World News | Stock Market Today: Asian Markets Mostly Fall After Wall Street Logs 3rd Loss in Row
Get latest articles and stories on World at LatestLY. Shares retreated in Asia on Thursday after a third straight day of losses on Wall Street as its long, record-breaking rally lost more steam.
Bangkok, Oct 24 (AP) Shares retreated in Asia on Thursday after a third straight day of losses on Wall Street as its long, record-breaking rally lost more steam.
Oil prices gained almost USD 1 and US futures were mixed.
Japan's benchmark Nikkei 225 shed early gains, trading flat at 38,104.86 as purchasing manager indexes showed worsening conditions in Japan for both manufacturing and services. The overall composite PMI compiled by au Jibun Bank fell to a two-year low.
“Japan's private sector fell into contraction territory at the start of the fourth quarter of the year,” Usamah Bhatti, an economist at S&P Global Market Intelligence, said in a commentary. “Confidence about business activity growth in the next 12 months softened in October and was the least pronounced since August 2020.”
Chinese markets also fell, with Hong Kong's Hang Seng losing 1 per cent to 20,555.04 while the Shanghai Composite index shed 0.5 per cent to 3,286.17.
In Seoul, the Kospi gave up 0.2 per cent to 2,593.57 and Australia's S&P/ASX 200 edged 0.1 per cent higher to 8,225.90.
Taiwan's Taiex lost 0.5 per cent and the Sensex in India edged 0.2 per cent lower.
“A cocktail of worries about China's economic outlook and a contentious US presidential election weighed heavily on market sentiment,” Stephen Innes of SPI Asset Management wrote in a commentary.
On Wednesday, the S&P 500 sank 0.9 per cent to 5,797.42. Its recent pullback follows six straight winning weeks, its longest such streak of the year.
Stocks are sagging under rising pressure from Treasury yields. Higher yields can make investors reluctant to pay high prices for stocks, which critics say already look too expensive after they rose faster than corporate profits.
The Dow Jones Industrial Average dropped 1 per cent to 42,514.95, while the Nasdaq composite tumbled 1.6 per cent to 18,276.65. Nvidia and other Big Tech stocks were among the market's heaviest weights.
The yield on the 10-year Treasury rose again to 4.23 per cent from 4.21 per cent late Tuesday and from just 4.08 per cent Friday.
Treasury yields have been climbing after a raft of reports have shown the US economy remains stronger than expected. That's good news for Wall Street, because it bolsters hopes that the economy can escape from the worst inflation in generations without the painful recession that many had worried was inevitable.
McDonald's dropped 5.1 per cent after federal health officials linked its Quarter Pounder burgers with an E. coli outbreak that's affected at least 49 people in 10 states. Investigators are still trying to find what specific ingredient is contaminated, and the Centers for Disease Control and Prevention said McDonald's stopped using fresh slivered onions and quarter pound beef patties in several states as it investigates.
Coca-Cola fell 2.1 per cent even though it reported stronger profit and revenue for the latest quarter than analysts expected.
Boeing slipped 1.8 per cent in what could be one of the most consequential days in years for the troubled aerospace manufacturer.
The company reported a loss of more than USD 6 billion for the latest quarter. Later Wednesday, Boeing factory workers voted 64 per cent against Boeing's latest contract offer, opting to continue a six-week strike that has halted production of the aerospace giant's bestselling jetliners. Boeing stock has lost nearly 40 per cent this year.
Big Tech stocks, whose prices have soared amid Wall Street's frenzy around artificial-intelligence technology, were the heaviest weight on the market. Nvidia dropped 2.8 per cent and Apple shed 2.2 per cent.
But AT&T rose 4.6 per cent after reporting stronger profit for the latest quarter than analysts expected and Texas Instruments climbed 4 per cent after the semiconductor company reported stronger profit and revenue than anticipated.
In other dealings early Thursday, US benchmark crude oil gained 91 cents to USD 71.68 per barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, surged 86 cents to USD 75.82 per barrel.
The dollar slipped to 152.22 Japanese yen after surging above 153 yen on Wednesday. The euro rose to USD 1.0790 from USD 1.0783. (AP)
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)