UNITED STATES NEWS

Stock market today: Asian shares slide after tech, rising oil prices drag Wall St lower

Sep 12, 2023, 12:08 AM | Updated: 9:06 pm

Stocks fell Wednesday in Asia after a slide for technology stocks dragged Wall Street lower ahead of a key report on U.S. inflation.

Hong Kong’s Hang Seng lost 0.3% to 17,970.01 and the Shanghai Composite index sank 0.9% to 3,109.88.

Japan’s Nikkei 225 index shed 0.4% to 32,656.85, while the Kospi in Seoul edged 0.2% lower, to 2,532.69. Australia’s S&P/ASX 200 gave up 0.8% to 7,146.40.

On Tuesday, the S&P 500 lost 0.6% to 4,461.90. The Dow Jones Industrial Average slipped 0.1%, to 34,645.99 The Nasdaq composite dropped 1% to 13,773.61.

Software giant Oracle helped lead the losses for tech stocks after reporting its revenue for the latest quarter fell just short of what analysts expected. Its stock tumbled 13.5%, even though its profit topped expectations. Oracle’s forecast for how much revenue it will make in the current quarter also wasn’t as strong as some analysts expected.

Apple dropped 1.8% after it unveiled the latest models of its phones and other devices. The stock had soared through much of this year, which is crucial for many investors because it has more sway than other stocks on the S&P 500 as Wall Street’s most valuable company. But it’s been struggling since the end of July and has reported three straight quarters where its revenue fell from year-earlier levels.

Alphabet, meanwhile, fell 1.2% as an antitrust trial against Google opened in a federal courthouse. It’s the biggest such trial since regulators took Microsoft to court in 1998. The U.S. government is accusing Google of abusing its position as the world’s dominant search engine and forcing consumers to settle for inferior search results.

Stocks of oil producers rallied as the price of crude climbed. Exxon Mobil rose 2.9% and was the strongest single force limiting the S&P 500’s loss. Occidental Petroleum gained 4.1%. Oil prices have been climbing since the end of June after mostly falling for a year.

On Wednesday, U.S. benchmark crude was unchanged at $88.84 a barrel in electronic trading on the New York Mercantile Exchange. It jumped $1.55 on Tuesday.

Brent crude oil, the international pricing standard, was down 5 cents at $92.01 a barrel.

Higher energy prices could compel the Federal Reserve to act again to tame inflation, Stephen Innes of SPI Asset Management said in a commentary.

“This scenario underscores the delicate balance between energy costs, inflationary pressures, and the central bank’s monetary policy actions, which can have profound implications for the broader economic landscape,” he said.

Stocks have been see-sawing in recent weeks amid the revived uncertainty about whether the Federal Reserve is done with its avalanche of hikes to interest rates. The central bank has already pushed its main interest rate to the highest level in more than two decades, trying to get inflation back down to its target of 2%.

High rates work to undercut inflation by slowing the entire economy and knocking down prices for stocks and other investments.

Several reports coming up this week could sway the Fed’s thinking. On Wednesday will come the latest monthly update on prices that U.S. consumers are paying across the country.

Economists expect it to show that prices were broadly 3.6% higher last month than a year earlier. Inflation has been mostly cooling since peaking above 9% last summer.

Thursday will bring reports about inflation at the wholesale level and sales at U.S. retailers. Strong spending by U.S. households has helped keep the U.S. economy humming, but it could also be encouraging companies to keep trying to raise their prices further.

Several strong reports on the economy recently have allayed worries about a painful recession, defying long-held predictions. But they also may be adding more fuel to pressures keeping inflation high, which could push the Fed to keep rates higher for longer.

Traders overwhelmingly expect next week’s meeting for the Federal Reserve to end with interest rates staying where they are.

In currency trading, the U.S. dollar rose to 147.33 Japanese yen from 147.08 yen late Tuesday. The euro slipped to $1.0751 from $1.0755.

___

AP Business Writer Stan Choe contributed.

United States News

Associated Press

Man who followed woman into her NYC apartment and stabbed her to death pleads guilty to murder

NEW YORK (AP) — A man pleaded guilty to murder on Tuesday for stabbing a woman to death after following her from the street into her lower Manhattan apartment building. Assamad Nash, 27, also pleaded guilty to burglary as a sexually motivated felony in the Feb. 13, 2022, attack on 35-year-old Christina Yuna Lee. “Today […]

2 hours ago

Associated Press

Vermont lawmaker apologizes for repeatedly pouring water in her colleague’s bag

MONTPELIER, Vt. (AP) — A Republican state lawmaker from Vermont has apologized for repeatedly pouring water into a Democratic colleague’s bag, after he caught her doing it on video. State Rep. Mary Morrissey publicly apologized to state Rep. Jim Carroll, colleagues and the citizens of Vermont from the House floor on Monday. Both are from […]

2 hours ago

Associated Press

Google to invest another $2.3 billion into Ohio data centers

COLUMBUS, Ohio (AP) — Google will invest an additional $2.3 billion to support three data center campuses in central Ohio, the company announced Tuesday. The tech giant has centers in New Albany and Lancaster and one under construction in Columbus to help power its services such as search, Gmail, maps, cloud and YouTube for users […]

2 hours ago

Associated Press

Massachusetts suffers statewide outage of its 911 services

BOSTON (AP) — The 911 system across Massachusetts went down Tuesday afternoon, making it impossible for anyone to reach emergency services. “The State 911 Department is aware of a disruption to the 911 system and is investigating the cause,” the state’s Office of Public Safety and Security said in a statement. Boston Police Commissioner Michael […]

4 hours ago

Associated Press

15-year-old girl shot to death hours before her middle school graduation, authorities say

LOWELL, Mass. (AP) — A 21-year-old man has been arrested and charged with fatally shooting a 15-year-old girl hours before she was scheduled to attend her middle school graduation in Massachusetts, authorities said. Not guilty pleas were entered in court Tuesday on behalf of Trevor Bady. He was arraigned on charges of of murder, armed […]

5 hours ago

Associated Press

Montana canal siphon splits open, flooding area and threatening local farming industry

BABB, Mont. (AP) — Montana state officials were scurrying Tuesday to stop flooding caused by the breakage of a century-old pipe used to deliver drinking water to 14,000 residents and carry irrigation water to farms. No injuries or deaths have been reported since the pipe split open Monday, causing flooding in the rural area east […]

5 hours ago

Sponsored Articles

...

Sanderson Ford

3 new rides for 3 new road trips in Arizona

It's time for the Sanderson Ford Memorial Day sale with the Mighty Fine 69 Anniversary, as Sanderson Ford turned 69 years old in May.

...

Condor Airlines

Condor Airlines can get you smoothly from Phoenix to Frankfurt on new A330-900neo airplane

Adventure Awaits! And there's no better way to experience the vacation of your dreams than traveling with Condor Airlines.

...

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 shares slide after tech, rising oil prices drag Wall St lower