Stock market today: Asian shares mostly rise ahead of U.S. inflation report

TOKYO (AP) — Asian shares gained Friday as traders looked ahead to a key report on inflation that could influence the Federal Reserve's next move on interest rates.

Japan's benchmark Nikkei 225 jumped 0.9% in early trading to 39,711.93. Australia's S&P/ASX 200 rose 0.6% to 7,803.50. South Korea's Kospi edged up nearly 0.3% to 2,790.97. Hong Kong's Hang Seng added 0.8% to 17,860.79, while the Shanghai Composite surged 1.0% to 2,976.26.

In Japan, the government reported unemployment rate was unchanged from the previous month at 2.6% in May.

On Wall Street, the S&P 500 eked out a 0.1% gain. The benchmark index has been hovering near the all-time high it set last week.

The Nasdaq composite rose 0.3% and remains just below its all-time high. The Dow Jones Industrial Average closed 0.1% higher.

Gains in retailers and communications services companies helped outweigh losses in consumer goods makers, financial stocks and elsewhere in the market. Amazon.com rose 2.2% and Meta Platforms added 1.3%.

Walgreens Boosts Alliance plunged 22.2% for the biggest drop in the S&P 500. Its reported results that fell shy of forecasts and cut its outlook. The company said it could close hundreds more stores in the next three years.

Jeans maker Levi Strauss sank 15.4% after its latest quarterly revenue results fell short of analysts' expectations, along with its current earnings forecast for the year.

Spice maker McCormick rose 4.3% for one of the biggest gains in the market after beating analysts’ earnings forecasts.

Chipmaker Micron Technology fell 7.1% after its latest forecast left investors disappointed.

Treasury yields fell in the bond market. The yield on the 10-year Treasury, which influences interest rates on mortgages and other consumer loans, fell to 4.28% from 4.33% late Wednesday. The yield on the two-year Treasury fell to 4.71% from 4.75%.

The stock market has been listless this week in the lead up to Friday’s release of the next influential inflation report from the government. The personal consumption expenditures index, or PCE, is the Fed’s preferred measure of inflation.

Economists expect the report to show a modest easing of inflation to 2.6% in May, following a 2.7% reading in April. That’s down from the PCE’s peak of 7.1% in the middle of 2022. Other measures of inflation, including the consumer price index, have also eased significantly over the last two years.

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. Wall Street is betting that the central bank will start cutting interest rates at its September meeting.

An update from the government said the American economy expanded at a 1.4% annual pace from January through March. The figure is a slight revision from a prior estimate of 1.3%. It marks the slowest quarterly growth since spring 2022.

The report also backed data from previous economic reports that show consumers are getting squeezed by persistent inflation and high interest rates. Consumer spending, which has been fueling economic growth, grew at just a 1.5% rate, down from an initial estimate of 2%, according to the report.

The main upshot from the report was that "the economy remained resilient in the first quarter but that private sector demand growth was cooling, led by more consumer prudence," said Gregory Daco, EY chief economist, in a note.

The slowdown in consumer spending could help further ease inflation, but too much of a slowdown could result in a more painful hit to the economy. The Federal Reserve is trying to time its efforts tame inflation back to its 2% target without slowing the economy so much that it slips into a recession.

The S&P 500 is on pace to notch its fourth straight winning week. With one more trading day left this month, the index is up just under 4% for June and up about 15% so far this year.

All told, the S&P 500 rose 4.97 points to 5,482.87. The Dow added 36.26 points to 39,164.06. The Nasdaq gained 53.53 points to close at 17,858.68.

In energy trading, benchmark U.S. crude rose 44 cents to $82.17 a barrel. Brent crude, the international standard, added 39 cents to $86.78 a barrel.

In currency trading, the U.S. dollar rose to 160.96 Japanese yen from 160.72 yen. The euro cost $1.0695, down from $1.0709.

AP Business Writers Damian J. Troise and Alex Veiga contributed.

