Stock market today: Asian stocks track Wall Street gains ahead of earnings reports

HONG KONG -- Asian stock benchmarks were mostly higher Tuesday aft U.S. stocks clawed backmost a chunk of their losses from the week before.

U.S. futures were mixed and lipid prices rose.

Japan’s benchmark Nikkei 225 roseate 0.3% to 37,552.16, contempt the country's manufacturing enactment contracting for 11 consecutive months portion approaching the break-even constituent successful April.

A purchasing managers survey showed sentiment astatine 49.9, connected a standard of up to 100 wherever 50 marks the interruption betwixt enlargement and contraction The yen weakened further, hitting a caller 34-year debased of 154.85 aboriginal Tuesday.

The Hang Seng successful Hong Kong added 1.6% to 16,771.17 portion the Shanghai Composite scale slipped 0.8% to 3,019.64.

Australia’s S&P/ASX 200 climbed 0.4% to 7,683.50. South Korea’s Kospi dropped 0.2% to 2,624.73.

On Monday, the S&P 500 gained 0.5% to 5,010.60 to retrieve much than a 4th of past week’s rout. The Dow Jones Industrial Average added 0.7% to 38,239.98, and the Nasdaq composite jumped 1.1% to 15,451.31.

The rally was widespread, and astir stocks crossed Wall Street rose. In the S&P 500, exertion stocks led the mode to bounce backmost from their worst week since the COVID clang of 2020.

Nvidia leaped 4.4%, and Alphabet climbed 1.4% arsenic Treasury yields stabilized successful the enslaved market. Last week, a leap successful yields cranked up the unit connected stocks, peculiarly those seen arsenic the astir costly and making their investors hold the longest for large growth.

Bank stocks were besides beardown pursuing immoderate encouraging nett reports. Truist Financial rallied 3.4% aft its nett for the commencement of the twelvemonth topped analysts’ expectations.

They helped offset a 3.4% driblet for Tesla, which announced much cuts to prices implicit the weekend. Elon Musk’s electrical conveyance institution has seen its banal driblet much than 40% already this year, and it volition study its first-quarter results aboriginal successful the day.

It’s a large week for net reports generally, with astir 30% of the companies successful the S&P 500 scheduled to accidental however overmuch they made during the year’s archetypal 3 months. That includes companies that person travel to beryllium known arsenic portion of the “Magnificent Seven,” beyond Tesla and Alphabet.

The quality successful maturation betwixt the Magnificent Seven and the remainder of the S&P 500 should adjacent by the extremity of the year, strategists Ohsung Kwon and Savita Subramanian said successful a BofA Global Research report.

Verizon Communications helped footwear disconnected this week’s reports by disclosing a driblet successful nett that wasn’t arsenic atrocious arsenic analysts expected. It cited terms increases and different measures to enactment its revenue. Verizon’s banal swung from an aboriginal summation to a nonaccomplishment of 4.7% aft it reported weaker gross for the archetypal 4th than expected and kept its forecast for full-year nett the same.

Even much unit than accustomed is connected companies broadly to present fatter profits and revenue. That’s due to the fact that the different large origin that sets banal prices, involvement rates, looks improbable to connection overmuch assistance successful the adjacent term.

Top officials astatine the Federal Reserve warned past week that they whitethorn request to support involvement rates precocious for a portion successful bid to guarantee ostentation is heading down to their 2% target. That was a large letdown for fiscal markets, dousing hopes that had built aft the Fed signaled earlier that 3 interest-rate cuts whitethorn travel this year.

Lower rates had appeared to beryllium connected the skyline aft ostentation cooled sharply past year. But a drawstring of reports this twelvemonth showing ostentation has remained hotter than expected has raised worries astir stalled progress.

In lipid trading, U.S. benchmark crude picked up 16 cents to $82.06 per barrel. Brent crude, the planetary standard, gained 18 cents to $87.18 per barrel.

The U.S. dollar slipped to 154.78 Japanese yen from 154.84 yen. The euro fell to $1.0646 from $1.0653.