Stock market today: Asian shares trading mixed after Wall Street’s momentum cools

📆 26/03/2024 02:10 a. m.
📰 AP

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Asian shares were mixed in muted trading, as buying in some markets was soon erased by profit-taking. Japan’s benchmark Nikkei 225 finished little changed Tuesday. Shares fell in Sydney, but rose in South Korea and China. Wall Street edged back further from its record heights reached last week. The S&P 500 slipped 0.

Stock market today: Asian shares trading mixed after Wall Street’s momentum coolsStock market today: Wall Street closes its best week of the year with a quiet finish

Wall Street edged back further from its recent record heights, with the S&P 500 slipping 15.99 points, or 0.3%, to 5,218.19 in a quiet day of trading. The Dow Jones Industrial Average fell 162.26, or 0.4%, to 39,313.64, and the Nasdaq composite dropped 44.35, or 0.3%, to 16,384.47. The big run last week was Wall Street’s best of the year and sent all three indexes to records on Thursday. Stocks climbed asThat has the S&P 500 on track for another winning month in what’s been a nearly unstoppable run since late October.

For the market to continue rallying, more companies will need to deliver strong earnings growth to justify high prices, say strategists at Morgan Stanley. This week’s highlight for financial markets may be Friday’s report on U.S. consumer spending. It will also include the latest update on the measure of inflation that the Federal Reserve prefers to use. But U.S. markets will be closed in observance of Good Friday, and the bond market will close early on Thursday, which could bunch up trades in anticipation of the report.In currency trading, the U.S. dollar edged down to 151.34 Japanese yen from 151.41 yen. The euro cost $1.0854, up from $1.0840.

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