Currency traders work near the screen showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, June 3, 2024.
Gap soared to one of the market’s biggest gains, 28.6%, after delivering stronger profit and revenue for the latest quarter than analysts expected. The retailer also raised its forecasts for sales and profitability this year despite saying the outlook for the economy remains uncertain.
The Fed has been keeping the federal funds rate at the highest level in more than 20 years in hopes of slowing the economy enough to stifle high inflation. But if it holds rates too high for too long, it could choke off the economy’s growth and cause a recession that throws workers out of their jobs and craters profits for companies.
Dell tumbled 17.9% even though it matched analysts’ forecasts for profit in the latest quarter. Its stock had already soared 122% in 2024 ahead of the report, meaning expectations were very high, and analysts pointed to concerns about how much profit Dell is squeezing out of each $1 in revenue. In other dealings early Monday, U.S. benchmark crude oil gained 46 cents to $77.45 per barrel in electronic trading on the New York Mercantile Exchange.
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Stock market today: Asian shares shrug off latest Wall St rout as Chinese factory activity weakens.Asian shares were higher on Friday as investors shrugged off yet another decline on Wall Street, while an official survey showed a weakening in Chinese
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Stock market today: Asian shares shrug off latest Wall St rout as Chinese factory activity weakens.Asian shares are higher as investors shrug off yet another decline on Wall Street. An official survey showed a weakening in Chinese factory activity, but benchmarks in Hong Kong and Shanghai were higher. Taiwan's Taiex fell 0.9%. On Thursday, the S&P 500 fell 0.6%, even though the majority of stocks within it and across Wall Street rose.
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Stock market today: Asian shares decline after a mixed post-holiday session on Wall StreetShares have fallen across Asia after a mixed session on Wall Street. Oil prices also rose. The International Monetary Fund raised its forecast for China's economic outlook, saying it expects the No. 2 economy to grow at a 5% annual pace this year. On Tuesday, the S&P 500 closed little changed, just below its record set a week ago.
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