Asian stocks mixed after Wall Street extends losses as technology and energy stocks fall

📆 9/4/2024 10:44 PM
📰 AP

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Asian markets are mixed following Wednesday’s global sell-off, as Wall Street declined in the technology, energy and other sectors. U.S. futures fell, while oil prices were higher. The S&P 500 fell 0.2% Wednesday, following a 2.1% drop a day earlier. The Nasdaq composite dropped 0.3%. The Dow managed a gain of 38 points, or 0.1%.

Currency traders work near a screen showing the Korea Composite Stock Price Index at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 5, 2024. Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index , top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept.

Hong Kong’s Hang Seng index declined 0.4% to 17,379.83 and the Shanghai Composite index was up 0.1% at 2,785.38.Stock market today: Wall Street tumbles on worries about the economy, and Dow drops more than 600On Wednesday, the S&P 500 fell 0.2% to 5,520.07. The Nasdaq composite shed 0.3% to 17,084.30. The Dow Jones Industrial Average, however, managed a gain of 0.1% to close at 40,974.97.The Labor Department reported that there were 7.7 million open jobs in July, down from 7.

The Institute for Supply Management will release its services sector index for August on Thursday. The services sector is the biggest component of the U.S. economy. Traders are forecasting the Fed will cut its benchmark rate by 1% by the end of 2024. Such a move would require it to cut the rate by more than the traditional quarter of a percentage point at one of its meetings in the next few months.

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Asian stocks mixed after Wall Street rallies as 'time has come' for rate cutsAsian stocks are mixed after U.S. stocks rallied close to their records on the expectation the Federal Reserve will start cutting interest rates soon to help the economy. U.S. futures edged lower. Oil prices rose Monday. On Friday, Fed Chair Jerome Powell said the time had come to lower the main interest rate from a two-decade high.
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