Breaking News
today in the stock market asian stocks are mirroring the gains seen on wall street with investors gearing up for upcoming earnings reports 694


Today in the stock market: Asian stocks are mirroring the gains seen on Wall Street, with investors gearing up for upcoming earnings reports


Leo Gonzalez

April 23, 2024 - 19:45 pm


Asian Markets Extend Gains: Asian benchmarks continued their upward trajectory on Tuesday following a rebound in U.S. stocks from last week's losses, which marked the S&P 500's worst performance in over a year. Meanwhile, the yen weakened further, hitting fresh 34-year lows.

Market Performance:

  • Japan's Nikkei 225 edged 0.1% higher, despite the country's manufacturing activity contracting for the 11th consecutive month in April.
  • The Hang Seng in Hong Kong rose by 1.2%, while the Shanghai Composite index dipped 0.6%.
  • Australia's S&P/ASX 200 climbed 0.4%, and South Korea's Kospi remained relatively unchanged.

U.S. Market Rally: On Monday, the S&P 500 recovered over a quarter of last week's losses, rising by 0.9%. The Dow Jones Industrial Average and the Nasdaq composite also posted gains.

Sector Performance:

  • Technology stocks led the rebound in the S&P 500, with Nvidia surging 4.4% and Alphabet climbing 1.4%.
  • Bank stocks saw strength following encouraging profit reports, with Truist Financial rallying 3.4%.

Tesla's Performance: Tesla experienced a 3.4% drop after announcing further price cuts over the weekend. The electric vehicle company is set to report its first-quarter results later in the day.

Earnings Reports: It's a significant week for earnings reports, with around 30% of S&P 500 companies scheduled to disclose their first-quarter earnings. Among them are companies known as the "Magnificent Seven," including Tesla and Alphabet.

Fed's Interest Rate Outlook: Federal Reserve officials indicated the possibility of maintaining high interest rates for a prolonged period to address inflation concerns, disappointing financial markets that had anticipated rate cuts.

Oil Prices: U.S. benchmark crude rose to $82.22 per barrel, while Brent crude gained to $87.30 per barrel.

Currency Markets: The U.S. dollar slipped against the Japanese yen, while the euro rose slightly against the dollar.