Stock market today: Asian shares climb after blockbuster US jobs report

Asian shares advanced Monday after a surprisingly strong U.S. jobs report raised optimism about the economy, sparking a rally on Wall Street.

U.S. futures slipped and oil prices also fell.

Japan's Nikkei 225 index gained 1.8% to 39,332.74 after the yen sank against the U.S. dollar. The Japanese currency has bounced on speculation over the central bank's plans for interest rates since Prime Minister Shigeru Ishiba took office last week. Lower interest rates tend to boost prices of shares and other asset, and both Ishiba and the central bank governor suggested no hikes were likely soon.

Nintendo gained 5% following reports that a Saudi wealth fund was planning to increase its investment in the Kyoto, Japan-based video game maker.

In a policy speech on Friday, Ishiba said he wants to see salary increases that outpace inflation and that he will promote investment to create “a virtuous cycle of growth and distribution.” He promised economic support for low-income households and measures for regional revitalization and disaster resilience.

But he offered no major new initiatives, and his initial public support ratings are around 50% or lower, relatively low for a new leader, according to Japanese media. He plans to dissolve parliament on Wednesday for an election on Oct. 27.

After gaining briefly against the dollar, the yen fell back late last week. Early Monday, the dollar was trading at 148.45 yen, down from 148.72 late Friday.

Elsewhere in Asia, Hong Kong's Hang Seng index rose 1.1% to 22,977.97, and the Kospi in Seoul surged 1.3% to 2,602.23.

Taiwan's Taiex gained 1.8%.

Mainland Chinese markets reopen from a weeklong holiday on Tuesday, and the government said it plans to explain details of plans for economic stimulus at a morning news conference in Beijing. Before the Oct. 1 National Day holiday began, announcements of policies aimed at reviving the ailing property market pushed share benchmarks sharply higher and this week could bring more volatility.

“More fiscal stimulus to stabilize the property market and restructure local government debts, and structural reforms to address the over-capacity and deflation issues are needed to turn around the economy,” B of A Securities said in a research note, pointing to continued declines in home sales, housing prices and credit growth.

On Friday, the S&P 500 climbed 0.9% and got close to its all-time high set on Monday, closing at 5,751.07. The Dow gained 0.8% to 42,352.75, and the Nasdaq climbed 1.2% to 18,137.85.

Leading the way were banks, airlines, cruise-ship operators and other companies whose profits can benefit the most from a stronger economy where people are working and better able to pay for things. Norwegian Cruise Line steamed 4.9% higher, JPMorgan Chase rose 3.5% and the small companies in the Russell 2000 index gained 1.5%.

Worries over tensions in the Middle East still are casting a shadow, having pushed oil prices sharply higher as the world waits to see how Israel will respond to an Oct. 1 missile attack by Iran.

But U.S. benchmark crude oil slipped 19 cents to $74.19 per barrel early Monday, while Brent crude, the international standard, lost 29 cents to $77.76 per barrel.

Treasury yields soared Friday after the U.S. government said employers added 254,000 more jobs to their payrolls last month than they cut. That was an acceleration from August’s hiring pace of 159,000 and blew past economists’ forecasts.

Recent encouraging data on the economy have raised hopes that the job market will hold up after the Fed pressed the brakes on the economy through higher rates in order to stamp out high inflation.

The Fed has begun cutting interest rates and Friday’s jobs report was so strong traders are now forecasting it will not deliver another half-point interest rate cut before the end of the year after doing so in September.

In other dealings early Monday, the euro was unchanged at $1.0967.

FILE - The entrance to the New York Stock Exchange at Wall and New Streets is shown on Oct. 2, 2024, in New York. (AP Photo/Peter Morgan, File)

FILE - Signs mark the intersection of Broadway and Wall Street in the Financial District on Oct. 2, 2024, in New York. Trinity Church is in the background. (AP Photo/Peter Morgan, File)

FILE - A person walks in front of the Tokyo Stock Exchange building Wednesday, Oct. 2, 2024, in Tokyo. (AP Photo/Eugene Hoshiko, File)

FILE - A person stands near an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Sept. 18, 2024, in Tokyo. (AP Photo/Eugene Hoshiko, File)

FILE - A person walks in front of the Tokyo Stock Exchange building Wednesday, Oct. 2, 2024, in Tokyo. (AP Photo/Eugene Hoshiko, File)

PITTSBURGH (AP) — Dak Prescott drifted to his left, then drifted some more. On a seemingly endless night, what was another couple of seconds going to hurt?

With a flick of the wrist as T.J. Watt and the rest of the Pittsburgh defense closed in, the NFL's highest-paid player delivered a money throw to Jalen Tolbert with 20 seconds to go that lifted the Dallas Cowboys to a 20-17 victory early Monday.

