Stock market today: Asian stocks are mixed after Wall Street slips to its worst loss in 4 months

Jan 31, 2024, 12:22 AM | Updated: 11:32 pm

BANGKOK (AP) — Asian shares were mixed on Thursday after Wall Street fell to its worst loss since September as the Federal Reserve indicated cuts to interest rates are not imminent.

U.S. futures and oil prices rose.

Hong Kong’s Hang Seng advanced, but ceded much of its early gains. It was up 0.8% at 15,601.77 while the Shanghai Composite index lost 0.4% to 2,779.15.

Tokyo’s Nikkei 225 sank 0.9% to 35,975.44 and the Kospi in Seoul climbed 1.7% to 2,538.76.

In Australia, the S&P/ASX 200 skidded 1.2% to 7,588.20.

Bangkok’s SET rose 0.5% while the Sensex in India edged 0.1% higher.

On Wednesday, Big Tech stocks burned by the downside of high expectations triggered a sharp slide.

The S&P 500 dropped 1.6% for its worst day since September, falling to 4,845.65.

The slide for Big Tech stocks dragged the Nasdaq composite to a market-leading loss of 2.2%. It closed at 15,164.01.

The Dow Jones Industrial Average, which has less of an emphasis on tech, fell a more modest 0.8%, to 38,150.30.

Alphabet was one of the heaviest weights on the market, shedding 7.5% despite reporting stronger profit and revenue for the latest quarter than analysts expected. Underneath the surface, analysts pointed to some concerning trends in how much Google’s parent company is earning from advertising.

Microsoft fell 2.7% even though it delivered stronger profit and revenue than expected. One analyst, Dan Ives of Wedbush Securities, even called its quarterly report “a masterpiece that should be hung in the Louvre.”

Tesla, another member of the group of tech stocks nicknamed the “Magnificent Seven,” fell 2.2%. A judge in Delaware ruled a day earlier that its CEO, Elon Musk, is not entitled to the landmark compensation package earlier awarded to him.

Three more Big Tech stocks will report results on Thursday: Amazon, Apple and Meta Platforms, the parent company of Facebook and Instagram.

The Fed on Wednesday left its main interest rate steady and made clear it “does not expect it will be appropriate” to cut rates “until it has gained greater confidence that inflation is moving sustainably toward” its goal of 2%.

“We’re not declaring victory at all,” said Fed Chair Jerome Powell.

The Fed is unlikely to attain that level of comfort by its next meeting in March.

“It’s probably not the most likely case,” he said, sending stocks skidding late in trading.

Powell also said Fed officials just need to see more months of data confirming that inflation is heading sustainably lower. “We have confidence,” he said. “It has been increasing, but we want to get greater confidence.”

Treasury yields in the bond market swung up and down following the Fed’s announcement. They had been lower earlier following a couple softer-than-expected reports on the economy.

One report said that growth in pay and benefits for U.S. workers was slower in the final three months of 2023 than economists expected. While all workers would like bigger raises, the cooler-than-expected data could further calm what was one of the Fed’s big fears: that too-big pay gains would trigger a vicious cycle that ends up keeping inflation high.

A separate report from the ADP Research Institute also suggested hiring by non-government employers was softer in January than economists expected. The Fed and Wall Street are hoping that the job market cools by just the right amount, enough to keep a lid on inflation but not so much that it causes a recession. A more comprehensive jobs report from the U.S. government will arrive Friday.

The yield on the 10-year Treasury was at 3.95% early Thursday, up from 3.92% late Wednesday. It was at 4.04% late Tuesday. In October, it was above 5% and at its highest level since 2007.

In other trading Thursday, U.S. benchmark crude oil gained 16 cents to $76.01 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, added 14 cents to $80.69 per barrel.

The U.S. dollar slipped to 146.88 Japanese yen from 146.92 yen. The euro fell to $1.0803 from $1.0817.


AP Business Writer Stan Choe contributed.

United States News

A calendar shows the month of February, including leap day, Feb. 29, on Friday, Feb. 23, 2024, in S...

Associated Press

Have a look at the whos, whats and whens of leap year through time

NEW YORK (AP) — Leap year. It’s a delight for the calendar and math nerds among us. So how did it all begin and why? Have a look at some of the numbers, history and lore behind the (not quite) every four year phenom that adds a 29th day to February. BY THE NUMBERS The […]

7 hours ago

FILE - Bridgeport Mayor Joe Ganim greets supporters outside Central High School on the day of the r...

Associated Press

Fatigue and frustration as final do-over mayoral election looms in Connecticut’s largest city

BRIDGEPORT, Conn. (AP) — It’s been nearly four months since a judge tossed out the results of a Democratic mayoral primary in Connecticut’s largest city due to allegations of ballot stuffing, sending voters repeatedly back to the polls and thrusting Bridgeport into an unflattering national spotlight. Many frustrated local voters say they just want it […]

7 hours ago

Homes are seen on Thursday, Feb. 22, 2024, in the southwest Portland, Ore., suburb of Beaverton. Th...

Associated Press

A housing shortage is testing Oregon’s pioneering land use law. Lawmakers are poised to tweak it

PORTLAND, Ore. (AP) — A severe lack of affordable housing has prompted Oregon lawmakers to consider chipping away at a 1970s law that made the state a national leader in leveraging land use policy to prevent suburban sprawl and conserve nature and agriculture. The so-called urban growth boundary, a sacred cow of Oregon’s liberal politics, […]

7 hours ago

Republican presidential candidate former President Donald Trump hugs and kisses the American flag a...

Associated Press

Trump calls himself a ‘proud political dissident’ in CPAC speech

In a CPAC speech, Trump painted an apocalyptic vision of the future if President Joe Biden wins again as the two prepare for a rematch.

11 hours ago

Republican presidential candidate former President Donald Trump gestures to the audience after spea...

Associated Press

Donald Trump wins South Carolina GOP primary, beating Nikki Haley in her home state

Trump has now swept every contest that counted for Republican delegates, with wins already in Iowa, New Hampshire and Nevada.

12 hours ago

Associated Press

Why AP called South Carolina for Trump: Race call explained

WASHINGTON (AP) — The Associated Press declared Donald Trump the winner of the South Carolina primary as soon as polls closed on Saturday. The race call was based on a comprehensive survey of South Carolina Republican primary voters that showed him defeating Nikki Haley by wide margins in her home state. Declaring a winner as […]

12 hours ago

Sponsored Articles


Day & Night Air Conditioning, Heating and Plumbing

Day & Night is looking for the oldest AC in the Valley

Does your air conditioner make weird noises or a burning smell when it starts? If so, you may be due for an AC unit replacement.

(KTAR News Graphic)...

Boys & Girls Clubs

KTAR launches online holiday auction benefitting Boys & Girls Clubs of the Valley

KTAR is teaming up with The Boys & Girls Clubs of the Valley for a holiday auction benefitting thousands of Valley kids.


Canvas Annuity

Interest rates may have peaked. Should you buy a CD, high-yield savings account, or a fixed annuity?

Interest rates are the highest they’ve been in decades, and it looks like the Fed has paused hikes. This may be the best time to lock in rates for long-term, low-risk financial products like fixed annuities.

Stock market today: Asian stocks are mixed after Wall Street slips to its worst loss in 4 months