Hong Kong's Hang Seng rose 1.1% to 19,853.66 and the Shanghai Composite index climbed 1.4% to 3,079.40.
The pace of price increases will influence the Federal Reserve's strategy on interest rates and other monetary policy. The concern is that aggressive action to tame inflation might cause the economy to tip into recession. The S&P 500 wound up 0.2% higher at 4,001.05 after giving up most of an early gain of 1.9%. The Dow Jones Industrial Average fell 0.3% to 32,160.74.Big technology stocks, which have been swinging sharply both up and down recently, accounted for much of the S&P 500's turnaround. Apple rose 2.2% and Microsoft rose 2.2%.
Higher prices on raw materials, shipping and labor have been cutting into corporate financial results and forecasts. Many companies have been raising prices on everything from clothing to food, raising concerns that consumers will eventually cut spending, which would hurt economic growth.
makes sense considering everything the U.S. market relies on is manufactured outside the country