Current:Home > reviewsStock market today: Asian shares mostly rise, boosted by Wall Street records as Tesla zooms -FundWay
Stock market today: Asian shares mostly rise, boosted by Wall Street records as Tesla zooms
View
Date:2025-04-14 05:42:10
TOKYO (AP) — Asian shares were mostly higher on Wednesday after Tesla shares zoomed up more than 10%, helping to drive U.S. benchmarks to new records.
Japan’s benchmark Nikkei 225 rose 1.3% to finish at 40,580.76. Australia’s S&P/ASX 200 gained nearly 0.3% to 7,739.90. South Korea’s Kospi edged up 0.5% to 2,794.71. Hong Kong’s Hang Seng added 1.1% to 17,956.55, while the Shanghai Composite index lost 0.4% to 2,982.38.
Asian investors were cheered by hopes for an interest rate cut in the U.S. But some traders were keeping to the sidelines ahead of Thursday’s Independence Day holiday in the U.S.
“On the radar is the Japan’s Nikkei, which may extend its run above the 40,000 level, with overnight strength in tech while the Japanese yen continues to trade at a 38-year low,” said Yeap Jun Rong, market analyst at IG.
In currency trading, the U.S. dollar rose to 161.80 Japanese yen from 161.44 yen. The euro cost $1.0752, little changed from $1.0743. Among Tokyo technology-related shares, Kyocera Corp. jumped 3.1% while Murata Manufacturing Co. surged 6.4%.
On Wall Street, the S&P 500 added 0.6% to 5,509.01, topping its all-time high set two weeks ago. The Dow Jones Industrial Average rose 0.4% to 39,331.85, and the Nasdaq composite added 0.8% to 18,028.76, besting its own record set a day earlier.
Tesla led the way with a 10.2% jump after the electric-vehicle maker reported a milder drop in sales for the spring than analysts expected. Modest gains for other big, influential stocks also helped lift the market, including a 1.6% climb for Apple.
Stocks got a lift from easing Treasury yields after the head of the Federal Reserve made comments that investors took as a signal for possible cuts to interest rates later this year. Fed Chair Jerome Powell gave a nod to improvements in inflation data after some disappointingly high readings early in the year.
“We just want to understand that the levels that we’re seeing are a true reading of underlying inflation,” he said during a panel discussion at the European Central Bank’s monetary policy conference in Sintra, Portugal.
Investors hope inflation will slow enough to convince the Fed to lower its main interest rate, which has been sitting at its highest level in more than two decades and pressing the brakes on the economy.
Keeping Wall Street’s gains in check was Nvidia, which has been one of this year’s brightest stars. It fell 1.3%, though it’s still up nearly 147.7% for the year so far.
Eli Lilly fell 0.8%, and U.S.-listed shares of Novo Nordisk dropped 1.7% after President Biden criticized in an opinion piece for USA Today how much the companies are charging for their drugs for weight loss and diabetes.
The week’s most anticipated economic data will arrive on Friday, when the U.S. government reports the total jobs employers added in June. Before then, the U.S. stock market will have a shortened trading day on Wednesday and Thursday’s Fourth of July holiday.
Treasury yields have been feeling some upward pressure recently because of politics. Last week’s debate between President Joe Biden and former President Donald Trump pushed traders to make moves in anticipation of a possible Republican sweep in November. That included sending Treasury yields higher, in part because of the possibility for policies that would further raise the U.S. government’s debt.
The 10-year yield is still well above its 4.29% level from late Thursday, before the debate.
In commodities markets, the price of benchmark U.S. oil ended up slipping modestly after touching its highest price since April. Crude prices have largely been rising on expectations for strong demand during the summer, as well as the possibility of hurricanes damaging oil production in the Gulf of Mexico. Hurricane Beryl is roaring through the Caribbean.
U.S. benchmark crude added 33 cents to $83.14 a barrel. Brent crude, the international standard, gained 38 cents to $86.62 a barrel.
veryGood! (396)
Related
- Stamford Road collision sends motorcyclist flying; driver arrested
- 2023's surprise NBA dunk contest champ reaped many rewards. But not the one he wanted most
- Does 'Feud: Capote Vs. The Swans' ruffle enough feathers
- 2 juveniles detained in deadly Kansas City Chiefs parade shooting, police chief says
- Pressure on a veteran and senator shows what’s next for those who oppose Trump
- Nordstrom Rack's Extra 40% Off Clearance Sale Has Us Sprinting Like Crazy To Fill Our Carts
- A fin whale decomposing on an Oregon beach creates a sad but ‘super educational’ spectacle
- Los Angeles firefighters injured in explosion of pressurized cylinders aboard truck
- Highlights from Trump’s interview with Time magazine
- Alaska woman gets 99 years for orchestrating catfished murder-for-hire plot in friend’s death
Ranking
- Grammy nominee Teddy Swims on love, growth and embracing change
- Louisiana State University running back charged with attempted second-degree murder
- Utah school board seeks resignation of member who questioned athlete’s gender
- New Hampshire Senate rejects enshrining abortion rights in the state constitution
- Global Warming Set the Stage for Los Angeles Fires
- Ex-Illinois lawmaker abruptly pleads guilty to fraud and money laundering, halting federal trial
- All 58 Louisiana death row inmates with no execution date wait as bill proposes death by nitrogen gas
- MLB power rankings: From 1 to 30, how they stack up entering spring training
Recommendation
Meta donates $1 million to Trump’s inauguration fund
Lottery, casino bill passes key vote in Alabama House
Daytona 500 starting lineup set after Daytona Duels go to Christopher Bell, Tyler Reddick
Republican businessman Hovde to enter Wisconsin US Senate race against Baldwin
Chuck Scarborough signs off: Hoda Kotb, Al Roker tribute legendary New York anchor
Greece becomes first Orthodox Christian country to legalize same-sex civil marriage
Zendaya’s Futuristic Dune: Part Two Premiere Look Has a NSFW Surprise
A Florida man was imprisoned 37 years for a murder he didn’t commit. He’s now expected to get $14M