Stock market today: Asian stocks dip as Wall Street momentum slows with cooling Trump trade

Person walk in front of an electronic stock board showing Japan’s Nikkei index at a securities firm Wednesday, Nov. 13, 2024, in Tokyo. A person stands in front of an electronic stock board showing Japan’s Nikkei index at a securities firm Wednesday, Nov. 13, 2024, in Tokyo. A person looks at an electronic stock board showing Japan’s Nikkei index at a securities firm Wednesday, Nov. 13, 2024, in Tokyo.

Hong Kong’s Hang Seng dropped for a fourth day, declining 0.5% to 19,754.92. The Shanghai Composite gained 0.2% to 3,426.98.U.S. futures dropped while oil prices were higher.Home Depot’s Q3 results top Wall Street as pullback in consumer spending eases a bitlower tax rates and other policies. Some areas of the market rocketed on particularly high-grade fuel, such as smaller U.S. stocks seen as benefiting the most from Trump’s “America First” ideas.

A jump in Treasury yields also added pressure on the stock market, as trading of U.S. government bonds resumed following Monday’s Veterans Day holiday. The yield on the 10-year Treasury jumped to 4.42% on Tuesday from 4.31% late Friday, which is a notable move for the bond market. Some of the rise in yields has also been because of Trump. He talks up tariffs and other policies that economists say. That puts upward pressure on Treasury yields and could hinder the Fed’s plans to cut interest rates. While lower rates can boost the economy, they can also give inflation more fuel.

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