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Asian stocks trade mixed after Wall Street closes for holiday

Asian stocks trade mixed after Wall Street closes for holiday


NEW YORK (AP) Stocks fell on Wall Street Tuesday morning to kick off a holiday-shortened week.

The S&P 500 slipped 0.6% and just experienced only its second week of decline in the last 16 weeks. The benchmark index is below the record high reached last week.

The Dow Jones Industrial Average rose 9 points, or less than 0.1%, as of 11:13 a.m. Eastern Time. The Nasdaq Composite Index fell 1.1%.

In the United States, markets were closed on Monday for Presidents' Day.

Technology stocks were among the largest weightings in the market. Chipmaker Nvidia fell 5.6% and Microsoft fell 0.6%.

Large retailers reported mixed profits. Walmart rose 4% after reporting better-than-expected results for its latest quarter and issuing sales forecasts that beat Wall Street expectations.

Home Improvement Retailer Home deposit overcame an early loss and rose 0.4%. It beat Wall Street's profit forecasts, but gave investors disappointing profit forecasts for the year.

Outside of income, credit card company Capital One Financial has remained virtually unchanged as it pursues its $35 billion takeover of Discover Financial Services. Discover climbed 13.8%.

Markets are coming off a busy week of economic reports that hinted at stubborn inflation weighing on consumer spending. This pushed back expectations for the Federal Reserve to begin cutting interest rates through 2024. The central bank will release minutes from its latest meeting on Wednesday, potentially giving investors a better look at its next move.

The central bank kept interest rates unchanged at its last meeting in late January and investors were hoping for rate cuts as early as March. Those hopes were dashed by the Fed's comments and the latest economic data. Wall Street is now betting on a possible rate cut in May and a likely rate cut in June, according to CME's FedWatch tool.

Bond yields have fallen. The 10-year Treasury yield fell to 4.25% from 4.28% Friday evening. The two-year Treasury yield fell to 4.57% from 4.65%.

Markets in Europe were mixed and markets in Asia were mostly up.

Central Bank of China kept the prime rate on its 1-year loans unchanged on Tuesday, but reduced its 5-year rate by 25 basis points, to 3.95%. This came as a surprise, as it was the first time the five-year rate had been cut since May 2023.

Investors have a relatively light week when it comes to economic updates, with the latest home sales data due Thursday. The real estate market as a whole remains tight, with demand still outstripping supply. Mortgage Rates also remain high, although they have eased from their most recent peak in late October, when the average rate on a 30-year mortgage reached 7.79%.

Companies from a wide range of sectors will report their latest results this week. Chipmaking giant Nvidia will release earnings Wednesday with online craft marketplace Etsy. Online travel company Booking Holdings reported Thursday. The latest results could give investors a clearer idea of ​​where the economy is heading in the future.

More than 80% of S&P 500 companies have released their latest results. Analysts surveyed by FactSet expect overall earnings growth of about 3.3% for the fourth quarter and forecast earnings growth of about 3.6% for the current quarter.


Business Writers Yuri Kageyama and Matt Ott contributed to this report.

Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.




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