Stock market today: Asian shares retreat after a lackluster day on Wall St, but Tokyo jumps 2%

Jan 8, 2024, 11:46 PM | Updated: Jan 9, 2024, 9:36 pm

HONG KONG (AP) — Asian shares retreated Wednesday after a lackluster session on Wall Street, though Tokyo broke ranks, gaining more than 2% after the government said it would double its disaster reserves by nearly $7 billion.

U.S. futures declined while oil prices gained.

Tokyo’s Nikkei 225 is trading near a 34-year high, gaining 2.1% to 34,476.86, helped by heavy buying of chipmakers and by speculation that the Bank of Japan may not opt to change its ultra-lax monetary policy as soon as thought after wages fell for a 20th straight month in November.

Chipmaker Kyocera Corp. jumped 5.7%.

Elsewhere in Asia, Hong Kong’s Hang Seng slipped 0.4% to 16,122.67, and the Shanghai Composite index lost 0.2% to 2,887.18.

South Korea’s Kospi shed 0.7% to 2,542.53, after the country’s unemployment rate stood at the highest since January 2022, according to Statistics Korea.

The S&P/ASX 200 in Australia slipped 0.7% to 7,469.20. Wednesday’s data showed Australian consumer price inflation, or CPI, dropped to a nearly two-year low of 4.3% in November, accompanied by a sharp slowdown in core inflation, increasing expectations of policy easing measures.

On Tuesday, the S&P 500 slipped 0.1% to 4,756.50, following its best day in nearly two months. The Dow Jones Industrial Average fell 0.4% to 37,525.16, and the Nasdaq composite rose 0.1% to 14,857.71.

Eversource Energy tumbled 7.7% for one of the worst losses in the S&P 500 after it said it could face a hit of up to $1.6 billion against its results for the end of 2023.

Unity Software fell 8% after it said it will cut about a quarter of its workforce, or 1,800 positions.

Boeing also fell again, but not by as much as Monday, the first trading day after one of its jets flying for Alaska Airlines suffered an in-flight blowout over Oregon. Its stock lost 1.4% after tumbling 8% Monday. Spirit AeroSystems, which makes fuselages and other parts for Boeing, slipped 0.4%.

Elsewhere in the airline industry, JetBlue Airways lost 10.2% after its chief executive, Robin Hayes, said he will step down for health reasons. He will be replaced by JetBlue’s current president, Joanna Geraghty, who will become the first woman to lead a major U.S. airline.

On the winning side of Wall Street, Illumina gained 4.5% after the biotechnology company said it expects to report stronger revenue for the end of 2023 than analysts had forecast.

Nvidia, meanwhile, rose 1.7% to set an all-time high for a second straight day. And as one of Wall Street’s largest stocks, its movements carry more weight on the S&P 500 and other indexes than almost any other company.

The Federal Reserve has already raised its main interest rate to the highest level since 2001, hoping to grind down the economy and investment prices to get inflation under control. With inflation down considerably from its peak, the Fed has indicated it may cut rates three times through 2024. That would give investment prices a boost and relax the pressure on the economy and financial system.

Treasury yields have already slid on anticipation of rate cuts, and they have been holding steady. Early Wednesday, the yield on the 10-year Treasury was at 4.02%, up from 4.01% late Monday.

On Thursday, the U.S. government will give its latest monthly update on inflation at the consumer level.

On Friday, big companies in the S&P 500 will begin reporting their results for the final three months of 2023. The broad expectation is for companies in the index to report modest growth in earnings per share from a year earlier.

In the oil market, a barrel of benchmark U.S. crude rose 26 cents to $72.50 in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, gained 22 cents to $77.81.

The U.S. dollar rose to 144.82 Japanese yen from 144.48 yen. The euro increased to $1.0933 from $1.0931.

United States News

Associated Press

Three former Department of Education employees charged with defrauding Arizona voucher program

Three former Arizona Department of Education employees were indicted on conspiracy and money laundering charges in what prosecutors say was a scheme to defraud more than $600,000 from an education voucher program that has drawn criticism for its skyrocketing costs and lax regulation by the state. Prosecutors said Thursday that the three employees approved applications […]

5 minutes ago

Associated Press

EPA to delay rules for some power plants until after November election

WASHINGTON (AP) — The Environmental Protection Agency said Thursday it is delaying planned rules to curb emissions from existing natural gas plants that release harmful air pollutants and contribute to global warming. The agency said it is still on track to finalize rules for coal-fired power plants and new gas plants that have not come […]

26 minutes ago

Associated Press

Judge holds veteran journalist Catherine Herridge in civil contempt for refusing to divulge source

WASHINGTON (AP) — A federal judge held veteran investigative reporter Catherine Herridge in civil contempt on Thursday for refusing to divulge her source for a series of stories during her time at Fox News about a Chinese American scientist who was investigated by the FBI but never charged. U.S. District Judge Christopher Cooper in Washington […]

38 minutes ago

President Joe Biden, second from the right, looks over the southern border, Thursday, Feb. 29, 2024...

Associated Press

On the Rio Grande, 300 miles apart, Biden and Trump try to use immigration to election advantage

Three hundred miles apart, President Joe Biden and likely Republican challenger Donald Trump walked along the U.S.-Mexico border in Texas Thursday.

1 hour ago

Associated Press

Maryland State House locked down, armed officers seen responding

ANNAPOLIS, Md. (AP) — The Maryland State House was locked down for an undisclosed security threat late Thursday afternoon. Reporters with officers on the ground floor of the building were told to lock their doors shortly after 5 p.m. by an aide to Maryland House Speaker Adrienne A. Jones. About 30 minutes later, police escorted […]

1 hour ago

Associated Press

Indiana Legislature approves bill adding additional verification steps to voter registration

INDIANAPOLIS (AP) — Indiana lawmakers passed legislation Thursday that expands the power of the state to verify voters’ addresses and adds an additional residency requirement for first-time voters. The bill’s Republican sponsor state Sen. Mike Gaskill called it a “commonsense bill” that adds protections against fraud, but voting advocates have blasted the changes as new […]

2 hours ago

Sponsored Articles


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.


Fiesta Bowl Foundation

The 51st annual Vrbo Fiesta Bowl Parade is excitingly upon us

The 51st annual Vrbo Fiesta Bowl Parade presented by Lerner & Rowe is upon us! The attraction honors Arizona and the history of the game.


Collins Comfort Masters

Avoid a potential emergency and get your home’s heating and furnace safety checked

With the weather getting colder throughout the Valley, the best time to make sure your heating is all up to date is now. 

Stock market today: Asian shares retreat after a lackluster day on Wall St, but Tokyo jumps 2%