Stock market today: Asian markets wobble after Fed sticks with current interest rates

A person looks at an electronic stock board showing Japan’s Nikkei 225 index at a securities firm Thursday, May 2, 2024, in Tokyo. A person stands in front of an electronic stock board showing Japan’s Nikkei 225 index at a securities firm as pedestrians are reflected on a glass window Thursday, May 2, 2024, in Tokyo. A person looks at an electronic stock board showing Japan’s Nikkei 225 index at a securities firm Thursday, May 2, 2024, in Tokyo.

“As expected, Japan’s Ministry of Finance, via the Bank of Japan, was back selling U.S. dollars to stabilize the yen. Indeed, the Japanese government is digging into their sizable 1.2-trillion-USD war chest, looking to take profit on the dollar they bought back in 2000,” Stephen Innes, managing partner at SPI Asset Management, said in a commentary. He said the hope was to stabilize yen around 155-157 to the dollar.

The Dow Jones Industrial Average rose 0.2% to 37,903.29, and the Nasdaq composite lost 0.3% to 15,605.48. At the same time, though, Powell calmed a fear swirling in the market that inflation has remained so high that additional hikes to rates may be necessary.The Fed also offered financial markets some assistance by saying it would slow the pace of how much it’s shrinking its holdings of Treasurys. Such a move could grease the trading wheels in the financial system, offering stability in the bond market.

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