Current:Home > Contact-usStock market today: Asian shares start June with big gains following Wall St rally-InfoLens
Stock market today: Asian shares start June with big gains following Wall St rally
View Date:2024-12-23 15:25:17
Asian shares began June with big gains on Monday after a report showing that inflation in the U.S. is not worsening drove a rally on Wall Street.
Hong Kong’s Hang Seng led the region’s gain, jumping 2.7% to 18,560.98 and the Shanghai Composite index rose 0.3%, to 3,095.63.
Tokyo’s Nikkei 225 advanced 0.9% to 38,849.65, while the Kospi in Seoul surged 1.9% to 2,687.11.
Australia’s S&P/ASX 200 climbed 0.7% to 7,756.80.
In Taiwan, the Taiex was up 1.9%.
On Friday, the S&P 500 rose 0.8% to close its sixth winning month in the last seven, ending at 5,277.51. The Dow leaped 1.5% to 38,686.32, and the Nasdaq slipped less than 0.1% to 16,735.02.
Gap soared to one of the market’s biggest gains, 28.6%, after delivering stronger profit and revenue for the latest quarter than analysts expected. The retailer also raised its forecasts for sales and profitability this year despite saying the outlook for the economy remains uncertain.
Stocks broadly got a boost from easing Treasury yields in the bond market after the latest reading on inflation came in roughly as expected, at 2.7% last month.
That could bolster confidence at the Federal Reserve that inflation is sustainably heading toward its target of 2%, something it says it needs before it will cut its main interest rate.
Friday’s report from the U.S. government also showed growth in consumer spending weakened by more than economists expected. Growth in incomes for Americans also slowed last month.
“Finally, the U.S. economic data is starting to show clear signs that consumers are feeling the pinch. With savings running dry, prices skyrocketing, the job market cooling down, disposable incomes taking a hit, and interest rates still high, spending in 2022 is becoming impossible. It’s like trying to fill a bucket with a hole in it — good luck keeping it full,” Stephen Innes of SPI Asset Management said in a commentary.
The Fed has been keeping the federal funds rate at the highest level in more than 20 years in hopes of slowing the economy enough to stifle high inflation. But if it holds rates too high for too long, it could choke off the economy’s growth and cause a recession that throws workers out of their jobs and craters profits for companies.
The yield on the 10-year Treasury fell to 4.50% Friday from 4.55% late Thursday. It had topped 4.60% earlier in the week amid worries about tepid demand following some auctions for Treasurys, a move that had hurt stocks.
Virtually no one expects the Federal Reserve to cut interest rates at its next meeting in a week and a half, but most expect the Fed will cut at least once by the end of the year, according to data from CME Group.
Dell tumbled 17.9% even though it matched analysts’ forecasts for profit in the latest quarter. Its stock had already soared 122% in 2024 ahead of the report, meaning expectations were very high, and analysts pointed to concerns about how much profit Dell is squeezing out of each $1 in revenue.
Nvidia fell for a second straight day, losing 0.8%, as its momentum finally slows after soaring more than 20% since its blowout profit report last week.
Trump Media & Technology Group slumped 5.3% in its first trading following the conviction of Donald Trump on felony charges Thursday. The company, which runs the Truth Social platform, had warned earlier in filings with U.S. securities regulators about potential impact from a conviction.
MongoDB dropped 23.9% despite topping forecasts for profit and revenue. The database company for developers gave forecasts for profit in the current quarter and for this full year that fell short of analysts’ expectations.
In other dealings early Monday, U.S. benchmark crude oil gained 46 cents to $77.45 per barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, rose 46 cents to $81.57 after OPEC agreed during the weekend to maintain its production cuts, which have been supporting prices.
The U.S. dollar slipped to 157.13 Japanese yen from 157.26 yen. The euro rose to $1.855 from $1.0848.
veryGood! (8694)
Related
- Disruptions to Amtrak service continue after fire near tracks in New York City
- Dad admits leaving his 3 kids alone at Cedar Point while he rode roller coasters: Police
- Nelly Shares Glimpse Into Ashanti’s Motherhood Journey After Welcoming Baby Boy
- Escaped Mississippi inmate in custody after hourslong standoff at Chicago restaurant
- NFL Week 11 picks straight up and against spread: Will Bills hand Chiefs first loss of season?
- Floridians balk at DeSantis administration plan to build golf courses at state parks
- Yankees roast Little League coach who complained about Aaron Judge
- Canada’s 2 major freight railroads at a full stop; government officials scramble
- Flurry of contract deals come as railroads, unions see Trump’s election looming over talks
- Why Christina Applegate Is Giving a “Disclaimer” to Friends Amid Multiple Sclerosis Battle
Ranking
- Why have wildfires been erupting across the East Coast this fall?
- US Open 2024: Schedule, prize money, how to watch year's final tennis major
- Holly Humberstone on opening Eras Tour: 'It's been a week, and I'm still not over it'
- Cincinnati Reds' Elly De La Cruz joins rare club with 20-homer, 60-steal season
- Waymo’s robotaxis now open to anyone who wants a driverless ride in Los Angeles
- 6-year-old hospitalized after being restrained, attacked by pit bull, police say
- Your college student may be paying thousands in fees for a service they don't need
- Got bad breath? Here's how to get rid of it.
Recommendation
-
Jana Kramer’s Ex Mike Caussin Shares Resentment Over Her Child Support Payments
-
Family of Gov. Jim Justice, candidate for US Senate, reaches agreement to avoid hotel foreclosure
-
From Ferguson to Minneapolis, AP reporters recall flashpoints of the Black Lives Matter movement
-
PBS’ Judy Woodruff apologizes for an on-air remark about peace talks in Israel
-
Quincy Jones' Cause of Death Revealed
-
Tyler Cameron Debuts Shocking Hair Transformation—And Fans Are Not Accepting This Change
-
'She had a fire in her': 80-year-old grandmother killed while defending dogs in Seattle carjacking
-
Apache Group is Carrying a Petition to the Supreme Court to Stop a Mine on Land Sacred to the Tribe