Stock market today: Asian shares are mostly lower ahead of key US inflation report

BANGKOK (AP) — Shares fell Thursday in most Asian markets ahead of a key U.S. inflation report due Friday that might point the way ahead for interest rates.

Benchmarks fell more than 1% in Tokyo, Hong Kong and Sydney. Oil prices and U.S. futures also declined.

The markets' big focus this week is on a U.S. government inflation report due Friday. The personal consumption expenditures index, or PCE, is the Federal Reserve’s preferred measure of inflation, and analysts said investors were in a wait-and-see posture after recent mixed data.

The latest updates on inflation could influence the central bank’s decision on when to begin cutting interest rates, which remain at their highest level in more than 20 years and which are having an impact worldwide.

In Asian trading, another set of measures to boost the Chinese property market failed to lift market sentiment. Hong Kong's Hang Seng fell 1.9% to 17,746.53, while the Shanghai composite index was down 0.5%.

The latest move was by Beijing, one of China's biggest cities, when China's capital cut minimum down-payment ratios and mortgage interest rates, beginning Thursday.

Other Chinese cities have taken similar measures in line with national policies aimed at enticing buyers back into a market that has languished since the government cracked down on excessive borrowing by property developers, causing dozens of such companies to default on their debts. The downturn has dragged on the entire economy, the world's second largest.

In Tokyo, the Nikkei 225 index was down 1% at 39,286.97 amid concern over further weakness in the Japanese yen.

The U.S. dollar was trading at 160.43 yen early Thursday, having punched through the 160 level a day earlier. Japanese officials have warned they may intervene in the market to counter the trend, which has both positive and negative effects on the economy.

Elsewhere in Asia, Australia's S&P/ASX 200 fell 1% to 7,708.10, while shares also fell in Taiwan and India. Bangkok's SET fell, while shares rose in Jakarta and Singapore.

On Wednesday, a mostly subdued day of trading left benchmarks on Wall Street close to all-time highs they set last week.

The S&P 500 index rose 0.2% to 5,477.90 after drifting between small gains and losses most of the day. About 65% of the stocks in the benchmark index fell.

The Dow Jones Industrial Average finished less than 0.1% higher, at 39,127.80, while the Nasdaq composite rose 0.5% to 17,805.16.

Several big stocks helped offset the broader decline in the S&P 500.

Amazon.com rose 3.9%, surpassing $2 trillion in market value for the first time. Its rise comes just days after Nvidia hit $3 trillion, briefly becoming the most valuable company on Wall Street.

Chipotle eked out a 0.3% gain on the first day of trading after its 50-for-1 stock split. It was previously among the most expensive stocks in the S&P 500.

FedEx helped offset the losses with a gain of 15.5%. The package carrier reported results for its latest quarter that easily beat forecasts. Rivian soared 23.2% after Volkswagen said it would invest up to $5 billion in the struggling maker of electric vehicles.

Several big technology companies gained ground. Apple rose 2% and Microsoft gained 0.3%. Their large values tend to heavily influence the direction of the market.

Investors are hoping that the Federal Reserve will soon begin cutting interest rates but its effort to tame inflation back to its 2% target has been arduous. Wall Street is betting on a rate cut at the central bank's September meeting.

The economy has remained relatively strong, despite inflation and high borrowing costs for consumers and businesses. Economic growth has been slowing, though, and consumers are seemingly more stressed and shifting spending to necessities. Wall Street is hoping that Fed can time its rate cuts so that it relieves pressure on the economy before it slows too much, but doesn't also fall short of its goal of cooling inflation.

In other dealings, benchmark U.S. crude oil lost 21 cents to $80.69 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, shed 19 cents to $84.28 per barrel.

The euro rose to $1.0693 from $1.0681.

AP Business Writers Damian J. Troise and Stan Choe contributed.

The Fearless Girl statue stands in front of the New York Stock Exchange on Wednesday, June 26, 2024 in New York. Shares have advanced in Europe and Asia after a rebound for Nvidia offset weakness on Wall Street. (AP Photo/Peter Morgan)

The New York Stock Exchange is shown on Tuesday, June 25, 2024 in New York. World stocks are mixed after another slide for Wall Street heavyweight Nvidia kept U.S. indexes mixed Monday, even as the majority of stocks rallied. (AP Photo/Peter Morgan)

Currency traders work near the screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, June 26, 2024. (AP Photo/Ahn Young-joon)

Currency traders watch monitors near the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, June 26, 2024. (AP Photo/Ahn Young-joon)

A currency trader passes under the screen showing the Korea Composite Stock Price Index (KOSPI), 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, Wednesday, June 26, 2024. (AP Photo/Ahn Young-joon)

LAS VEGAS (AP) — It meant little to Trevor Connelly what spot he was selected in the NHL draft — first round or beyond — due to the regrettable decision he made in the past.

What ultimately mattered to the 18-year-old is the work he put in through volunteer work and diversity training to put him on a path forward in hockey after being selected 19th overall by the draft host Vegas Golden Knights on Friday night.

