Asian Stocks Eye Early Gain as US Momentum Slows: Markets Wrap

-- Asian stocks are set to climb Friday as the latest round of US economic data signaled momentum is slowing, boosting the case for the Federal Reserve to start cutting interest rates this year.Equity futures in Australia, Japan and Hong Kong pointed to early gains while the Golden Dragon Index, a gauge of Chinese stocks listed on the Nasdaq, climbed over 1%. US contracts edged lower after the S&P 500 index slid 0.6%, dragged down by interest rate sensitive tech stocks.

“Expectations for a guilty verdict were somewhat priced into markets,” Paresh Upadhyaya, director of fixed income and currency strategy at Amundi Asset Management in Boston. “The bigger impact to markets could be if this guilty verdict begins to turn the momentum away from Trump to Biden.”Traders had issues with live pricing for the S&P 500 Index and Dow Jones Industrial Average for more than an hour on Thursday morning in New York.

The S&P 500 slid to 5,235, led by tech losses. US officials slowed the issuing of licenses to chipmakers such as Nvidia Corp. and Advanced Micro Devices Inc. for large-scale AI accelerator shipments to the Middle East, according to people familiar with the matter. In late hours, Dell Technologies Inc. sank as its revenue increase failed to impress investors.

With markets expecting the core PCE measure to rise 0.3% in April from a month ago, anything less “could weigh on the US dollar modestly,” said Kristina Clifton, a senior economist and strategist at Commonwealth Bank of Australia in Sydney.The Bloomberg Dollar Spot Index was little changedThe offshore yuan was little changed at 7.

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