. On the second-to-last day of 2024, the benchmark index was still on track for its second straight yearly gain of more than 20%. The Dow Jones Industrial Average fell 1% to 42,573.73, and the Nasdaq composite ended 1.2% lower, at 19,486.78. Big Tech companies were the heaviest weights on the market, worsening the slump. Apple and Microsoft fell 1.3%. Their pricey valuations tend to have an outsized impact on the broader market.South Korea to inspect Boeing aircraft as it struggles to find cause of plane crash that killed 179The S&P 500’s technology and communication services sectors have been the market’s high flyers, notching gains of 37.1% and 39.9%, respectively, so far this year. Boeing fell 2.3% after one of its jets skidded off a runway in South Korea, killing 179 of the 181 people aboard. South Korea is inspecting all 737-800 aircraft operated by airlines in the country.further safety problems with its troubled top-selling aircraft and a plunging stock price. Its shares have declined more than 30% this year. Airlines that fly Boeing jets wavered in the wake of the crash. United Airlines fell 1.4% and Delta Air Lines dropped 0.9%. Markets are nearing the close of a stellar year driven by a growing economy, solid consumer spending and a strong jobs market. Wall Street expects companies within the S&P 500 to report broad earnings growth of more than 9% for the year, according to FactSet. The final figures will be tallied following fourth-quarter reports that start in a few weeks. Investors were encouraged by inflation cooling throughout the year to close to the Federal Reserve’s 2% target. That raised hopes that the central bank would deliver a steady stream of interest rate cuts, which would ease borrowing costs and fuel more economic growth. The Fed cut interest rates three times in 2024, but has signaled a more cautious approach heading into 2025 as inflation shows signs of reheating. The latest report on consumer prices showed that inflation edged slightly higher, to 2.7%, in November. President-elect Donald Trump’s threats to hike tariffs have added to worries about the potential for inflation to reignite. Companies typically pass along the higher costs from tariffs on goods and raw materials to consumers. Investors have very little corporate and economic news to review this week, which is shortened by the New Year holiday. U.S. markets will be closed on Wednesday. On Thursday, investors will get an updated snapshot of U.S. construction spending for the month of November. On Friday, Wall Street will receive an update on manufacturing for December. In energy trading, benchmark U.S. crude rose 39 cents to $71.38 a barrel. Brent crude, the international standard, added 22 cents to $74.39 a barrel. In currency trading, the U.S. dollar fell to 156.41 Japanese yen from 156.90 yen. The euro cost $1.0411, little changed from $1.0410.
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