Stock Market Today: Asian Stocks Mostly Higher After Wall Street Sets More Records

BANGKOK (AP) — Stocks were mostly higher in Asia on Thursday after extending Wall Street’s record-breaking rally.

Stocks fell in Chinese markets but rose in the rest of the region. U.S. futures were almost unchanged and oil prices fell.

U.S. stocks continued to rise on Wednesday in a holiday-shortened session after Weak reports The European Central Bank has left the door open to the possibility of cutting interest rates amid a slowing economy.

US markets will be closed on Thursday for the Independence Day holiday.

Investors around the world are looking to see the US Federal Reserve cut interest rates, which it has kept at their highest levels in two decades, to slow growth and tame inflation.

In Tokyo, the Nikkei 225 rose 0.6 percent to 40,815.95, as buying in automakers and other export-oriented stocks helped keep the benchmark near a 35-year high.

Toyota Motor Corp. rose 1.3%, while Advantest Corp., a maker of computer testing equipment, rose 2.4%.

Hong Kong’s Hang Seng Index recovered from early losses, rising 0.1% to 17,988.25 points, while the Shanghai Composite Index fell 0.4% to 2,969.45 points.

Taiwan’s Taiex index jumped 1.2% with market heavyweight Taiwan Semiconductor Manufacturing Corp. rising 2.7%.

In Australia, the S&P/ASX 200 rose 1% to 7,815.80, while Seoul’s Kospi advanced 0.7% to 2,813.54.

The Bangkok Stock Exchange index jumped 1%.

The Standard & Poor’s 500 index rose 0.5% on Wednesday, hitting an all-time high for the second straight day and the 33rd time this year. It closed at 5,537.02 points.

The Dow Jones Industrial Average fell 0.1% to 39,308.00 points, while the Nasdaq Composite Index rose 0.9% to 18,188.30 points.

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Tesla once again helped boost the market, rising 6.5% after a single day. Reporting a slight decrease in sales In the spring, it was more than analysts feared. It was one of the strongest forces driving the S&P 500 higher, along with NvidiaWall Street’s darling. Rushing into AI Technology The company’s stock rose 4.6%, bringing the company’s total gains for the year to date to 159%.

The move was stronger in the bond market, where Treasury yields fell after a series of weaker-than-expected reports on both the U.S. labor market and services companies. The data could keep Federal Reserve On track to deliver the rate cuts later this year that Wall Street wants.

Business activity in U.S. real estate, retail and other services sectors contracted in June for only the third time in 49 months, a report showed, weaker than economists had expected. Perhaps more important for Wall Street, the report from the Institute for Supply Management also suggested that prices were rising at a slower pace.

This came on the heels of reports earlier in the morning showing a slowdown in the labor market.

The hope on Wall Street is that the economy will soften enough to keep the lid on the market. upward pressure on inflationBut not to the extent that it might lead to workers being thrown out of their jobs and causing a recession.

A more closely watched report is due on Friday, when the U.S. government provides a comprehensive update on the number of workers employers added to their payrolls during June.

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The yield on the 10-year U.S. Treasury note fell to 4.35% from 4.44% late Tuesday, a notable move for the bond market, with most of the decline coming after the U.S. services report. The yield has been generally lower since April on hopes that inflation will slow enough to prompt the Federal Reserve to cut its key interest rate from its highest in more than two decades.

In other trading, the price of a barrel of benchmark US crude oil fell 56 cents to $83.32 in electronic trading on the New York Mercantile Exchange.

Brent crude, the global benchmark, fell 51 cents to $86.83 a barrel.

The US dollar fell to 161.50 yen, reflecting expectations that a US interest rate cut may narrow the price gap with Japan, where the benchmark lending rate is close to zero.

The euro stabilized against the dollar at $1.0787.

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Associated Press business writer Stan Choi contributed.

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