BANGKOK (AP) – Stocks were mixed in Asian markets on Monday after the S&P 500 index recorded its fourth straight week of wins as investors awaited a new decision by the Federal Reserve on interest rates.
Given recent data showing a slowing U.S. economy, most observers expect no change in rates. Price data will also be released this week, which could indicate whether the Fed is successful in keeping inflation under control.
A BOJ policy meeting is also scheduled for Friday, but the BOJ has said it will need to wait and see if inflation persists despite rising prices, and will refrain from making any significant changes to its base rate of minus 0.1%. there is
Tokyo’s benchmark Nikkei 225 rose 0.3% to 32,362.58, while Hong Kong’s Hang Seng fell 0.6% to 19,279.66. In the Seoul market, KOSPI fell 0.5% to 2627.52.
The Shanghai Composite Index fell 0.3% to 3222.35. Stocks rose in Taiwan and India, but fell in Bangkok. Australian markets were closed for a public holiday.
Stocks edged higher on Friday to end a sluggish week on Wall Street, but the S&P 500 rose 0.1% to 4,298.86, capping a fourth straight week of wins. The Dow Jones Industrial Average rose 0.1 percent to $33,876.78, while the Nasdaq Composite Index rose 0.2 percent to $13,259.14.
Tesla led the market, rising 4.1% after announcing that General Motors’ electric vehicles would be able to tap much of its extensive charging network early next year. GM rose 1.1%.
Energy stocks fell alongside oil prices. ExxonMobil fell 0.7%, making it one of the most heavily weighted stocks in the market.
US benchmark crude fell another 79 cents to $69.38 a barrel on Monday in electronic trading on the New York Mercantile Exchange. It fell $1.12 on Friday to $70.17 a barrel.
Brent crude fell 84 cents to $73.95 a barrel.
The S&P 500’s return to a new bull market reflects growing hopes that the economy can avoid a deep recession despite interest rates soaring as the Fed tries to keep inflation under control. ing.
“The S&P 500 is now at its highest level since September last year. The Nasdaq is up 26.68% year-to-date, not bad for an economy likely to slip into recession later this year,” ING Economics said in a commentary.
The highest interest rates since 2007 have brought some relief to inflation, but it’s still above everyone’s comfort level.
Also on Friday, Adobe rose another 3.4% to its 5% jump from the previous day, following the announcement of a new artificial intelligence product for enterprises. The company has joined an AI frenzy that has seen some stocks soar, including chip maker Nvidia, which has surged 165% so far this year.
Proponents say AI will be the next revolution to reshape the economy, while detractors say it will inflate the next bubble.
In the bond market, the 10-year Treasury yield rose to 3.75% from 3.74% late Friday. Helps set interest rates for mortgages and other important loans.
In foreign exchange trading, the dollar fell from 139.39 yen to 139.37 yen. The euro fell from $1.0750 to $1.0743.
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https://wgnradio.com/news/business-news/stock-market-today-asian-shares-mixed-as-investors-await-fed-policy-decision-price-data/ Stock Market Today: Asian Stocks Mixed as Investors Await Fed Policy Decisions and Price Data | Wagon Radio 720