Asian shares mixed after S&P 500 squeaks to new record high

Oct 20, 2021, 12:53 PM | Updated: Oct 21, 2021, 11:13 pm
A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headqu...

A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Oct. 22, 2021. Asian shares were mixed Friday after a late-in-the-day wave of buying pushed the S&P 500 to a fresh record high. (AP Photo/Ahn Young-joon)

(AP Photo/Ahn Young-joon)

Asian shares were mixed Friday after a late-in-the-day wave of buying pushed the S&P 500 to a fresh record high.

Benchmarks rose in Hong Kong and Tokyo but fell in Sydney and Shanghai.

An official newspaper, the Securities Times, said China Evergrande Group made an overdue bond payment on Friday. The property developer’s struggle to reduce its 2 trillion yuan ($310 billion) of debt to comply with tighter official curbs on borrowing has prompted fears a default might trigger a financial crisis.

Evergrande wired $83.5 million to account for a bond payment that was due Sept. 23, the report said. The company’s Hong Kong-traded shares gained 5%.

The Hang Seng in Hong Kong climbed 0.5% to 26,135.17 and the Shanghai Composite index lost 0.3% to 3,583.65.

Tokyo’s Nikkei 225 added 0.6% to 28,892.11 while the Kospi in Seoul gained 0.2% to 3,013.69. Australia’s S&P/ASX 200 was flat at 7,415.90.

On Wall Street on Thursday, the benchmark S&P 500 bounced back from an early slide to rise 0.3% to 4,549.78, its seventh straight gain. That eclipsed the record high it set on Sept. 2. It is on pace for its third straight weekly gain.

The Dow slipped less than 0.1%, to 35,603.08, pulled lower by IBM’s 9.6% slump after it reported quarterly revenue that fell shy of analysts’ forecasts. It is just below its all-time high set on Aug. 16.

The Nasdaq gained 0.6% to 15,215.70.

Smaller stocks edged higher. The Russell 2000 rose 0.3%, to 2,296.18.

A mix of companies that rely on direct consumer spending led the gains Thursday. Home Depot rose 1.8% and Pool Corp. gained 7.7%.

Financial companies also fell broadly. Capital One slid 4.4% and Discover Financial Services dropped 6.1%.

The uneven finish came as investors continued to review the latest company earnings reports, with global supply chain problems and the impact from rising inflation a key focus. Many companies have warned that the supply chain issues and overall higher costs will hurt operations and Wall Street is trying to gauge just how much it will sting corporate profit growth and margins.

Tesla rose 3.3% after reporting encouraging third-quarter profits, despite parts shortages and shipping delays. Footwear company Crocs vaulted 9.3% after reporting solid third-quarter results, noting it has taken steps to navigate its own supply chain headaches.

Several carmakers and automotive products companies made gains following Tesla’s latest earnings. Ford rose 3.2% and AutoZone rose 2.2%.

WeWork rose 13.5% in its second attempt to become a publicly traded company. The company, which provides shared workspaces, had a spectacular collapse during its first attempt to do so two years ago and is emerging after the pandemic closed millions of square feet of office space.

Shares in a special-purpose acquisition company, or SPAC, that is planning on taking a new media company launched by former President Donald Trump public soared after news of the venture broke late Wednesday. Digital World Acquisition vaulted 356%. The company, which went public Sept. 8, has merged with Trump Media & Technology Group, which plans to launch a social media app and streaming video service.

Bond yields moved higher. The yield on the 10-year Treasury slipped to 1.68% from 1.69% late Thursday.

Outside of earnings, investors received an encouraging update on the labor market. The Labor Department reported that the number of Americans applying for unemployment benefits fell last week to a new low point since the pandemic erupted.

In other trading, U.S. benchmark crude oil lost 32 cents to $82.18 per barrel in electronic trading on the New York Mercantile Exchange. It gave up 92 cents to $82.50 per barrel on Thursday.

Brent crude, used as a standard for global pricing, shed 43 cents to $84.18 per barrel.

The U.S. dollar rose to 114.08 Japanese yen from 113.99 yen late Thursday. The euro advanced to $1.1631 from $1.1624.

