today in the stock market asian stocks are mirroring the gains seen on wall street with investors gearing up for upcoming earnings reports 2544


Today in the stock market: Asian stocks are mirroring the gains seen on Wall Street, with investors gearing up for upcoming earnings reports


Michael Chen

April 23, 2024 - 19:45 pm


Asian Markets Extend Gains: Asian benchmarks continued their upward trajectory on Tuesday following a rebound in U.S. stocks from last week's losses, which marked the S&P 500's worst performance in over a year. Meanwhile, the yen weakened further, hitting fresh 34-year lows.

Market Performance:

  • Japan's Nikkei 225 edged 0.1% higher, despite the country's manufacturing activity contracting for the 11th consecutive month in April.
  • The Hang Seng in Hong Kong rose by 1.2%, while the Shanghai Composite index dipped 0.6%.
  • Australia's S&P/ASX 200 climbed 0.4%, and South Korea's Kospi remained relatively unchanged.

U.S. Market Rally: On Monday, the S&P 500 recovered over a quarter of last week's losses, rising by 0.9%. The Dow Jones Industrial Average and the Nasdaq composite also posted gains.

Sector Performance:

  • Technology stocks led the rebound in the S&P 500, with Nvidia surging 4.4% and Alphabet climbing 1.4%.
  • Bank stocks saw strength following encouraging profit reports, with Truist Financial rallying 3.4%.

Tesla's Performance: Tesla experienced a 3.4% drop after announcing further price cuts over the weekend. The electric vehicle company is set to report its first-quarter results later in the day.

Earnings Reports: It's a significant week for earnings reports, with around 30% of S&P 500 companies scheduled to disclose their first-quarter earnings. Among them are companies known as the "Magnificent Seven," including Tesla and Alphabet.

Fed's Interest Rate Outlook: Federal Reserve officials indicated the possibility of maintaining high interest rates for a prolonged period to address inflation concerns, disappointing financial markets that had anticipated rate cuts.

Oil Prices: U.S. benchmark crude rose to $82.22 per barrel, while Brent crude gained to $87.30 per barrel.

Currency Markets: The U.S. dollar slipped against the Japanese yen, while the euro rose slightly against the dollar.