Asian stocks mixed up after lackluster day on Wall Street – WHIO TV 7 and WHIO Radio

Stocks were mixed in Asia on Wednesday after the largely lower Wall Street shutdown as traders returned from Labor Day.

Shares rose in Tokyo, Hong Kong and Shanghai, but fell in Seoul and Sydney.

Japan’s growth for April-June has been revised at an annual rate of 1.9% against a preliminary estimate of 1.3%.

Ruling Liberal Democratic Party to elect new prime minister to succeed Yoshihide Suga, adding to future policy uncertainty, more stimulus for the economy expected in the coming weeks, analysts say .

Strong China’s trade data on Tuesday failed to counter the moderating impact of a weak US employment report last week.

Japan’s Nikkei 225 index rose 0.5% to 30,061.71, while the Hang Seng in Hong Kong climbed 0.7% to 26,533.40. The Shanghai Composite Index added 0.3% to 3,688.27. In Seoul, the Kospi lost 0.3% to 3,178.63. The Australian S & P / ASX 200 lost 0.3% to 7,506.30, and benchmarks fell in Taiwan and Singapore.

In New York, the gains of some Big Tech companies pushed the Nasdaq composite barely higher to another record, while the benchmark S&P 500 slipped 0.3%, breaking two weeks of gains. The Dow Jones lost 0.8%.

The yield on the 10-year Treasury bill climbed to 1.37%, while oil prices rose after falling overnight.

The pullback in stocks came as traders returned from the Labor Day holiday weekend to a relatively light week of economic data. The last big economic snapshot, the August jobs report, turned out weaker than expected last Friday, but stocks only slipped slightly on the news.

“We’re still sort of digesting Friday’s low number of jobs and the potential impact it could have on the economy,” said Ryan Detrick, chief market strategist for LPL Financial.

The S&P 500 lost 15.40 points to 4,520.03. The Dow Jones Industrial Average fell 269.09 points to 35,100, while the high-tech Nasdaq composite rose 0.1% to 15,374.33, the fourth consecutive record.

Small business stocks fell. The Russell 2000 Index lost 0.7% to 2,275.61.

A rise in bond yields benefited bank stocks. The yield on the 10-year Treasury bill rose to 1.37% from 1.32% on Friday. Bank of America rose 0.7%.

Industrials stocks were among the biggest drops in the S&P 500. Deere & Co. slipped 4.5% and 3M lost 8.8%.

Volatility is expected to increase in the days and weeks ahead, after stocks rose throughout the summer, helped by stronger-than-expected earnings from large companies and indications from the Federal Reserve that the central bank plans to keep interest rates low.

Investors have a few economic reports on tap for the week.

On Wednesday, the Ministry of Labor will publish job vacancies for July. The job market is still struggling to recover from the pandemic and employers are struggling to fill positions amid lingering health fears and the resurgence of the virus could make matters even more difficult.

Investors will receive another inflation update on Friday when the Labor Department reports on inflation at the wholesale level before the costs are passed on to consumers.

In other exchanges, benchmark US crude oil gained 12 cents to $ 68.47 per barrel. It lost 94 cents to $ 68.35 a barrel on Tuesday. Brent crude, the international standard for oil pricing, edged up 1 cent to $ 71.70 a barrel.

The dollar was almost unchanged at 110.28 Japanese yen. The euro went from $ 1.1841 to $ 1.1846.

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