Asian stocks drop as China growth worries overshadow Wall Street gains

Shares edged higher in Tokyo but fell in most other regional markets. Hong Kong’s benchmark lost 2% as it reopened after a weather related closure on Monday.Shares edged higher in Tokyo but fell in most other regional markets. Hong Kong’s benchmark lost 2% as it reopened after a weather related closure on Monday.

On Wall Street, the S&P 500 SPX rose 0.4% to 4,522.79, its highest closing level in 15 months. The Dow Jones Industrial Average DJIA gained 0.2% to 34,585.35, and the Nasdaq composite COMP climbed 0.9%, to 14,244.95. Expectations are modest. Analysts are forecasting the worst drop for earnings per share among S&P 500 companies since the pandemic was pummeling the economy in the spring of 2020, according to FactSet. They’re also forecasting a third straight quarter of declines in profits.

“We expect the momentum to continue,” the strategists led by Savita Subramanian wrote in a BofA Global Research report. They expect earnings declines for S&P 500 companies to bottom out this reporting season. The wide expectation is for the Fed to raise rates at its meeting next week, which would take the federal funds rate to its highest level since 2001. But the hope among traders nevertheless is that will be the final hike of this cycle.

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