Stock market today: Asian shares mostly decline, shrugging off Wall Street's overnight rally

FILE - A train arrives at a Wall Street subway station in New York’s Financial District on Nov. 5, 2024. Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Nov. 12, 2024.

Hong Kong’s Hang Seng dropped 0.7% to 20,280.34, while the Shanghai Composite was little changed, inching up less than 0.1% to 3,470.83.Tesla was the strongest force pushing upward on the S&P 500 after rising 9.1%. Its leader, Elon Musk, has become a close ally of Trump’s, and its stock jumped nearly 15% the day after the election and has kept rising.Wall Street cruises toward the close of its best week in a year.

Stocks of companies more focused on the U.S. economy were also rising more than the rest of the market, including a 1.5% rally for the smaller stocks in the Russell 2000 index, because they’re seen as benefiting more from Trump’s America First policies than big multinational companies.Such Big Tech stocks have rocketed higher on excitement about artificial-intelligence technology, and they had been gaining almost regardless of what the economy was doing.

Another Trump trade has been a rise in Treasury yields, as traders anticipate potentially higher economic growth, U.S. government debt andTreasury yields have been generally climbing since September, in large part because the U.S. economy has remained much more resilient than feared.

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