“I think I could go higher, if maybe some of the stuff didn’t happened. But, honestly, it’s the happiest that I could’ve been where I got selected,” said Connelly, who’s draft stock dropped in the two years since he posted an image Snapchat — before hastily removing it — showing a friend posing in front of a collection of building blocks formed in the shape of a swastika.

He was also accused of making a racial slur during a game in 2021, though a suspension was lifted when an investigation was unable to corroborate what happened. Connelly has apologized for posting the picture, and disputed making the racial slur.

“I’ve made mistakes as a kid and I’m such a different person now,” said Connelly, who is from Tustin, California, and committed to attending Providence this year. “I think what I’ve been put through these past couple of years are for a reason. I think that it’s all going to work out for the best for me and I’ll do anything for the organization, anything for the people and I’m super excited to get started.”

GM Kelly McCrimmon said Vegas officials conducted what he called a “very extensive” background check on the player, while also meeting with Connelly at the scouting combine in Buffalo, New York, and then again this week.

“I think (he showed) some growth and some recognition of some areas where he had made mistakes and recognized that,” McCrimmon said. “He was very candid, transparent, didn’t duck any of the questions that we asked of him.”

Not in question are the 6-foot, 156-pound forward’s abilities.

Connelly is coming off a season with the Tri-City Storm in which he finished second in the USHL with 78 points (31 goals, 47 assists) in 52 games. He has also represented the U.S., most recently winning a silver medal at the 2024 Under-18 world championships.

Washington Capitals general manager Brian MacLellan uses CapFriendly all the time to look up salary information and other data around the NHL. Soon, he and members of the organization will be the only ones with access after the Capitals bought the website this month.

Suffice it to say, his colleagues are not thrilled at having that tool taken away from them.

“I don’t think anybody’s happy,” MacLellan said on a video call with reporters Thursday. “The whole industry is not very happy about it.”

CapFriendly is still available through the draft and start of free agency next week before the public side of it goes dark sometime in July.

“Our biggest fear was it was going to go away and we weren’t going to be able to use it,” said MacLellan, who added the front office looked into making its own site before realizing it was too expensive and time-consuming. “We can build off it. We have the people that created it, so we can build and we can hopefully become more efficient as an organization on salary cap decisions, CBA decisions and then use it on our analytics side, too: create a format that works for us that way.”

Michael Brandsegg-Nygard, Detroit’s choice at No. 15, made history as the first player from Norway drafted in the first round. Brandsegg-Nygard played in the Swedish Hockey League last season, and his heard his name called at the draft by a Hall of Famer from that Scandanavian nation, Nicklas Lidstrom.

Stian Stolberg became the second player from Norway taken in the first round not long after, when Anaheim traded up to select him at No. 23. Goaltending coach Sudarshan “Sudsy” Maharaj, who recently beat cancer, announced the Ducks’ selection.

Sidney Crosby is a little over a year from potentially becoming a free agent. But the three-time Stanley Cup-winning Pittsburgh Penguins captain and his camp have discussed an extension with general manager Kyle Dubas, which could not actually be signed until Monday, anyway.

“We’re talking,” Crosby said Friday on a video call with reporters to discuss the upcoming 4 Nations Face-Off. “There’s been a little but of talk, I think with the draft and free agency and stuff like that. It’s something that I’ll keep between Kyle and I, but we’ve had some conversations and I’ll just kind of leave it at that. ... We’ll see what happens.”

The Penguins, with Dubas in charge, remain in win-now mode. Center Evgeni Malkin is signed through 2026 and defenseman Kris Letang through 28.

Crosby turns 37 before next season.

AP Hockey Writer Stephen Whyno and AP freelance writer W.G. Ramirez contributed to this report.

AP NHL: https://apnews.com/hub/nhl

Michael Brandsegg-Nygard, left, is congratulated after being selected by the Detroit Red Wings during the first round round of the NHL hockey draft Friday, June 28, 2024, in Las Vegas. (AP Photo/Steve Marcus)

FILE - Edmonton Oilers' Connor McDavid is congratulated by Colorado Avalanche's Nathan MacKinnon, left to right, Pittsburgh Penguins' Sidney Crosby and Toronto Maple Leafs' Auston Matthews after winning the NHL All-Star hockey skills competition in Toronto, Friday, Feb. 2, 2024. Sidney Crosby, Connor McDavid and Nathan MacKinnon have never played together internationally for Canada. Same for Auston Matthews, Jack Eichel and Matthew Tkachuk with the U.S. That is finally set to change next year at the 4 Nations Face-Off, an international tournament precursor to the 2026 Milan Olympics that marks the return of NHL players to that world stage.(Frank Gunn/The Canadian Press via AP, File)

Trevor Connelly heads to the stage after being selected by the Vegas Golden Knights during the first round of the NHL hockey draft Friday, June 28, 2024, in Las Vegas. (AP Photo/Steve Marcus)

Trevor Connelly, center, is congratulated after being selected by the Vegas Golden Knights during the first round of the NHL hockey draft Friday, June 28, 2024, in Las Vegas. (AP Photo/Steve Marcus)

Trevor Connelly, center, poses after being selected by the Vegas Golden Knights during the first round of the NHL hockey draft Friday, June 28, 2024, in Las Vegas. (AP Photo/Steve Marcus)