Stock market today: Asian shares are mixed after Nasdaq sets a record ahead of Fed meeting
Shares are mixed in Asia after the Nasdaq set a record ahead of a meeting by the Federal Reserve later this week that could set the direction for markets in the new year
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Shares were mixed in Asia on Tuesday after the Nasdaq set a record ahead of a meeting by the Federal Reserve later this week that could set the direction for markets in the new year.
U.S. futures were higher and oil prices fell.
Tokyo's benchmark Nikkei 225 index gained 0.2% to 39,528.23, helped by gains in technology shares including SoftBank Group Corp., whose CEO Masayoshi Son joined President-elect Donald Trump in announcing plans Monday by the Japanese technology and telecoms giant to invest $100 billion in U.S. projects over the next four years.
SoftBank's U.S. listed shares closed 0.6% higher.
Chinese markets slid further, with Hong Kong's Hang Seng index losing 0.4% to 19,725.08. The Shanghai Composite index shed 0.6% to 3,366.89.
Investors have appeared disappointed over Beijing's latest announcements about policies aimed at buttressing economic growth and encouraging more consumer demand.
“In China, recent disappointing data continues to pressure domestic policymakers to intensify their policy stimulus to invigorate domestic demand,” Stephen Innes of SPI Asset Management said in a commentary.
South Korea's Kospi sank 1% to 2,465.76 as authorities were pushing to summon impeached President Yoon Suk Yeol for questioning over his short-lived martial law decree of last week. The country's Constitutional Court began its first meeting Monday on Yoon’s case to determine whether to remove him from office or reinstate him.
Australia's S&P/ASX 200 gained 0.8% to 8,314.10, while the Taiex in Taiwan was up 0.2%. In Bangkok, the SET edged 0.2% lower.
On Monday, U.S. stock indexes drifted amid mixed trading.
The S&P 500 rose 0.4% to 6,074.08 and the Nasdaq composite climbed 1.2% to a record close of 20,173.89. The Dow Jones Industrial Average lagged, giving up 0.3% to 43,717.48.
Broadcom leaped 11.2% to help lead the S&P 500 for a second straight day after delivering a profit report last week that beat analysts’ expectations thanks to the wave of enthusiasm about its artificial-intelligence offerings.
On Wednesday, the Federal Reserve will announce its last move on interest rates for the year. The widespread expectation is that it will cut its main rate for a third straight time, as it tries to boost the slowing job market after getting inflation nearly all the way down to its target of 2%.
The question is how much more it will cut rates next year, and Fed officials will release projections for where they see the federal funds rate ending 2025, along with other economic indicators, once their meeting concludes. Fed Chair Jerome Powell will also answer questions in a press conference following the meeting.
Expectations for a series of cuts to rates by the Fed have been one of the main reasons the S&P 500 has set an all-time high 57 times so far this year and is heading for one of its best years of the millennium. The economy has held up better than many feared, continuing to grow even after the Fed hiked the federal funds rate to a two-decade high in hopes of grinding down on inflation, which topped 9% two summers ago.
On Wall Street, MicroStrategy jumped as much as 7% during the day as it continues to benefit from the surging price for bitcoin, which set another all-time high on Monday of over $107,000, according to CoinDesk. It was trading at $106,870 early Tuesday.
Bitcoin’s price has catapulted from roughly $44,000 at the start of the year on expectations that Trump will favor digital currencies.
Treasury yields held relatively steady. The yield on the 10-year Treasury edged down to 4.39% on Monday from 4.40% late Friday. The two-year yield, which more closely tracks expectations for the Fed, eased to 4.24% from 4.25%.
In other dealings early Tuesday, U.S. benchmark crude oil lost 12 cents to $70.59 per barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, lost 4 cents to $73.48 per barrel.
The U.S. dollar fell to 154.05 Japanese yen from 154.14 yen. The euro was nearly unchanged at $1.0514.
___
AP Business Writer Stan Choe contributed.