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Stock market today: Asian stocks trade mixed after Wall Street momentum cools

TOKYO (AP) Asian stocks saw mixed trading Tuesday, with buying in some markets quickly erased by profit-taking.

Japan's benchmark Nikkei 225 index, whose computer chip woes had interested investors early on, reversed its trend to slide nearly 0.2% in morning trading to 40,336.31.

Australia's S&P/ASX 200 fell 0.1% to 7,801.20. South Korea's Kospi added 1.2% to 2,771.23. Hong Kong's Hang Seng gained 0.6% to 16,563.58, while the Shanghai Composite gained 0.2% to 3,030.76.

Analysts have observed various global uncertainties, particularly in the Middle East and Russia, which are affecting energy prices as well as investor sentiment.

In energy trading, benchmark U.S. crude rose 26 cents to $82.21 a barrel. Brent crude, the international standard, added 22 cents to $86.97 a barrel.

An attack on a concert hall in Moscow at the end of last week was claimed by the Islamic State group. Gaza was the center of attention when the UN Security Council issued its first ceasefire request. The United States abstained, angering Israel.

Potential surges in oil prices due to geopolitical tensions still remain, said Tan Jing Yi of Mizuho Bank.

Wall Street fell further from its recent record highs, with the S&P 500 sliding 15.99 points, or 0.3%, to 5,218.19 during a quiet trading day. The Dow Jones Industrial Average fell 162.26, or 0.4%, to 39,313.64, and the Nasdaq composite fell 44.35, or 0.3%, to 16,384.47.

Last week's big performance was the best of the year on Wall Street and sent all three indexes to record highs on Thursday. Stocks rose as the Federal Reserve signaled it was still likely to make several interest rate cuts this year as long as inflation continues to cool.

This puts the S&P 500 on track for another winning month in what has been a nearly unstoppable run since late October. The strength has been sustainable as the economy has remained resilient, but the longer the market rises without a notable pullback, the closer we get to such a move, according to Chris Larkin, managing director, trading and investing at E-Trade. from Morgan Stanley.

For the market to continue to recover, more companies will need to generate strong earnings growth to justify high prices, Morgan Stanley strategists say.

The highlight of this week for financial markets could be Friday's report on U.S. consumer spending. It will also include the latest update on the measure of inflation that the Federal Reserve prefers to use. But U.S. markets will be closed for Good Friday, and the bond market will close early on Thursday, which could consolidate trading ahead of the report's release.

Despite a series of recent reports showing that inflation remains higher than expected, the Federal Reserve appears to expect inflation to continue its long-term downward trend.

In the bond market, Treasury yields have climbed. The 10-year yield rose from 4.20% Friday evening to 4.24%.

In currency trading, the U.S. dollar fell slightly to 151.29 Japanese yen from 151.41 yen. The euro costs $1.0843, little difference from $1.0840.

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