___

AP Business Writers Damian J. Troise and Alex Veiga contributed.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Associated Press

UN agency for Palestinian refugees faces funding crisis

AMMAN, Jordan (AP) — The head of the U.N. agency for Palestinian refugees said Tuesday it was unable to pay its 28,000 employees on time this month because of a major funding crisis, warning of potential cuts in vital services to millions of people amid a global pandemic. UNRWA runs schools, clinics and food distribution […]
1 day ago
Associated Press

Man accused of using relief funds on Lamborghini gets prison

HOUSTON (AP) — A Houston man has been sentenced to more than nine years in prison after he was accused of using federal COVID-19 relief funding on a Lamborghini, a Rolex watch and trips to strip clubs, federal prosecutors said. Lee Price III, 30, was sentenced Monday to 110 months in prison. Price pleaded guilty […]
1 day ago
Associated Press

Mercedes, Stellantis to work with US firm on new batteries

BERLIN (AP) — Automakers Mercedes-Benz and Stellantis announced agreements with U.S. company Factorial Energy on Tuesday to help develop solid-state battery technology that they hope could make electric cars more attractive to a mass market. Mercedes-Benz, part of Daimler AG, said it is joining forces with Factorial, based in Woburn, Massachussetts, to jointly develop batteries […]
1 day ago
Associated Press

EU set to unveil massive worldwide infrastructure plan

BRUSSELS (AP) — The European Union on Wednesday is set to unveil a multibillion-euro plan aimed at bolstering the 27-nation bloc’s worldwide infrastructure and influence. The program is expected to mobilize up to 300 billion euros ($341 billion) in public and private funds by 2027. Although the European Commission, the EU’s executive branch, does not […]
1 day ago
FILE - This undated file image provided by Merck & Co. shows their new antiviral medication molnupi...
Associated Press

Final US hurdle for Merck’s COVID-19 pill: FDA panel review

WASHINGTON (AP) — An experimental COVID-19 drug that could soon become the first U.S.-authorized pill to treat the coronavirus faces one final hurdle Tuesday: A panel of government experts will scrutinize data on the medication from drugmaker Merck. The Food and Drug Administration is asking its outside experts whether the agency should authorize the pill, […]
1 day ago
FILE - An open house is posted in front of a home for sale in Westfield, Ind., Sept. 25, 2020. Sale...
Associated Press

US home prices register 19.1% annual gain in September

WASHINGTON (AP) — U.S. home prices rose briskly in September, another sign that the housing market is booming in the aftermath of last year’s coronavirus recession. The S&P CoreLogic Case-Shiller 20-city home price climbed 19.1% in September from a year earlier. The strong price gains marked a deceleration from August’s 19.6% year-over-year increase. Still, September […]
1 day ago

Sponsored Articles

...
Experience Anacortes

Coastal Christmas Celebration Week in Anacortes

With minimal travel time required and every activity under the sun, Anacortes is the perfect vacation spot for all ages.
...

Delayed-Onset PTSD: Signs and Symptoms

Lakeside-Milam Recovery Centers SPONSORED — You’re probably familiar with post-traumatic stress disorder. Often abbreviated as PTSD, this condition is diagnosed when a person experiences a set of symptoms for at least a month after a traumatic event. However, for some people, these issues take longer to develop. This results in a diagnosis of delayed-onset PTSD […]
...

Medicare open enrollment ends Dec. 7. Free unbiased help is here!

Washington State Office of the Insurance Commissioner SPONSORED — Medicare’s Open Enrollment Period, also called the Annual Election Period, is Oct. 15 to Dec. 7. During this time, people enrolled in Medicare can: Switch from Original Medicare to a Medicare Advantage plan and vice versa. Join, drop or switch a Part D prescription drug plan, […]
...

How to Have a Stress-Free Real Estate Experience

The real estate industry has adapted and sellers are taking full advantage of new real estate models. One of which is Every Door Real Estate.
...
IQ Air

How Poor Air Quality Is Affecting Our Future Athletes

You cannot control your child’s breathing environment 100% of the time, but you can make a huge impact.
...
Swedish Health Services

Special Coverage: National Prostate Cancer Awareness Month

There are a wide variety of treatment options available for men with prostate cancer. The most technologically advanced treatment option in the Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform.
Asian shares mixed after S&P 500 squeaks to new record high