FILE - An entrance to the New York Stock Exchange is shown on June 26, 2024, in New York. Shares have fallen in most world markets on Thursday, June 27, 2024, ahead of a key U.S. inflation report due Friday. (AP Photo/Peter Morgan, File)

A passerby looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, June 27, 2024 in Tokyo. (AP Photo/Shuji Kajiyama)

A person walks past an electronic stock board showing the exchange rate of U.S. dollar and Japanese yen at a securities firm Thursday, June 27, 2024 in Tokyo. (AP Photo/Shuji Kajiyama)

A person walks past at an electronic stock board showing Japan's stock prices at a securities firm Thursday, June 27, 2024 in Tokyo. (AP Photo/Shuji Kajiyama)

A person walks past at an electronic stock board showing financial indexes including Japan's Nikkei 225 index, green, at a securities firm Thursday, June 27, 2024 in Tokyo. (AP Photo/Shuji Kajiyama)

Workers wait to cross a street in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, June 27, 2024 in Tokyo. (AP Photo/Shuji Kajiyama)

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)

NEW YORK (AP) — The New York Mets debuted uniform patches Saturday honoring Willie Mays and Jerry Grote that will remain on all their jerseys for the rest of the season.

A circular patch with Mays' No. 24 was added to the left sleeve of the City Connect tops New York wore for its home game against the Houston Astros. Mays, who died on June 18, concluded his Hall of Fame career with the Mets from 1972-73 and had his number retired by the club on Old-Timers' Day two years ago.

“Putting the patch on the uniform is another clear indication by the Mets that they appreciated and valued the contributions my dad made to the organization and for that matter to New York City,” Mays' son, Michael, said in a statement.

On the right sleeve, Grote's No. 15 joined “Buddy No. 3” in a pair of diamond-shaped logos on a rectangular patch the team already had been wearing this season in tribute to former shortstop Bud Harrelson, who died in January.

Grote, a longtime Mets catcher renowned for his elite defense, died in April.

Each a two-time All-Star, they were teammates in New York from 1966-77 and helped lead the Miracle Mets to their 1969 World Series championship.

“It has been a tough year for our Mets family,” owners Steve and Alex Cohen said. “We’ve lost two Mets Hall of Famers in Buddy Harrelson and Jerry Grote and the great Willie Mays. Jerry was the best defensive catcher in the history of our organization and guided the incredible 1969 pitching staff."

Grote broke into the big leagues with Houston before joining the Mets. His family was at Citi Field to celebrate his career.

“It means so much to the Grote family that the Mets are remembering Jerry’s legacy,” said his wife, Cheryl, and son, Jeff. “Jerry still has so many fans in New York and it makes us proud that what he did for the organization will not be forgotten.”

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Willie Mays' son, Michael Mays, throws out a ceremonial first pitch before a baseball game between the New York Mets and the New York Yankees, Wednesday, June 26, 2024, in New York. (AP Photo/Frank Franklin II)

FILE - New York Mets' Willie Mays, center, shows John F. Kennedy Jr., left, the proper grip on the bat June 3, 1972, in the dugout at New York's Shea Stadium. At right is Eric Von Huguley, a friend who joined young John in a visit to the Mets' dugout before the game against the Atlanta Braves. Mays, the electrifying “Say Hey Kid” whose singular combination of talent, drive and exuberance made him one of baseball’s greatest and most beloved players, has died. He was 93. Mays' family and the San Francisco Giants jointly announced Tuesday night, June 18, 2024, he had “passed away peacefully” Tuesday afternoon surrounded by loved ones. (AP Photo, File)

New York Mets pitcher Tylor Megill throws during the first inning of a baseball game against the Houston Astros, Saturday, June 29, 2024, in New York. The Mets debuted uniform patches Saturday honoring Willie Mays and Jerry Grote that will remain on all their jerseys for the rest of the season. A circular patch with Mays' No. 24 was added to the left sleeve of the City Connect tops New York wore for its home game against the Astros. (AP Photo/Pamela Smith)

FILE - New York Mets' Willie Mays poses on May 12, 1972 in New York. Mays, the electrifying "Say Hey Kid" whose singular combination of talent, drive and exuberance made him one of baseball's greatest and most beloved players, has died. He was 93. Mays' family and the San Francisco Giants jointly announced Tuesday night, June 18, 2024, he had "passed away peacefully" Tuesday afternoon surrounded by loved ones.(AP Photo/Harry Harris, File)