WORLD

Stock market today: Asian shares gain despite Wall Street’s tech-led retreat

Apr 16, 2024, 10:35 PM | Updated: Apr 17, 2024, 9:14 pm

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.

U.S. futures were lower, while oil prices gained.

Tokyo’s Nikkei 225 climbed 0.3% to 38,090.87 and the Hang Seng in Hong Kong gained 1.5% to 16,489.59.

The Shanghai Composite index added 0.6% to 3,089.93.

South Korea’s Kospi led the region’s gains, surging 1.8% to 2,631.15.

In Australia, the S&P/ASX 500 rose 0.6% to 7,651.30.

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%.

Nvidia dropped 3.9%, and Broadcom sank 3.5% to serve as the two heaviest weights on the S&P 500.

The weakness for tech overshadowed stronger-than-expected profit reports from some big companies, including United Airlines. It soared 17.4% after reporting stronger results for the start of the year than analysts expected, lifted by strong demand from business fliers.

Sharp tumbles for oil prices lessened investors’ worries about inflation, which in turn helped Treasury yields ease.

The 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%.

Yields on Tuesday had returned to where they were in November after top officials at the Federal Reserve suggested 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 inflation remaining hotter than forecast.

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 six or more at the start of the year.

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 19 cents to $82.88 per barrel. It had lost $2.67 on Wednesday.

Brent crude, the international standard, gained 25 cents to $87.54 per barrel.

The U.S. dollar slipped to 154.19 Japanese yen from 154.38 yen. The euro rose to $1.0678 from $1.0673.

___

AP Business Writer Stan Choe contributed.

World

Associated Press

Young missionary couple from US among 3 killed by gunmen in Haiti’s capital, family says

PORT-AU-PRINCE, Haiti (AP) — A U.S. missionary couple and a Haitian man who led a religious group were shot and killed by criminal gang members in Haiti’s capital after they were abducted while leaving a youth group activity held at a local church, a family member said Friday. The attack happened Thursday evening in the […]

18 hours ago

Associated Press

UN human rights office decries beheadings, other violence in Myanmar’s northern Rakhine state

GENEVA (AP) — The U.N. human rights office warned Friday of “frightening and disturbing reports” about the impact of new violence in Myanmar’s northern Rakhine state, pointing to new attacks on Rohingya civilians by the military and an ethnic armed group fighting it. Spokesperson Liz Throssell of the office of the U.N. High Commissioner for […]

22 hours ago

Associated Press

UN countries adopt treaty to better trace origins of genetic resources under global patent system

GENEVA (AP) — U.N. member countries on Friday concluded a new treaty to help ensure that traditional knowledge about genetic resources, like medicines derived from exotic plants in the Andes mountains, is properly traced. It marks the first time the 193 member states of the U.N.’s World Intellectual Property Organization have reached agreement on patent […]

1 day ago

Associated Press

Stock market today: Global shares are mixed, with China stocks down, after Wall St retreat

TOKYO (AP) — Global shares were mixed on Thursday, with European markets gaining after most major Asian benchmarks declined, apart from in Tokyo. France’s CAC 40 edged 0.2% higher to 8,109.40. Germany’s DAX climbed 0.3% to 18,742.83, while Britain’s FTSE 100 was flat at 8,373.25. The future for the S&P 500 was up 0.5%, while […]

2 days ago

Associated Press

Iran inters its late president at holiest Shiite site in nation after fatal helicopter crash

DUBAI, United Arab Emirates (AP) — Iran interred President Ebrahim Raisi at the nation’s holiest Shiite shrine Thursday, days after he was killed in a helicopter crash that added to the woes of a country already beset by international sanctions, internal unrest and tensions abroad. Raisi, who died alongside the country’s foreign minister and six […]

2 days ago

Associated Press

China sanctions US defense-related companies and executives over Russia, Taiwan

BEIJING, China (AP) — China on Wednesday sanctioned 12 U.S. defense-related companies and 10 executives over arms sales to Taiwan in retaliation for earlier American sanctions on Chinese companies tied to Russia. The entities include units of Lockheed Martin, Raytheon, General Dynamics and other companies. Senior executives of Northrop Grumman Corporation and General Dynamics also […]

3 days ago

Stock market today: Asian shares gain despite Wall Street’s tech-led retreat