Stock market today: Asian shares start June with big gains following Wall St rally

📆 2024-06-03 06:08:00
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Asian shares began June with big gains on Monday after a report showing that inflation in the U.S. is not worsening drove a rally on Wall Street. Hong

Asian shares began June with big gains on Monday after a report showing that inflation in the U.S. is not worsening drove a rally on Wall Street.

Stocks broadly got a boost from easing Treasury yields in the bond market after the latest reading on inflation came in roughly as expected, at 2.7% last month. “Finally, the U.S. economic data is starting to show clear signs that consumers are feeling the pinch. With savings running dry, prices skyrocketing, the job market cooling down, disposable incomes taking a hit, and interest rates still high, spending in 2022 is becoming impossible. It’s like trying to fill a bucket with a hole in it — good luck keeping it full,” Stephen Innes of SPI Asset Management said in a commentary.

Virtually no one expects the Federal Reserve to cut interest rates at its next meeting in a week and a half, but most expect the Fed will cut at least once by the end of the year, according to data from CME Group. Trump Media & Technology Group slumped 5.3% in its first trading following the conviction of Donald Trump on felony charges Thursday. The company, which runs the Truth Social platform, had warned earlier in filings with U.S. securities regulators about potential impact from a conviction.

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Stock market today: Asian shares start June with big gains following Wall St rallyShares in Asia have started June with big gains after Wall Street finished with another push higher. Hong Kong's Hang Seng led with a 2.7% gain. On Friday, the S&P 500 rose 0.8% to close its sixth winning month in the last seven. The Dow Jones Industrial Average jumped nearly 575 points, or 1.
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Stock market today: Asian shares trade higher after Wall St rally takes S&P 500 near recordStocks in Asia are trading higher after a rally on Wall Street that pulled the S&P 500 back within 1% of its record.
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