Market today: Asian shares follow Wall St's advance, fueled by cooler jobs data

Asian shares were largely higher on Monday after Wall Street ended last week with its best trading day in more than two months, buoyed by cooler-than-expected US employment data.

U.S. futures headed higher and oil prices rose.

The Japanese yen weakened slightly after swinging from a low of 160.25 to the US dollar to 151.86 late last week due to suspected government intervention. The dollar bought 153.93 yen, up from 152.90 yen.

Japanese Finance Minister Shunichi Suzuki told the Asian Development Bank's annual meeting in Tiblisi, Georgia, on Friday that rapid fluctuations are hurting households and businesses.

The euro rose from $1.0763 to $1.0765.

Hong Kong's Hang Seng lost 0.2% to 18,447.12, while the Shanghai Composite index rose 0.9% to 3,133.92 as markets reopened after a week-long holiday. A private sector survey on Monday showed the country's services sector grew more slowly in April due to rising costs, although new orders rose and business confidence improved.

The Australian S&The P/ASX 200 rose 0.5% to 7,669.50. Taiwan's Taiex gained 1.2%.

The markets in Japan and South Korea were closed for holidays.

On Friday the S&The P500 rose 1.3% to 5,127.79, its best day since late February. The benchmark index has also recovered its losses for the week.

The Dow Jones Industrial Average rose 1.2% to 38,675.68. The Nasdaq composite finished 2% higher to close at 16,156.33, reflecting strong gains in technology sector stocks, which drove much of the rally.

The country's employers added 175,000 jobs last month, a sharp decline from March's blockbuster increase of 315,000, the Labor Department said. The youngest workforce came in well below the increase of 233,000 that economists had predicted. Meanwhile, average hourly wages, a key driver of inflation, rose less than expected.

The modest increase in hiring last month signals that the Federal Reserve's aggressive series of rate hikes may finally be taking a bigger toll on the world's largest economy. That could reassure the Fed that inflation will decline further, which could bring the central bank closer to a rate cut.

Friday's market rally was widespread, although technology stocks accounted for much of the gains. Apple rose 6% after announcing a massive $110 billion stock buyback. The tech giant late Thursday reported the steepest quarterly decline in iPhone sales since the pandemic began.

Microsoft rose 2.2% and Nvidia 3.5%.

Several companies posted profits after reporting strong quarterly results.

Amgen climbed 11.8% after the biotech company gave investors an encouraging update on a potential anti-obesity drug. Live Nation Entertainment rose 7.2% after the ticket seller and concert promoter beat analysts' first-quarter revenue expectations.

Motorola Solutions closed 5.2% higher after the communications equipment maker raised its profit forecast for the year.

Booking Holdings rose 3% after reporting better-than-expected bookings and revenue in the first quarter. Another online travel company, Expedia Group, fared less well, despite reporting its latest quarterly results beating Wall Street targets. Shares fell 15.3%, marking the biggest decline among S&P500 shares after lowering its full-year booking expectations as its Vrbo rental unit was slow to recover from migrating to Expedia's platform.

In energy trading, U.S. crude rose 23 cents to $78.34 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, rose 18 cents to $83.14 a barrel.

Related Posts

  • Business
  • May 25, 2024
  • 5 views
  • 1 minute Read
Walmart is ending its credit card partnership with Capital One, but customers can still use their cards

Walmart has ended a partnership with Capital One, making the banking company the exclusive issuer of Walmart's consumer credit cards. The companies announced the change in a joint statement on…

  • Business
  • May 25, 2024
  • 4 views
  • 5 minutes Read
South Africa's four major political parties are entering the final weekend of their pre-election campaign

JOHANNESBURG — South Africa's four main political parties began the final weekend of campaigning on Saturday before a potentially crucial election that could bring the most significant change to the…

Leave a Reply

Your email address will not be published. Required fields are marked *

You Missed

New contender tops Trump's VP shortlist: report

  • May 25, 2024
New contender tops Trump's VP shortlist: report

Cobra changes the game with the first commercially available 3D printed irons

  • May 25, 2024
Cobra changes the game with the first commercially available 3D printed irons

Donald Trump invited accused rappers to stop the Bronx campaign

  • May 25, 2024
Donald Trump invited accused rappers to stop the Bronx campaign

Hillary Clinton offers new excuse for why women abandoned her during the 2016 election | The Gateway expert

  • May 25, 2024
Hillary Clinton offers new excuse for why women abandoned her during the 2016 election |  The Gateway expert

Erik ten Hag 'very proud of players and staff' after FA Cup win while Man United's future remains uncertain

  • May 25, 2024
Erik ten Hag 'very proud of players and staff' after FA Cup win while Man United's future remains uncertain

Prince Harry throws 'Hissy Fit' during British trip

  • May 25, 2024
Prince Harry throws 'Hissy Fit' during British trip

Supreme Court Justice Sonia Sotomayor says she cries after some of the decisions

  • May 25, 2024
Supreme Court Justice Sonia Sotomayor says she cries after some of the decisions

European banks in Russia face 'an enormous amount of risk', says Yellen

  • May 25, 2024
European banks in Russia face 'an enormous amount of risk', says Yellen

Can blockchain improve weather forecasts? WeatherXM thinks so

  • May 25, 2024
Can blockchain improve weather forecasts?  WeatherXM thinks so

Russia's last missile cruiser in the Black Sea destroyed by Ukraine

  • May 25, 2024
Russia's last missile cruiser in the Black Sea destroyed by Ukraine

Supreme Court Justice Sonia “Wise Latina” Sotomayor Reveals She's “Crying” Over the Court's Conservative Rulings (VIDEO) | The Gateway expert

  • May 25, 2024
Supreme Court Justice Sonia “Wise Latina” Sotomayor Reveals She's “Crying” Over the Court's Conservative Rulings (VIDEO) |  The Gateway expert