UNITED STATES NEWS

Stock market today: Asian stocks rise after Wall St retreats on concern economy weakening

Jun 4, 2023, 11:21 PM | Updated: Jun 5, 2023, 9:32 pm

BEIJING (AP) — Asian stock markets rose Tuesday after Wall Street fell on concern the U.S. economy may be weakening following a report that showed growth in service industries slowing.

Shanghai, Tokyo and Hong Kong rose. Sydney retreated. Oil prices declined.

Wall Street’s benchmark S&P 500 index lost 0.2% on Monday after an industry group’s index of activity in construction, hospitality and other services fell to a three-year low in May. That conflicted with hopes raised by data last week that showed unexpectedly strong hiring in May, suggesting a potential U.S. recession brought on by interest rate hikes might be farther away.

“Weakness is emerging and that should be more noticeable in the coming months,” said Edward Moya of Oanda in a report.

The Shanghai Composite Index rose 0.2% to 3,237.89 and the Hang Seng in Hong Kong advanced 1.1% to 19,310.53.

The Nikkei 225 in Tokyo gained 0.4% to 32,350.58 after government data showed Japanese wages rose 1% over a year earlier in April but growth decelerated from the previous month’s 1.3%.

The S&P ASX 200 in Sydney shed 0.5% to 7,181.90. South Korean markets were closed for a holiday.

New Zealand declined while Southeast Asian markets advanced.

On Wall Street, the S&P 500 declined to 4,273.79 after the Institute for Supply Management reported its service industry index declined to 50.3 from April’s 51.9 on a 100-point scale on which numbers above 50 show activity increasing.

The Dow Jones Industrial Average fell 0.6% to 33,562.86. The Nasdaq composite slipped 11.34, or 0.1%, to 13,229.43.

The majority of stocks sank after a weekslong rally carried Wall Street to an 10-month high.

Apple fell 0.8% after unveiling a long-rumored headset that will place its users between the virtual and real world. It will cost $3,500 when it is released early next year.

Traders are worried rate hikes by the Federal Reserve and central banks in Europe and Asia to cool inflation that was at multidecade highs will push the global economy into a recession. They hope signs of slowing U.S. activity will prompt the Fed to postpone or scale back a possible additional rate increase at its meeting this month.

The U.S. government is due to release an update on inflation next week ahead of the Fed meeting.

Even if the Fed puts off a rate hike this month, Wall Street is betting on another increase in July after officials examine more data.

High interest rates led to three high-profile U.S. bank failures and one in Switzerland that rattled financial markets. Manufacturing also has been weakening.

Last week’s data showed that U.S. employers unexpectedly accelerated hiring in May, while increases in workers’ wages slowed.

That helped propel Wall Street to the brink of a “bull market,” or an increase of 20% in the S&P 500 over its mid-October low.

In energy markets, benchmark U.S. crude lost 39 cents to $71.86 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 41 cents to $72.15 on Monday. Brent crude, the price basis for international oil trading, sank 24 cents to $76.47 per barrel in London. It advanced 58 cents the previous session to $76.71.

The dollar fell to 139.49 yen from Monday’s 139.63 yen. The euro was little-changed at $1.0716.

United States News

Boeing is now aiming for its first astronaut launch at the beginning of June. Officials for the com...

Associated Press

Boeing’s 1st astronaut flight now set for June after a review of small leak on new capsule

Boeing is now aiming for its first astronaut launch in early June, after spending weeks struggling with more problems on the space capsule.

12 hours ago

Associated Press

Lawsuit filed in the death of dancer with a peanut allergy who died after eating mislabeled cookie

WATERBURY, Conn. (AP) — The estate of a young dancer who died after eating a mislabeled cookie containing peanuts has filed a wrongful death lawsuit, claiming the failure to properly label the package was grossly negligent. Órla Ruth Baxendale, 25, died Jan. 11 after eating a Florentine cookie sold by grocery retailer Stew Leonard’s and […]

13 hours ago

Colorado River settlement center of new Navajo Nation push...

Associated Press

Tribes say their future is at stake as they push for Congress to consider Colorado River settlement

Navajo officials are celebrating the signing of legislation outlining a proposed Colorado River settlement that would ensure water rights.

13 hours ago

Associated Press

Lara Trump touts RNC changes and a 2024 presidential victory for Trump in North Carolina

GREENSBORO, N.C. (AP) — To a room full of Republicans from across North Carolina on Friday, former President Donald Trump railed against the Biden administration and vowed to win in the state for a third time — all over a speaker phone call after his son Eric Trump dialed him on stage. “I just want […]

14 hours ago

Associated Press

Nevada voter ID initiative can appear on 2024 ballot with enough signatures, state high court says

ELKO, Nev. (AP) — An initiative that would amend the Nevada Constitution to require that voters show photo identification at the polls can appear on the 2024 ballot as long as organizers collect enough signatures, the state Supreme Court ruled Friday. Organizers must gather just over 100,000 valid signatures by June 26 for it to […]

14 hours ago

Associated Press

Florida priest accused of biting woman who grabbed Holy Communion wafers during Mass

ST. CLOUD, Fla. (AP) — The Diocese of Orlando is defending a Catholic priest accused of biting a woman who tried to grab Holy Communion wafers during Mass at a central Florida church. The confrontation occurred Sunday afternoon at St. Thomas Aquinas Catholic Church in St. Cloud. Police have forwarded a report to prosecutors accusing […]

15 hours ago

Sponsored Articles

...

Day & Night Air Conditioning, Heating and Plumbing

Beat the heat, ensure your AC unit is summer-ready

With temperatures starting to rise across the Valley, now is a great time to be sure your AC unit is ready to withstand the sweltering summer heat.

...

DESERT INSTITUTE FOR SPINE CARE

Desert Institute for Spine Care is the place for weekend warriors to fix their back pain

Spring has sprung and nothing is better than March in Arizona. The temperatures are perfect and with the beautiful weather, Arizona has become a hotbed for hikers, runners, golfers, pickleball players and all types of weekend warriors.

...

COLLINS COMFORT MASTERS

Here are 5 things Arizona residents need to know about their HVAC system

It's warming back up in the Valley, which means it's time to think about your air conditioning system's preparedness for summer.

Stock market today: Asian stocks rise after Wall St retreats on concern economy weakening