Stock market today: Asian shares advance ahead of US jobs report

May 2, 2024, 12:09 AM

Asian shares were mostly higher Friday ahead of a report on the U.S. jobs market, while several major markets including Tokyo and Shanghai were closed for holidays.

Oil prices and U.S. futures were higher.

The Japanese yen strengthened slightly against the U.S. dollar amid signs of heavy central bank intervention to tamp down the U.S. dollar’s advance.

The financial newspaper Nihon Keizai Shimbun reported that estimates showed the Bank of Japan spending an estimated 8 trillion yen (about $50 billion) this week in trying to keep the yen from slipping further against the dollar.

While a weak yen can be a boon to Japanese companies that earn much of their revenues overseas, significant shifts in the foreign exchange market can play havoc with corporate planning and a sharply weaker yen also boosts costs for imports of oil and other vital commodities.

The dollar was trading at 153.08 early Friday, down from 153.65 late Thursday. The euro rose to $1.0732 from $1.0727.

Elsewhere in Asia, Hong Kong’s Hang Seng jumped 1% to 18,301.11, tracking gains on Wall Street. News of fresh moves by Chinese leaders to energize the economy helped drive buying of technology shares.

E-commerce giant Alibaba climbed 3.5% and rival JD.com was up 4.2%.

Australia’s S&P/ASX 200 gained 0.7% to 7,637.00 and the Kospi in Seoul edged 0.2% higher. Taiwan’s Taiex picked up 0.8%.

On Thursday, the S&P 500 rose 0.9% to 5,064.20 a day after swinging sharply when the Federal Reserve said it’s likely delaying cuts to interest rates but not planning to hike them. It more than halved its drop for the week.

The Dow Jones Industrial Average rose 0.9% to 38,225.66, and the Nasdaq composite jumped 1.5%, to 15,840.96.

On Friday, the U.S. government will report on how many jobs employers added last month, one of the most highly anticipated economic updates each month.

Economists expect it to show a slowdown in hiring.

A report Thursday showed that fewer U.S. workers applied for unemployment benefits last week than economists expected. It’s the latest signal that the job market remains solid despite high interest rates.

A separate, potentially more disappointing report suggested growth in how much U.S. workers produced per hour worked was weaker at the start of 2024 than economists expected. A measure comparing labor costs to productivity, meanwhile, rose by more than expected in the preliminary report. That could put upward pressure on inflation.

Earnings reports from several big companies helped drive the market higher on Thursday. Qualcomm rose 9.7% after topping forecasts for profit and revenue in the latest quarter.

Carvana revved 33.8% higher after the used-car seller reported much better results for the latest quarter than analysts expected, boosted by better-than-forecast sales.

MGM Resorts International rose 2.8% after likewise topping forecasts for profit and revenue. It credited stronger traffic at MGM China, which ramped up as COVID-19 restrictions fell away in Macau.

Apple climbed 2.2% ahead of its profit report, which arrived after trading ended Thursday.

DoorDash sank 10.3% after reporting a worse loss than expected, while Peloton Interactive swung from an early gain to a loss of 2.8% after it said it would cut roughly 400 jobs as part of a program to save $200 million in costs annually. It also said its CEO, Barry McCarthy, is stepping down. The company’s stock had fallen to a record low last week.

The U.S. economy is in a tight spot, where the hope is that it remains strong enough to stay out of a recession but not so strong that it worsens the already stalled progress on inflation.

Stubbornly high readings on inflation this year pushed Federal Reserve Chair Jerome Powell to say on Wednesday that it will likely take “longer than previously expected” to get enough confidence about inflation to cut interest rates.

In energy trading, U.S. benchmark crude oil gained 20 cents to $79.15 per barrel in electronic trading on the New York Mercantile Exchange. It lost 5 cents on Thursday.

Brent crude, the international standard, also added 20 cents, to $83.87 per barrel.


AP Business Writer Stan Choe contributed.

United States News

Associated Press

Mother pushes 2-year-old girl to safety just before fatal crash at Michigan drag race

OCEANA COUNTY, Mich. (AP) — Police say a Michigan woman was killed when an out-of-control vehicle slammed into her during a drag-racing event, but she was able to push her 2-year-old daughter to safety in the seconds before the crash. The crash happened Sunday at Silver Lake State Park Sand Dunes in western Oceana County, […]

43 minutes ago

Associated Press

Suspect identified in stabbings at a Massachusetts theater and a McDonald’s

BRAINTREE, Mass. (AP) — A Massachusetts man will be arraigned Tuesday on multiple charges including assault with the intent to murder after six people, including four girls at a movie theater, were stabbed in separate attacks, officials said. Jared Ravizza, 26, of Chilmark, a town on Martha’s Vineyard, was arrested Saturday night after a police […]

2 hours ago

A shopper moves past a display of items in a Costco warehouse Saturday, May 18, 2024, in Sheridan, ...

Associated Press

Here’s what’s open and closed on Memorial Day

The vast majority of retailers will be open on Memorial Day, with many trying to lure customers with big promotional sales.

2 hours ago

Associated Press

Latest deadly weather in US kills at least 18 as storms carve path of ruin across multiple states

VALLEY VIEW, Texas (AP) — Powerful storms killed at least 18 people, injured hundreds and left a wide trail of destruction across Texas, Oklahoma and Arkansas after obliterating homes and destroying a truck stop where dozens sought shelter in a restroom during the latest deadly weather to strike the central U.S. The storms inflicted their […]

12 hours ago

Associated Press

Stock market today: World shares are mostly higher after rebound on Wall St

Shares advanced in Europe and Asia ahead of Monday’s Memorial Day holiday in the United States. Oil prices also rose. European shares saw modest gains after the opening while Asian benchmarks gained upward momentum as the day wore on. Germany’s DAX edged 0.1% higher to 18,713.43 and the CAC 40 in Paris rose 0.2% to […]

12 hours ago

Associated Press

Lightning strike kills Colorado rancher and 34 head of cattle

DENVER (AP) — A lightning strike killed a Colorado rancher and 34 head of cattle over the weekend, officials said Sunday. Mike Morgan, 51, was feeding his cattle from a trailer when he was struck and died on the scene despite life-saving efforts, the Jackson County Sheriff’s Office said. The lightning bolt struck on wide […]

14 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 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’s 1 way to ensure your family is drinking safe water

Water is maybe one of the most important resources in our lives, and especially if you have kids, you want them to have access to safe water.

Stock market today: Asian shares advance ahead of US jobs report