Stock market today: Asian shares lower after Wall Street closes another winning week

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Asian shares are mostly lower after U.S. stocks coasted to the close of their latest winning week on Friday, even as Nvidia’s stock cooled further from its startling, supernova run. U.S. futures and oil prices dropped. The yen weakened to 159.93 per dollar during morning trading. The S&P 500 slipped 0.

A person walks under the intense sun in front of an electronic stock board showing Japan’s Nikkei 225 index at a securities firm Monday, June 24, 2024, in Tokyo. A person stands under the intense sun in front of an electronic stock board showing Japan’s Nikkei 225 index at a securities firm Monday, June 24, 2024, in Tokyo. FILE - A sign at the New York Stock Exchange is shown on June 18, 2024 in New York.

Elsewhere, Hong Kong’s Hang Seng dropped 1.2% to 17,815.42, while the Shanghai Composite lost 1% to 2,969.59.Stock market today: Asian shares mostly decline as Nvidia weighs on Wall StreetOn Friday, the S&P 500 slipped 0.2% to 5,464.62, but it remained close to its all-time high set on Tuesday and capped its eighth winning week in the last nine. The Dow Jones Industrial Average edged up less than 0.1% to 39,150.33, while the Nasdaq composite dropped 0.2% to 17,689.36.

The weak business-activity report dragged down yields in Europe, which at first pressured Treasury yields. But U.S. yields recovered much of those losses after another report said later in the morning that U.S. business activity may be stronger than thought. “Historical comparisons indicate that the latest decline brings the survey’s price gauge into line with the Fed’s 2% inflation target,” according to Chris Williamson, chief business economist at S&P Global Market Intelligence.

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