Stock Market Today: Asian stocks mixed after Wall Street hits more records

HONG KONG (AP) — Asian stocks were mixed Wednesday after U.S. indexes rose to more records following the latest signs that the U.S. economy is… It may slow down Without falling into stagnation.

US futures were mixed and oil prices were little changed.

The Nikkei 225 in Tokyo rose 0.2% to 38,575.54, as Japanese trade data for May showed exports rising 13.5% while imports rose 9.5% from a year earlier, driven by higher prices and the weaker value of the yen against the US dollar.

Minutes from the Bank of Japan’s latest policy meeting revealed debate among policymakers over whether a weak yen could push inflation higher. Governor Kazuo Ueda hinted at raising the benchmark interest rate in the coming months, depending on economic data at the time.

“The moves in the Nikkei reflect a lot of hesitation in place, with the index trading in a broad consolidation phase so far,” IG Asia said in a commentary.

Hong Kong’s Hang Seng Index added 2% to 18,264.51 while the Shanghai Composite Index lost 0.3% to 3,020.03 after the head of the China Securities Supervision Commission said at a financial forum in Shanghai that the agency will strengthen supervision over all financial activities to prevent potential risks. .

In Sydney, the S&P/ASX 200 fell 0.2% to 7,764.30. South Korea’s Kospi rose 1% to 2,792.14.

Elsewhere, Taiwan’s Taiex rose 1.8%, while Bangkok’s SET fell 0.1%.

On Tuesday, the S&P 500 added 0.3% to 5,487.03, hitting an all-time high for the 31st time this year. The Nasdaq Composite Index rose less than 0.1% to 17,862.23 points. The Dow Jones Industrial Average rose 0.2% to 38,834.86 points.

Nvidia was the star again, with its shares rising 3.5% and serving as the strongest force pushing the S&P 500 higher. It has taken its total market capitalization to over $3 trillion again.

Nvidia’s chips are helping advance artificial intelligence, which proponents expect will change the world as much or more than the Internet, and demand for its chips has proven shockingly voracious. Nvidia’s revenue routinely triples every quarter, and its profits are rising at staggering rates. Its stock is up nearly 174% this year, and Nvidia alone was responsible for nearly a third of the S&P 500’s total gains for the year through May.

Of course, the potential danger of having a handful of superstars responsible for most of the US stock market’s record highs is that the market will become more fragile. If more shares participate, it could be a sign of a healthier market.

The Commerce Department reported that retail sales rose 0.1% in May, less than the pace economists had expected, while April sales were revised down – down 0.2% and unchanged. Sales rose 0.6% in March and 0.9% in February. This comes after sales fell 1.1% in January, partly affected by bad weather.

The weaker-than-expected data may be a warning sign that the main driver of the US economy, household spending, is beginning to crack. Inflation remains high, even if it has slowed since its peak Low-income families In particular, they struggle to keep up with expensive prices.

However, a Bank of America survey of global fund managers found them to be the most bullish on stocks since the fall of 2021, with relatively little cash hidden and large allocations to stocks. Fewer managers are also calling for a “hard landing” as the economy slides into a bad recession.

In other trading early Wednesday, the price of U.S. crude oil remained unchanged at $80.71 a barrel in electronic trading on the New York Mercantile Exchange.

Brent crude rose two cents to $85.35 per barrel.

The dollar rose to 157.87 Japanese yen from 156.87 yen. The euro fell to $1.0737 from $1.0740.