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

Asian shares precocious connected Thursday adjacent aft sinking exertion stocks sent Wall Street little successful the S&P 500's worse losing streak since the commencement of the year.

U.S. futures were lower, portion lipid prices gained.

Tokyo's Nikkei 225 climbed 0.3% to 38,079.70 and the Hang Seng successful Hong Kong gained 1.3% to 16,468.07.

The Shanghai Composite scale added 0.6% to 3,089.02.

South Korea's Kospi led the region's gains, surging 2.2% to 2,642.02.

In Australia, the S&P/ASX 500 roseate 0.4% to 7,638.10.

On Wednesday, the S&P 500 mislaid 0.6%, to 5,022.21. It's down 4.4% since mounting a grounds precocious past 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 aft ASML, a Dutch institution that’s a large supplier to the semiconductor industry, reported weaker orders for the commencement of 2024 than analysts expected. Its banal trading successful the United States slumped 7.1%.

Nvidia dropped 3.9%, and Broadcom sank 3.5% to service arsenic the 2 heaviest weights connected the S&P 500.

The weakness for tech overshadowed stronger-than-expected nett reports from immoderate large companies, including United Airlines. It soared 17.4% aft reporting stronger results for the commencement of the twelvemonth than analysts expected, lifted by beardown request from concern fliers.

Sharp tumbles for lipid prices lessened investors’ worries astir inflation, which successful crook helped Treasury yields ease.

The 10-year Treasury output sank to 4.58% from 4.67% precocious Tuesday. The two-year yield, which moves much intimately with expectations for the Fed, fell to 4.92% from 4.99%.

Yields connected Tuesday had returned to wherever they were successful November aft apical officials astatine the Federal Reserve suggested the cardinal slope whitethorn clasp its main involvement dependable for a while. It wants to get much assurance that ostentation is sustainably heading toward its people of 2%. Its main involvement complaint has been sitting astatine its highest level since 2001.

High involvement rates wounded prices for investments and summation the hazard of a recession, but Fed officials are acrophobic aft a drawstring of reports this twelvemonth has shown ostentation remaining hotter than forecast.

Traders are present mostly expecting conscionable 1 oregon 2 cuts to involvement rates from the Federal Reserve this year, according to information from CME Group. That’s down from forecasts for six oregon much astatine the commencement of the year.

With small near-term assistance expected from an easing of involvement rates, companies volition request to present fatter profits to warrant their large runs successful banal terms since autumn.

Travelers slumped 7.4% aft the insurer’s quarterly results fell abbreviated of forecasts. It had to contend with much losses from catastrophes.

J.B. Hunt Transport Services fell 8.1% aft reporting weaker gross and results than expected. It was wounded successful portion by contention successful the eastbound portion of the state and by higher wages for workers and different costs.

On the winning broadside of Wall Street was Omnicom Group. It roseate 1.6% aft reporting stronger nett for the latest 4th than analysts expected. The selling and communications institution highlighted maturation trends successful astir markets astir the world, extracurricular the Middle East and Africa.

The banal of Donald Trump’s societal media institution besides continued to plaything sharply, this clip jumping 15.6%. That followed 2 consecutive losses of much than 14%. Experts accidental the banal is caught up successful frenzied trading driven much by nationalist sentiment astir the erstwhile president than by the concern prospects of the company.

In lipid trading, U.S. benchmark crude picked up 8 cents to $82.77 per barrel. It had mislaid $2.67 connected Wednesday.

Brent crude, the planetary standard, gained 16 cents to $87.45 per barrel.

The U.S. dollar slipped to 154.12 Japanese yen from 154.38 yen. The euro roseate to $1.0689 from $1.0673.