Business

Wall Street edges back from records after Dow briefly tops 40,000

Asian stocks fell Friday after U.S. stocks retreated from record highs, despite the Dow Jones Industrial Average. briefly exceeded 40,000 for the first time.

US futures fell and oil prices rose slightly.

Chinese stocks were little changed after Beijing officials signaled continued weakness in the economy, particularly in the real estate sector. The government planned to announce revised real estate policies to revive the sector later on Friday.

Hong Kong’s Hang Seng edged up 0.1% to 19,396.14 and the Shanghai Composite Index slipped 0.1% to 3,119.49.

In Tokyo, the Nikkei 225 index fell 0.4% to 38,782.08, while Australia’s S&P/ASX 200 fell 0.6% to 7,832.90.

South Korea’s Kospi fell 0.9% to 2,727.13.

On Thursday, the Dow Jones slipped 0.1% to 39,869.38. The S&P 500 index, much more followed on Wall Street, fell 0.2% to 5,297.10, and the Nasdaq composite index fell 0.3% to 16,698.32. All three indexes had recovered on Wednesday to reach all-time highs.

Deere weighed on the market and fell 4.7% despite a higher-than-expected profit for its latest quarter. He reduced its future earnings forecast this fiscal year, below analysts’ estimates as farmers buy fewer tractors and other equipment.

Homebuilders also helped drag the market down following a weaker-than-expected housing sector report. They gave back some of their big gains from the day before, when hopes of lower mortgage rates pushed them sharply higher. DR Horton fell 4.2%, Lennar fell 3.3% and PulteGroup fell 2.8%.

Also sinking were GameStop and AMC Entertainment, which slipped for a second straight day after their a stunning start to the week. GameStop fell 30%, although it is still up almost 59% for the week so far. AMC Entertainment lost 15.3%.

AP correspondent Seth Sutel has the AP Markets in a Minute report, with a positive start to the day.

Such declines helped offset a 7% jump for Walmart, which announced a higher profit for the last quarter than expected by analysts. The retailer also said its revenue for the year could exceed the previously forecast range.

Walmart’s strength could be an encouraging signal for the economy as a whole. Concerns are growing about the ability of American households to cope with continued high inflation and costlier credit card payments, particularly those in the United States. the lower end of the income scale.

Chubb rose 4.7% after Warren Buffett’s Berkshire Hathaway Revealed she had acquired a stake in the insurer.

Stronger-than-expected profits were a key reason U.S. stock indexes broadly jumped in May to record highs after a tough April. Another hope has been rekindled that the Federal Reserve will be able to cut its main interest rate at least once this year. The Fed is keeping its federal funds rate at the highest level in more than two decades.

A series of worse than expected inflation reports earlier in the year had jeopardized the potential for such reductions, but some more encouraging data has since arrived.

Treasury yields eased broadly in May as hopes grew that the economy could reach the hoped-for sweet spot, where it cools enough from high interest rates to quell inflation, but not to the point of causing a serious recession.

Yields rose Thursday following mixed data on the economy, including the report that hurt homebuilder stocks that showed the sector started fewer projects than expected.

A report showed a little more workers filed for unemployment Last week, profits exceeded those expected by economists, although the number remains small compared to history. Others said manufacturing growth in the Mid-Atlantic region was weaker than expected and import prices rose more than expected.

In other trading, benchmark U.S. crude oil edged up 2 cents to $79.25 a barrel. Brent crude, the international standard, added 15 cents to $83.42 a barrel.

The US dollar fell from 155.40 Japanese yen to 155.84 Japanese yen. The euro rose from $1.0868 to $1.0859.

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AP Business Editor Stan Choe contributed.

News Source : apnews.com
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Sara Adm

Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe.Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
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