In morning trading, Tokyo's Nikkei 225 index reached a new record high, rising by 0.5% to 39,309.76. Recent gains in Chinese markets prompted investors to sell for profits, with Hang Seng and Shanghai Composite both dropping by 0.7%.
Currency Trends
The dollar edged up slightly against the Japanese yen to 150.49 from 150.47, benefiting from the weakness of the yen which attracts foreign investors to Japanese shares.
Market Movements Across Asia
Australia's S&P/ASX 200 remained largely unchanged, while South Korea's Kospi slipped by 0.8%. Despite a strong technology sector boosting Wall Street to a record high on Friday, some tech company shares, like Nvidia, saw little change.
Record Highs for S&P 500
The S&P 500 index closed at 5,088.80, marking another record high with its sixth winning week in the last seven.
Market Update
Stock Market Summary
The Dow Jones Industrial Average (DJIA) experienced a 0.2% increase, reaching 39,131.53 points, while the Nasdaq Composite (COMP) saw a slight decline of 0.3% to 15,996.82 points.
Earnings Report Highlights
This week's spotlight remains on earnings reports, providing crucial insights into the direction of both the U.S. and global economies. Notable U.S. companies such as:
- Home improvement retailer Lowe's
- Discount retailer Dollar Tree
- Computer maker HP
- Electronics retailer Best Buy
Economic Data Overview
Additionally, upcoming economic data on consumer sentiment, inflation, and U.S. economic growth will offer valuable information to investors. An official update on the growth rate in the United States during the October-December quarter is scheduled for release on Wednesday.
Federal Reserve's Inflation Efforts
The Federal Reserve continues its efforts to stabilize inflation rates at the desired 2%. Recent consumer and wholesale prices data exceeded Wall Street's expectations, leading traders to anticipate a rate cut by the Fed in June instead of March.
Energy Market Update
In energy trading, the benchmark U.S. crude (CLJ24) experienced a decrease of 42 cents, amounting to $76.07 per barrel in electronic trading on the New York Mercantile Exchange. Similarly, Brent crude (BRNJ24), the international standard, declined by 40 cents to $80.40 per barrel.
More Articles
All Rights Reserved © 2024
Post a comment