UNITED STATES NEWS

Stock market today: Asian shares rise after eased pressure on bonds pushes Wall Street higher

Oct 10, 2023, 12:01 AM | Updated: 9:48 pm

BANGKOK (AP) — Shares advanced Wednesday in Asia, tracking Wall Street gains following an easing of pressure from the bond market.

U.S. futures were little changed and oil prices rose slightly.

In China, investor sentiment got a boost from a report by Bloomberg, citing unnamed sources, that the government is considering boosting spending on construction to support the economy.

China’s lackluster recovery from the blows to its economy during the COVID-19 pandemic have weighed heavily on regional and global growth.

The Hang Seng in Hong Kong added 1.4% to 17,919.55 and the Shanghai Composite index was up 0.2% at 3,081.22.

Tokyo’s Nikkei 225 index climbed 0.9% to 32,019.42.

In South Korea, the Kospi jumped 2.5%, to 2,462.10 after Samsung Electronics reported improved quarterly earnings. Samsung’s shares surged 4.4%, while SK Hynix’s were up 3.3%. Analysts say the worst of the post-pandemic contraction in demand for computer chips and electronic devices may be over.

Australia’s S&P/ASX 200 advanced 0.6% to 7,085.70. In India, the Sensex added 0.7% and in Bangkok the SET was up 0.8%.

Investors have taken heart amid signs that upward pressure on inflation in many economies may be easing, which would enable the Federal Reserve and other central banks to halt or reverse aggressive interest rate hikes meant to curb rising prices.

On Tuesday, the S&P 500 gained 0.5% to 4,358.24. The Dow Jones Industrial Average rose 0.4% to 33,739.30, and the Nasdaq composite climbed 0.6% to 13,562.84.

PepsiCo rose 1.9% after it reported stronger profit and revenue for its latest quarter than analysts expected.

Some of the strongest action was in the bond market, where Treasury yields eased after trading resumed following a holiday on Monday. It was the first opportunity for yields to move since the weekend’s surprise attack by Hamas on Israel injected caution into global markets.

Perhaps more impactfully, it was also the first trading for Treasurys since speeches by Federal Reserve officials that traders took as a suggestion the Fed may not raise its main interest rate again. The comments helped U.S. stocks swing from early losses to gains on Monday.

The yield on the 10-year Treasury has fallen to 4.64% from 4.80% late Friday, which is a considerable move for the bond market. The two-year Treasury yield, which moves more closely with expectations for the Fed’s actions, sank to 4.97% from 5.09%.

Treasury yields had jumped last week to their highest levels in more than a decade, following the lead of the Fed’s main interest rate, which is at heights unseen since 2001. They’ve been the main reason for the stock market’s stumbles since the summer, as worries rise that the Fed will keep its federal funds rate at a high level for longer than Wall Street hopes.

High rates and longer-term yields knock down prices for stocks and other investments, while slowing the economy in hopes of undercutting high inflation.

But the swift rise in the 10-year Treasury yield has helped pull the average long-term mortgage rate up to its highest level since 2000, and Fed officials have intimated such moves may help contain high inflation on their own.

“I actually don’t think we need to increase rates anymore,” Raphael Bostic, president of the Federal Reserve Bank of Atlanta, said in remarks before the American Bankers Association on Tuesday. “I think we are at a good place in that regard.”

The Fed’s next announcement on interest rates is due Nov. 1. Traders are now betting on a nearly 73% chance that the year will end without any more Fed rate hikes, according to data from CME Group. That’s up from the 53% chance seen a week ago.

In other trading, a barrel of U.S. crude picked up 24 cents to $86.21 per barrel in electronic trading on the New York Mercantile Exchange. It fell 41 cents to settle at $85.97 on Tuesday, giving back a bit of its $3.59 leap a day before due to the fighting in the Middle East.

Brent crude, the international standard, was up 30 cents at $87.95 per barrel. It fell 50 cents to $87.50 per barrel on Tuesday.

The U.S. dollar rose to 148.88 Japanese yen from 148.72 yen. The euro slipped to $1.0604 from $1.0608.

___

AP Business Writer Stan Choe contributed.

United States News

Passengers wait at Benito Juárez International Airport in Mexico City, Friday, July 19, 2024. Some...

Associated Press

8.5 million computers running Windows affected by faulty update from CrowdStrike

As the world continues to recover from massive business and travel disruptions caused by a faulty software update from cybersecurity firm CrowdStrike, malicious actors are trying to exploit the situation for their own gain. Government cybersecurity agencies across the globe and even CrowdStrike CEO George Kurtz are warning businesses and individuals around the world about […]

1 hour ago

FILE - This April 18, 2024, photo released by the Utah Department of Corrections shows death row in...

Associated Press

Utah scraps untested lethal drug combination for man’s August execution

Utah officials said Saturday that they are scrapping plans to use an untested lethal drug combination in next month’s planned execution of a man in a 1998 murder case. They will instead seek out a drug that’s been used previously in executions in numerous states. Defense attorneys for Taberon Dave Honie, 49, had sued in […]

2 hours ago

Associated Press

Plane crash near Ohio airport kills 3; federal authorities investigating

VIENNA, Ohio (AP) — A plane trying to make an emergency landing at an airport in northeastern Ohio crashed, killing all three people aboard, authorities said. The Federal Aviation Administration said Saturday that the twin-engine Beechcraft 60 went down near the Youngstown-Warren Regional Airport in Ohio at about 6:45 p.m. Friday. The Ohio State Highway […]

3 hours ago

Firefighters battle a fire at First Baptist Dallas church on Friday, July 19, 2024, in Dallas. (Chi...

Associated Press

A fire severely damages the historic First Baptist Dallas church sanctuary

A fire all but destroyed the historic church sanctuary at First Baptist Dallas, sending smoke billowing over the city but causing no deaths or injuries, Dallas firefighters said. The fire in the Texas Historic Landmark, a Victorian-style red brick church built in 1890, was reported about 6:30 p.m. Friday, and contained about three hours later, […]

5 hours ago

Associated Press

New Hampshire Gov. Sununu signs bill banning transgender girls from girls’ sports

CONCORD, N.H. (AP) — Republican Gov. Chris Sununu of New Hampshire has signed a bill that would ban transgender athletes in grades 5-12 from teams that align with their gender identity, adding the state to nearly half in the nation that adopted similar measures. The bill passed by the Republican-led Legislature would require schools to […]

6 hours ago

Associated Press

2024 Election Latest: Growing chorus of Democratic lawmakers call for Biden to drop reelection bid

A rapidly growing chorus of Democratic lawmakers called Friday for President Joe Biden to drop his reelection bid, even as the president insisted he’s read y to return to the campaign trail next week to counter what he called a “dark vision” laid out by Republican Donald Trump. As more Democratic members of Congress urged […]

6 hours ago

Sponsored Articles

...

Sanderson Ford

3 storylines to get you revved up for the 2024 Arizona Cardinals

Arizona Cardinals training camp is just a couple weeks away starting on July 25, and Sanderson Ford is revved up and ready to go.

...

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.

...

DISC Desert Institute for Spine Care

Sciatica pain is treatable but surgery may be required

Sciatica pain is one of the most common ailments a person can face, and if not taken seriously, it could become one of the most harmful.

Stock market today: Asian shares rise after eased pressure on bonds pushes Wall Street higher