Stock market today: Asian stocks track Wall Street gains ahead of earnings reports
Asian benchmarks extend gains after U.S. stocks claw back some of their losses from last week
HONG KONG — Asian benchmarks extended gains Tuesday after U.S. stocks clawed back a chunk of their losses from last week, which was the worst for the S&P 500 in more than a year, while the yen weakened further to fresh 34-year lows.
U.S. futures were mixed and oil prices rose.
Japan’s benchmark Nikkei 225 edged 0.1% higher to 37,471.73, despite the country's manufacturing activity contracting for 11 straight months while approaching the break-even point in April as PMI came in at 49.9, according to Tuesday figures from au Jibun bank. The yen weakened further with it hitting a fresh 34-year low of 154.85 early Tuesday.
The Hang Seng in Hong Kong added 1.2% to 16,715.15 while the Shanghai Composite index was down 0.6% at 3,025.76.
Australia’s S&P/ASX 200 climbed 0.4% to 7,677.40. South Korea’s Kospi dropped less than 0.1% to 2,628.14.
On Monday, the S&P 500 rose 0.9% to 5,010.60 to recover more than a quarter of last week’s rout. The Dow Jones Industrial Average added 0.7% to 38,239.98, and the Nasdaq composite jumped 1.1% to 15,451.31.
The rally was widespread, and most stocks across Wall Street rose. In the S&P 500, technology stocks led the way to bounce back from their worst week since the COVID crash of 2020.
Nvidia leaped 4.4%, and Alphabet climbed 1.4% as Treasury yields stabilized in the bond market. Last week, a jump in yields cranked up the pressure on stocks, particularly those seen as the most expensive and making their investors wait the longest for big growth.
Bank stocks were also strong following some encouraging profit reports. Truist Financial rallied 3.4% after its profit for the start of the year topped
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