Shanghai and Hong Kong declined. Tokyo and Seoul advanced. Oil prices rose to stay above US$110 per barrel.
Expectations of rate hikes “ticked higher” due to Powell's comments, but “markets are shrugging it off and are in need of a breather” after a sell-off, Yeap Jun Rong of IG said in a report. On Wall Street, the S&P 500 advanced to 4,088.85. The Dow Jones Industrial Average rose 1.3% to 32,654.59. The Nasdaq gained 2.8% to 11,984.52.Small-company stocks rose more than the rest of the market, a signal that investors are feeling bullish about the economy. Treasury yields rose.Consumers are providing critical support to the economy despite higher costs for gas, food and rent.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: