Stock market today: Asian shares lower after Wall Street closes another winning week

A person walks under the intense sun in front of an electronic stock board showing Japan’s Nikkei 225 index at a securities firm Monday, June 24, 2024, in Tokyo. A person stands under the intense sun in front of an electronic stock board showing Japan’s Nikkei 225 index at a securities firm Monday, June 24, 2024, in Tokyo. FILE - A sign at the New York Stock Exchange is shown on June 18, 2024 in New York.

Elsewhere, Hong Kong’s Hang Seng dropped 1.2% to 17,815.42, while the Shanghai Composite lost 1% to 2,969.59.Stock market today: Asian shares mostly decline as Nvidia weighs on Wall StreetOn Friday, the S&P 500 slipped 0.2% to 5,464.62, but it remained close to its all-time high set on Tuesday and capped its eighth winning week in the last nine. The Dow Jones Industrial Average edged up less than 0.1% to 39,150.33, while the Nasdaq composite dropped 0.2% to 17,689.36.

The weak business-activity report dragged down yields in Europe, which at first pressured Treasury yields. But U.S. yields recovered much of those losses after another report said later in the morning that U.S. business activity may be stronger than thought. “Historical comparisons indicate that the latest decline brings the survey’s price gauge into line with the Fed’s 2% inflation target,” according to Chris Williamson, chief business economist at S&P Global Market Intelligence.

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