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Asian shares have advanced even after sinking technology stocks sent Wall Street lower again. U.S. futures were lower, while oil prices gained. On Wednesday, the S&P 500 index dipped 0.6% for its longest losing streak since early January. The Dow Jones Industrial Average edged 0.1% lower, and the Nasdaq composite fell 1.1%.
FILE - A person looks at an electronic stock board showing Japan’s Nikkei 225 index at a securities firm Tuesday, April 16, 2024, in Tokyo. Asian shares advanced on Thursday even after sinking technology stocks sent Wall Street lower in the S&P 500’s worse losing streak since the start of the year.
People pass the New York Stock Exchange, right, on Wednesday, April 17, 2024 in New York. Global shares are trading mixed after most U.S. stocks slipped on firmer expectations that the Fed is committed to its current rate practices. People pass the New York Stock Exchange, right, on Wednesday, April 17, 2024 in New York. Global shares are trading mixed after most U.S. stocks slipped on firmer expectations that the Fed is committed to its current rate practices.People pass the New York Stock Exchange, right, on Wednesday, April 17, 2024 in New York. Global shares are trading mixed after most U.S. stocks slipped on firmer expectations that the Fed is committed to its current rate practices.Asian shares advanced on Thursday even after sinking technology stocks sent Wall Street lower in the S&P 500’s worse losing streak since the start of the year.Tokyo’s Nikkei 225 climbed 0.3% to 38,079.70 and the Hang Seng in Hong Kong gained 1.3% to 16,468.07.South Korea’s Kospi led the region’s gains, surging 2.2% to 2,642.02.On Wednesday, the S&P 500 lost 0.6%, to 5,022.21. It’s down 4.4% since setting a record late last month. The Dow Jones Industrial Average slipped 0.1% to 37,753.31, and the Nasdaq composite sank 1.1% to 15,683.37. Tech stocks slumped after ASML, a Dutch company that’s a major supplier to the semiconductor industry, reported weaker orders for the start of 2024 than analysts expected. Its stock trading in the United States slumped 7.1%.reporting stronger resultsStock market today: Asian benchmarks trade mixed amid expectations for US rates to stay highThe 10-year Treasury yield sank to 4.58% from 4.67% late Tuesday. The two-year yield, which moves more closely with expectations for the Fed, fell to 4.92% from 4.99%.the central bank may hold its main interest steady for a while. It wants to get more confidence that inflation is sustainably heading toward its target of 2%. Its main interest rate has been sitting at its highest level since 2001. High interest rates hurt prices for investments and increase the risk of a recession, but Fed officials are concerned after a string of reports this year has shown Traders are now mostly expecting just one or two cuts to interest rates from the Federal Reserve this year, according to data from CME Group. That’s down from forecasts for With little near-term help expected from an easing of interest rates, companies will need to deliver fatter profits to justify their big runs in stock price since autumn. Travelers slumped 7.4% after the insurer’s quarterly results fell short of forecasts. It had to contend with more losses from catastrophes. J.B. Hunt Transport Services fell 8.1% after reporting weaker revenue and results than expected. It was hurt in part by competition in the eastern part of the country and by higher wages for workers and other costs. On the winning side of Wall Street was Omnicom Group. It rose 1.6% after reporting stronger profit for the latest quarter than analysts expected. The marketing and communications company highlighted growth trends in most markets around the world, outside the Middle East and Africa. The stock of Donald Trump’s social media company also continued to swing sharply, this time jumping 15.6%. That followed two straight losses of more than 14%. Experts say the stock is caught up in frenzied trading driven more by public sentiment around the former president than by the business prospects of the company. In oil trading, U.S. benchmark crude picked up 8 cents to $82.77 per barrel. It had lost $2.67 on Wednesday.Based in Bangkok, Kurtenbach is the AP’s business editor for Asia, helping to improve and expand our coverage of regional economies, climate change and the transition toward carbon-free energy. She has been covering economic, social, environmental and political trends in China, Japan and Southeast Asia throughout her career.
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