Stock market today: Asian stocks mixed amid volatile yen after Wall St climbs on inflation report

HONG KONG (AP) — Asian stocks were mixed Friday with the yen moved between gains and losses after the latest update on inflation bolstered Wall Street’s belief that relief on interest rates may come as soon as September.

U.S. futures were mixed and oil prices rose.

The USD/JPY currency dropped 2.1% overnight and traded as low as 157.43, fueling speculation that Japanese authorities may have intervened to amplify the impact of the dovish US inflation data.

On Friday, the U.S. dollar rose to 159.26 Japanese yen from 158.80 yen.

Tokyo’s Nikkei 225 index lost 2% to 41,388.92.

Hong Kong’s Hang Seng index climbed 1.9% to 18,165.33 while the Shanghai Composite index was down 0.2% to 32,965.52 after data showed that China’s exports increased by 8.6% in June, better than the market expectation.

Australia’s S&P/ASX 200 was up 0.8% to 7,952.20. South Korea’s Kospi slipped 1.2% to 2,857.11.

Elsewhere, Bangkok’s SET edged less than 0.1% higher. Taiwan’s Taiex declined 2%, with Taiwan Semiconductor losing 3.7% in morning trading. The company earlier said that its revenue climbed nearly 33% in June compared with the same period last year.

Such a trend followed the overnight trading at Wall Street, where four out of every five stocks in the S&P 500 index climbed, though pullbacks for Nvidia, Microsoft and a handful of other highly influential companies masked that underlying strength. Those giants have been the market’s biggest winners amid a frenzy around artificial-intelligence technology, causing critics to say they had become too pricey, and they helped drag the S&P 500 down 0.9% from its all-time high set a day before.

The drops for Big Tech stocks also pulled the Nasdaq composite down 2% from its own record. The drops broke seven-day winning streaks for both the S&P 500 and Nasdaq composite. The Dow Jones Industrial Average, which has less of an emphasis on tech, rose 32 points, or 0.1%.

The direction was decidedly upward for the majority of stocks on Wall Street, particularly housing-related companies, real-estate owners and others that benefit from easier interest rates. SBA Communications, which owns towers and other sites used for wireless communications infrastructure, jumped 7.5% for the biggest gain in the S&P 500.

The day’s action was even stronger in the bond market, where yields tumbled as traders built bets for the Federal Reserve to soon begin lowering its main interest rate. It’s been sitting for nearly a year at its highest level in more than two decades.

Wall Street wants lower interest rates to release pressure that’s built up on the economy because of how expensive it’s become to borrow money to buy houses, cars or anything on credit cards. Fed officials, though, have been saying they want to see “more good data” on inflation before making a move.

Wall Street saw Thursday’s report, which showed milder price increases than expected from a year earlier for gasoline, cars and other things U.S. consumers bought during June, as providing just that.

Following the report’s release, Treasury yields tumbled immediately. The yield on the 10-year Treasury dropped to 4.20% from 4.28% late Wednesday and from 4.70% in April. That’s a major move for the bond market and provides a big lift for stock prices.

Lower yields helped real-estate owners and utilities lead the way in the stock market. Falling bond yields make those stocks’ relatively high dividends more attractive to investors seeking income.

Real-estate investment trusts in the S&P 500, including SBA Communications, jumped 2.7% for the biggest gain among the 11 sectors that make up the index. Utility stocks were close behind with a gain of 1.8%.

Homebuilders were also strong on hopes that lower mortgage rates will juice the industry. D.R. Horton climbed 7.3%, and Lennar rose 6.9% for some of the biggest gains in the S&P 500. Mohawk Industries, which makes flooring for homes, jumped 7.4%.

All told, the S&P 500 fell 0.9% to 5,584.54. The Dow rose 0.1% to 39,753.75, and the Nasdaq composite dropped 2% to 18,283.41.

In other dealings, U.S. benchmark crude oil gained 31 cents to $82.93 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, picked up 21 cents to $85.61 per barrel.

The euro rose to $1.0869 from $1.0865.

People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, July 12, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, July 12, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, July 12, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person looks at an electronic stock board showing Japan's Nikkei index at a securities firm Friday, July 12, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person stops to look at an electronic stock board showing Japan's Nikkei index at a securities firm Friday, July 12, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

FILE - The New York Stock Exchange is shown on July 10, 2024, in New York. World shares have forged ahead on Thursday, July 11, 2024, after another record-setting rally on Wall Street. (AP Photo/Peter Morgan, File)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, July 10, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

The New York Stock Exchange, left, is shown on Wednesday, July 10, 2024, in New York. Shares have opened higher in Europe after most markets in Asia declined, although Tokyo's Nikkei 225 index closed at another record high (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 center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, July 11, 2024. (AP Photo/Ahn Young-joon)

Currency traders work near the screen showing the Korea Composite Stock Price Index (KOSPI), 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, Thursday, July 11, 2024. (AP Photo/Ahn Young-joon)

A currency trader watches 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, Thursday, July 11, 2024. (AP Photo/Ahn Young-joon)

NHL player Johnny Gaudreau and his younger brother were killed Thursday night when they were hit by a suspected drunk driver while riding bicycles in their home state of New Jersey, police said.

Gaudreau, 31, and brother, Matthew, 29, are Carneys Point, New Jersey, natives and were in the area for their sister Katie's wedding scheduled for Friday in Philadelphia, at which they were to be groomsmen.

New Jersey State police said Friday the Gaudreau brothers were cycling on a road when a man driving in the same direction attempted to pass two other vehicles and struck them from behind, causing fatal injuries.

