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Stock market today: Asian shares fall, while Australian index follows Wall Street's rise to record high
Asian stocks were mostly lower on Wednesday, even as investors bet the Federal Reserve would cut interest rates, while Australia's benchmark index hit a new record high.
U.S. futures were mixed and oil prices were little changed.
In Tokyo, the Nikkei 225 index fell 0.4 percent to 41,095.23 points, after posting early gains. The Finance Ministry reportedly intervened in the foreign exchange market last week, buying nearly 6 trillion yen ($37 billion) to support the currency.
The U.S. dollar was trading at 158.42 yen from 158.34 yen on Wednesday. The yen weakened to 161.85 yen per dollar on Wednesday and climbed to 157.89 on Friday.
Australia S&The P/ASX 200 index rose 1% to 8,076.80 points, hitting a record high. South Korea's Kospi fell 0.2% to 2,859.64 points.
Hong Kong's Hang Seng Index gained 0.3% to 17,777.56, while the Shanghai Composite Index lost 0.2% to 2,971.38.
Elsewhere, Taiwan's Taiex fell 0.1%, and shares of Taiwan Semiconductor Manufacturing Company fell 2.4%. Bangkok's SET gained 0.2%.
Tuesday, the S&The P 500 climbed 0.6% to 5,667.20 points, setting an all-time high for the 38th time this year. Unlike other record-breaking days, Tuesday came after a broad-based rally in which nearly nine out of 10 stocks in the S&P 500 pink, instead of just Big Tech's handful of influential stocks which are responsible for most of this year's returns.
The Dow Jones Industrial Average jumped 1.9% to 40,954.48, and the Nasdaq Composite lagged with a 0.2% gain to 18,509.34, as the stars dimmed for some of the year's biggest gainers.
Several big winners from the previous day, who benefited from increased expectations for Former President Donald Trump to retake the White House, made some of their immediate jumps after Trump dodged an assassination attempt during the weekend.
Trump Media & Technology Group fell 9.1%, a day after jumping 31.4%. Shares of the company behind Trump Social truth The platform regularly fluctuates significantly every day, both up and down.
In the bond market, some of the moves from previous days were also reversed. Long-term yields fell more than short-term yields after a report showing US retail sales held up last month, despite economists' expectations of a decline.
The yield on the 10-year Treasury note fell to 4.16% from 4.23% late Monday. It was 4.70% in April, a major development for the bond market and a strong boost to stock prices.
Yields have fallen on growing expectations that inflation slows down enough to convince the Federal Reserve to begin cutting interest rates The Fed kept its key interest rate at its highest level in more than two decades in hopes of slowing the economy enough to bring inflation completely under control.
The stronger-than-expected retail sales numbers released Tuesday may give Fed officials pause, as too much activity could keep upward pressure on inflation. But traders are still betting on a 100% chance that the Fed will cut its key interest rate in September, according to data from CME Group. A month ago, they put the probability at 70%.
Risks are present on both sides of the tightrope the Federal Reserve is currently walking. The central bank hopes to ease the brakes it is applying to the economy by keeping interest rates high at the right time. Easing too early could allow inflation to pick up, but easing too late could trigger a recession. Tuesday’s retail sales data suggested the economy remains resilient so far.
In other trading, benchmark U.S. crude oil fell 9 cents to $80.67 a barrel in electronic trading on the New York Mercantile Exchange.
Brent, the international benchmark, lost 15 cents to $83.58 a barrel.
The euro rose from $1.0897 to $1.0903.
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AP Business reporter Stan Choe contributed to this report.
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