Asian shares mostly higher after tech-led rebound on Wall St

Apr 28, 2022, 12:02 AM | Updated: 11:17 pm

Stocks were mostly higher in Asia on Friday after a rally on Wall Street led by technology companies.

U.S. futures and oil prices were mixed as investors await signals on Chinese economic policy from a meeting of the ruling Communist Party’s powerful Politburo.

Analysts said the meeting, expected Friday, would likely focus on ways to spur growth as leaders try to counter worries over how shutdowns to curb coronavirus outbreaks are affecting the world’s second-largest economy through disruptions in shipments, manufacturing and other business activity.

The “Politburo will focus on spreading good cheer to Asian markets so expect China to show a more pro-growth policy tone in terms of COVID restrictions, the housing market, internet regulation, and consumption boost,” Stephen Innes of SPI Asset Management said in a commentary.

The Shanghai Composite index gained 0.3% to 2,983.11 while Hong Kong’s Hang Seng index slipped 0.4% to 20,203.97.

Tokyo was closed for a holiday, the first of several in Japan’s coming “Golden Week.”

In Seoul, the Kospi added 0.6% to 2,683.61, while Australia’s S&P/ASX 200 advanced 0.8% to 7,415.50.

The price of U.S. benchmark crude oil fell 5 cents to $105.31 per barrel. It jumped $3.34 to 105.36 per barrel on Thursday.

Brent crude, the basis for pricing international oils, gained 22 cents to $107.48.

After hours on Thursday, SEC filings showed Elon Musk sold 4.4 million shares of Tesla stock worth roughly $4 billion, most likely to help fund his purchase of Twitter.

Tesla shares closed Thursday down slightly at $877.51. They are down 17% so far this year.

Major stock indexes on Wall Street notched their biggest gains in more than six weeks Thursday, as technology companies clawed back some of the ground they had lost recently.

The S&P 500 rose 2.5% to 4,287.50 and the Dow Jones Industrial Average gained 1.8% to 33,916.39. The Nasdaq picked up 3.1% to 12,871.53.

Smaller company stocks also rallied. The Russell 2000 rose 1.8% to 1,917.94.

This week has been turbulent as investors review a heavy batch of corporate earnings from major tech companies, industrial firms and retailers.

Big Tech and communications companies have been behind much of the oscillations in the broader market as their pricey stock values have more weight.

Apple rose 4.5% in regular trading. It rose another 2.3% in after-hours trading after reporting stronger-than-expected results and increasing its dividend and stock repurchase program.

Chipmaker Qualcomm jumped 9.7% after easily beating Wall Street’s profit estimates. Facebook’s parent company Meta surged 17.6%, the biggest gain among S&P 500 stocks, after it beat Wall Street’s first-quarter profit forecasts and reported an encouraging increase in daily users.

Encouraging financial reports helped support gains for several other major companies. McDonald’s rose 2.9% following a strong earnings update. Southwest Airlines rose 2.1% after reporting solid revenue and telling investors it expects a profitable year as travel demand returns with the pandemic fading.

Amazon rose 4.7% in regular trading, but slumped 10.5% in after-hours trading after the online retail giant reported its first quarterly loss since 2015. The company reported a decline in sales and huge write-down of its investment in an electric vehicle startup.

Corporate report cards are hitting the market as Wall Street studies how inflation is affecting businesses and consumer spending.

Supply chain issues have been crimping business operations in many industries throughout the recovery from the pandemic and Russia’s war against Ukraine has worsened increases for energy and key food commodity prices.

The U.S. Federal Reserve is set to aggressively hike rates as it steps up its fight against inflation. The chair of the Fed has indicated the central bank may hike short-term interest rates by double the usual amount at upcoming meetings, starting next week. It has already raised its key overnight rate once, the first such increase since 2018.

The Commerce Department reported Thursday that the U.S. economy shrank last quarter for the first time since the pandemic recession struck two years ago. But the report showed consumers and businesses kept spending, despite rising prices suggesting demand is resilient.

Investors will get another update Friday on spending, a barometer for the economy as everything from food to clothing and gas becomes more expensive, when the Commerce Department releases its personal income and spending report for March.

___

AP Business Writers Damian J. Troise and Alex Veiga contrbuted.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

FILE - The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of...

Associated Press

Saudi Arabia reducing global oil supply, could spell higher prices for US drivers

Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude.

1 day ago

This photo provided by Robert Wilkes, owner of a house boat management company, shows smoke rising ...

Associated Press

Houseboats catch fire while docked at Wahweap Marina on Lake Powell

More than half a dozen house boats momentarily caught fire at a popular boating destination on the Utah-Arizona line on Friday.

3 days ago

File - Women work in a restaurant kitchen in Chicago, Thursday, March 23, 2023. On Friday, the U.S....

Associated Press

US hiring, unemployment jump in May and what that says about the economy

The nation’s employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations.

3 days ago

(Pixabay Photo)...

Associated Press

Oath Keeper from Arizona sentenced for role in Jan. 6 riot at US Capitol

Edward Vallejo, a U.S. Army veteran from Phoenix, oversaw a “Quick Reaction Force” at a Virginia hotel that was prepared to deploy an arsenal of weapons into Washington if needed, authorities say.

4 days ago

FILE - U.S. Border Patrol Chief Raul Ortiz listens during a news conference, Jan. 5, 2023, in Washi...

Associated Press

US Border Patrol chief is retiring after seeing through end of Title 42 immigration restrictions

The head of the U.S. Border Patrol announced Tuesday that he was retiring, after seeing through a major policy shift that seeks to clamp down on illegal crossings at the U.S.-Mexico border following the end of Title 42 pandemic restrictions.

5 days ago

FILE - President Joe Biden talks with House Speaker Kevin McCarthy of Calif., on the House steps as...

Associated Press

House OKs debt ceiling bill to avoid default, sends Biden-McCarthy deal to Senate

The House approved a debt ceiling and budget cuts package late Wednesday, as President Joe Biden and Speaker Kevin McCarthy assembled a bipartisan coalition of centrist Democrats and Republicans against fierce conservative blowback and progressive dissent.

5 days ago

Sponsored Articles

...

DAY & NIGHT AIR CONDITIONING, HEATING AND PLUMBING

Here are the biggest tips to keep your AC bill low this summer

PHOENIX — In Arizona during the summer, having a working air conditioning unit is not just a pleasure, but a necessity. No one wants to walk from their sweltering car just to continue to be hot in their home. As the triple digits hit around the Valley and are here to stay, your AC bill […]

...

OCD & Anxiety Treatment Center

How to identify the symptoms of 3 common anxiety disorders

Living with an anxiety disorder can be debilitating and cause significant stress for those who suffer from the condition.

(Photo by Michael Matthey/picture alliance via Getty Images)...

Cox Communications

Valley Boys & Girls Club uses esports to help kids make healthy choices

KTAR’s Community Spotlight focuses on the Boys & Girls Club of the Valley and the work to incorporate esports into children's lives.

Asian shares mostly higher after tech-led rebound on Wall St