Police said the driver, Sean M. Higgins, was suspected of being under the influence of alcohol and charged with two counts of death by auto and jailed at the Salem County Correctional Facility.

Johnny Gaudreau, known as “Johnny Hockey,” played 11 professional seasons in the league and was set to enter his third with the Columbus Blue Jackets. He played his first nine with the Calgary Flames, a tenure that included becoming one of the sport’s top players and a fan favorite across North America.

The Blue Jackets called it an unimaginable tragedy.

“Johnny was not only a great hockey player, but more significantly a loving husband, father, son, brother and friend,” the team said in a statement. “Johnny played the game with great joy which was felt by everyone that saw him on the ice. He brought a genuine love for hockey with him everywhere he played."

Gaudreau, at 5-foot-9 and 180 pounds, was part of a generation of hockey players who thrived in an era of speed and skill that made being undersized less of a disadvantage. He scored 20-plus goals six times and was a 115-point player in 2021-22 as a first-time NHL All-Star when he had a career-best 40 goals and 75 assists.

“While Johnny’s infectious spirit for the game and show-stopping skills on the ice earned him the nickname ‘Johnny Hockey,’ he was more than just a dazzling hockey player; he was a doting father and beloved husband, son, brother and teammate who endeared himself to every person fortunate enough to have crossed his path,” NHL Commissioner Gary Bettman said. “We send our most heart-felt condolences to his wife Meredith; their children, Noa and Johnny; his parents, Guy and Jane; and sisters Kristen and Katie. And we grieve alongside his teammates, members of the Blue Jackets and Flames organizations, his many friends in hockey and countless fans around the world for whom he created indelible memories on and off the ice."

A fourth-round pick of Calgary’s in 2011, Gaudreau helped Boston College win the NCAA championship in 2012 and in 2014 took home the Hobey Baker Award as the top college player in the country.

As a professional, Gaudreau was part of the NHL all-rookie team during his first season in the league and was third in voting for the Calder Trophy as rookie of the year in 2014-15.

Gaudreau was a point-a-game player with 642 points in 644 regular-season and playoff games since breaking into the league. In 2022, he left the Flames to sign a seven-year contract worth nearly $69 million with the Blue Jackets that put him and his young family in central Ohio, closer to his family in New Jersey.

Social media was full of an outpouring of messages about Gaudreau.

USA Hockey said, “Words cannot appropriately express the sorrow the hockey community is feeling.” The Flames said Gaudreau “came to Calgary as a young man and grew up here, not only as a superstar on the ice but also a beloved member of our community.”

Former Flames teammate Blake Coleman posted that he was “completely gutted. The world just lost one of the best.”

“I don’t know why I’m even writing right now I’m shaking but Johnny was one of my favorite teammates I’ve ever played with,” retired goaltender Eddie Lack said. “Always happy, always spreading positivity around him. Rest in Peace my friend and prayers for your wonderful family. Hug your loved ones.”

In international play, Gaudreau owns the men’s world championship records by a U.S. player with 30 assists and 43 points, earlier this year breaking marks previously held by Patrick Kane.

Gaudreau’s death is the latest off-ice tragedy to strike the organization in the past few years. Goaltender Matiss Kivlenieks died in July 2021 when he was struck in the chest by a firework while attending the wedding of then-Blue Jackets goaltending coach Manny Legace’s daughter in Michigan.

The team is now left to deal with another unexpected loss three weeks before training camps around the league are set to open.

“We will miss him terribly and do everything that we can to support his family and each other through this tragedy,” the Blue Jackets said. "At this time, we ask for prayers for the Gaudreau family and that their privacy be respected as they grieve.”

AP Sports Writer Dan Gelston in Philadelphia and AP Hockey Writer John Wawrow in Buffalo contributed to this report.

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

FILE - Columbus Blue Jackets' Johnny Gaudreau (13) plays against the Nashville Predators during the second period of an NHL hockey game Saturday, April 13, 2024, in Nashville, Tenn. (AP Photo/Mark Humphrey, File)

FILE - Columbus Blue Jackets' Johnny Gaudreau (13) awaits the face-off during an NHL hockey game against the Nashville Predators, Saturday, March 9, 2024, in Columbus, Ohio. (AP Photo/Aaron Doster, file)

FILE - Columbus Blue Jackets' Johnny Gaudreau looks on during an NHL hockey game against the Philadelphia Flyers, Tuesday, April 11, 2023, in Philadelphia. (AP Photo/Chris Szagola, File)

FILE - Columbus Blue Jackets forward Johnny Gaudreau warms up before an NHL hockey game against the Pittsburgh Penguins in Columbus, Ohio, Saturday, March 30, 2024. (AP Photo/Paul Vernon, File)

FILE - Unted States' Johnny Gaudreau, right, challenges for a puck with Latvia's Janis Jaks during the preliminary round match between Latvia and United States at the Ice Hockey World Championships in Ostrava, Czech Republic, Tuesday, May 21, 2024. (AP Photo/Darko Vojinovic, file)

FILE - Columbus Blue Jackets' Johnny Gaudreau (13) awaits the face-off during an NHL hockey game against the Nashville Predators, March 9, 2024, in Columbus, Ohio. (AP Photo/Aaron Doster, File)

FILE - Columbus Blue Jackets' Johnny Gaudreau (13) plays against the Nashville Predators during the second period of an NHL hockey game, April 13, 2024, in Nashville, Tenn. (AP Photo/Mark Humphrey, File)

FILE - Columbus Blue Jackets' Johnny Gaudreau plays during an NHL hockey game, Jan. 4, 2024, in Philadelphia. (AP Photo/Matt Slocum, File)