Asian shares are mostly lower ahead of a Federal Reserve decision this week on interest rates. U.S. futures gained while oil prices fell more than $1 a barrel. On Friday, stocks stumbled on Wall Street. The S&P 500 fell 0.5% and is now in what's called a correction, down 10% from the peak for this year that it hit in July. The Dow fell 1.
File - Specialist Gregg Maloney is reflected in a video screen on the floor of the New York Stock Exchange, on Sept. 13, 2023. Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, Oct. 30, 2023. Asian shares were mostly lower on Monday ahead of a Federal Reserve decision this week on interest rates.
A mixed set of economic reports Friday didn’t appear to change Wall Street’s expectations that the Federal Reserve will keep its benchmark rate of above 5.25% unchanged at a meeting Wednesday.Stock market today: Asian shares rebound following latest tumble on Wall Street. Oil prices gain $1Spending by U.S. consumers
Over the weekend, more than 30 companies listed in China revealed intentions to conduct share buybacks and purchases after China announced a slew of measures aimed at stabilizing falling stock prices. The Hang Seng in Hong Kong fell 0.3% to 17,349.36 and the Shanghai Composite index rose 0.2% at 3,022.90.
The Dow Jones Industrial Average fell 1.1% and the Russell 2000 index of smaller company stocks slipped 1.2%, closing at its lowest level in about four years. Intel, which is outside the Magnificent Seven, was also helping to support the market. It rose 9.3% after reporting much stronger profit for the summer than analysts expected.The yield on the 10-year Treasury has been hovering at levels not seen since 2007. Early Monday it was at 4.87%. Its rise from less than 3.50% in the spring to more than 5% earlier last week has sent prices tumbling for older bonds already trading in the market.
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