Stock market today: Asian shares lower after Wall Street closes another winning week
Asian shares are mostly lower after U.S. stocks coasted to the close of their latest winning week on Friday, even as Nvidia’s stock cooled further from its startling, supernova run
HONG KONG — Asian shares were mostly lower Monday after U.S. stocks coasted to the close of their latest winning week on Friday, even as Nvidia ’s stock cooled further from its startling, supernova run.
U.S. futures and oil prices dropped.
In Tokyo, the Nikkei 225 index rose 0.7% to 38,869.94, making it the sole major benchmark in Asia to post gains on Monday.
The yen weakened to 159.93 per dollar during morning trading.
Minutes of the Japanese central bank’s last policy meeting released Monday put the yen under renewed pressure as it indicated that “Any change in the policy interest rate should be considered only after economic indicators confirm that, for example, the CPI inflation rate has clearly started to rebound and medium-to long-term inflation expectations have risen.”
Meanwhile, it was reported that Masato Kanda from the Minister of Finance said officials are ready to intervene to support the currency at any time.
Elsewhere, Hong Kong’s Hang Seng dropped 1.2% to 17,815.42, while the Shanghai Composite lost 1% to 2,969.59.
Australia’s S&P/ASX 200 dipped 0.7% to 7,740.80. South Korea’s Kospi was down 0.7% to 2,763.95.
On Friday, the S&P 500 slipped 0.2% to 5,464.62, but it remained close to its all-time high set on Tuesday and capped its eighth winning week in the last nine. The Dow Jones Industrial Average edged up less than 0.1% to 39,150.33, while the Nasdaq composite dropped 0.2% to 17,689.36.
Nvidia again dragged on the market after falling 3.2%. The company’s stock has soared more than 1,000% since October 2022 on frenzied
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