Stock market today: Asian stocks track Wall Street gains ahead of earnings reports

HONG KONG — Asian share benchmarks were mostly higher Tuesday after U.S. stocks clawed back a chunk of their losses from the week before.Japan’s benchmark Nikkei 225 rose 0.3% to 37,552.16, despite the country's manufacturing activity contracting for 11 straight months while approaching the break-even point in April.

The rally was widespread, and most stocks across Wall Street rose. In the S&P 500, technology stocks led the way to bounce back from their worst week since the COVID crash of 2020. It’s a big week for earnings reports generally, with roughly 30% of the companies in the S&P 500 scheduled to say how much they made during the year’s first three months. That includes companies that have come to be known as part of the “Magnificent Seven,” beyond Tesla and Alphabet.The difference in growth between the Magnificent Seven and the rest of the S&P 500 should close by the end of the year, strategists Ohsung Kwon and Savita Subramanian said in a BofA Global Research report.

Top officials at the Federal Reserve warned last week that they may need to keep interest rates high for a while in order to ensure inflation is heading down to their 2% target. That was a big letdown for financial markets, dousing hopes that had built after the Fed signaled earlier that three interest-rate cuts may come this year.

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