Prescott had spent the previous three-plus hours mixing brilliant plays and baffling ones in equal measure, throwing a pair of picks and fumbling once to almost single-handedly keep the sluggish Steelers in the game.

Yet when Dallas (3-2) got the ball back down four with 4:56 remaining, Prescott calmly led the Cowboys 70 yards in 15 plays, even alertly pouncing on a fumble by teammate Rico Dowdle when the ball came squirting free as Dowdle tried to leap into the end zone. The heads-up play gave Dallas two more shots, and after an incompletion, Prescott finished off his 352-yard performance by lifting the injury-ravaged Cowboys to a second straight victory.

“We talk about it, staying neutral, being resilient, understanding there’s going to be ups and downs, ebbs and flows,” Prescott said. “We just know who we are. (If) we just stay with it, we can come out with a win. This was a great example.”

Pittsburgh (3-2) dropped its second consecutive game following a 3-0 start, this one a lethargic performance — particularly on offense — on a night the opening kickoff was delayed nearly 90 minutes due to severe weather.

The sky eventually cleared. The Steelers spent much of the night in a fog, particularly on offense, managing just 226 yards against a defense missing injured stars Micah Parsons and DeMarcus Lawrence.

“I think the reoccurring thing is just shooting ourselves in the foot,” Steelers quarterback Justin Fields said. "Penalties, false starts, it’s just coming down to execution.”

Pittsburgh got the ball back after Tolbert's go-ahead score, but a lateral-fest went nowhere and the Cowboys poured onto the field in victory in a game that finished a minute shy of 1 a.m.

Dowdle provided the league's worst rushing attack with a boost by running for 87 yards. He also added a sliding 22-yard touchdown reception on the third play of the fourth quarter to cap a 16-play, 90-yard drive that put Dallas 13-10.

It looked like that might be enough until Prescott heaved a deep ball into double coverage looking for the knockout blow with about 10 minutes to play. Instead, it ended up in the arms of Pittsburgh's Joey Porter Jr. and the Steelers slogged their way 63 yards in 12 plays, the last a 6-yard shovel pass from Fields to tight end Pat Freiermuth that gave the Steelers the lead.

Fields threw for 131 yards two scores and added 27 yards rushing but struggled with his accuracy, completing just 15 of 27 passes. With the calf that's sidelined veteran Russell Wilson for five weeks finally healing, Fields' uneven performance gave head coach Mike Tomlin some wiggle room to consider putting Wilson — who won the starting job during training camp — back into the lineup next week in Las Vegas.

“We just missed shots and shot ourselves in the foot again,” Fields said.

The Cowboys let multiple chances to create some early breathing room slip away thanks to miscues by Prescott, who fumbled while getting sacked by T.J. Watt and Nick Herbig to end one drive deep in Pittsburgh territory in the first quarter. The half-sack boosted Watt's career total to 100, making the All-Pro the second-fastest player to reach that plateau in NFL history (109 games).

Prescott flubbed another opportunity in the second quarter when he threw late to Cee Dee Lamb in the end zone, giving Pittsburgh cornerback Donte Jackson time to step in front of the pass for an interception and keep the Steelers within striking distance.

It went that way much of the night, with Dallas' miscues — the Cowboys were also penalized 11 times for 87 yards — letting Pittsburgh hang around.

Yet just as he did in his first trip to Pittsburgh as a rookie eight years ago, Prescott engineered another late winning drive to give the Cowboys some momentum after consecutive losses to New Orleans and Baltimore left them shaken.

Behind a battered offensive line on a night Dallas' defense more than held its own without its two cornerstones, Prescott provided a reminder of why he's such an important part of the team's foundation, buying enough time to nudge his team's season in the right direction.

“We have a play call that we love, we’re very confident in, regardless of the defense,” Prescott said. “Offensive line did a great job, Tolbert came open to the left, just had to make the throw.”

INJURIES

Cowboys: DE Marshawn Kneeland, starting in place of DeMarcus Lawrence, left in the first quarter with a knee injury and did not return.

Steelers: Herbig hobbled off the field in the third quarter with a right hamstring injury that appeared serious. ... OLB DeMarvin Leal went down in the fourth quarter with a stinger, leaving Jeremiah Moon as the only other outside linebacker.

UP NEXT

Cowboys: Host Detroit on Sunday.

Steelers: At Las Vegas on Sunday.

AP NFL: https://apnews.com/NFL

Pittsburgh Steelers linebacker T.J. Watt talks to reporters following an NFL football game against the Dallas Cowboys, early Monday, Oct. 7, 2024, in Pittsburgh. The Cowboys won 20-17. (AP Photo/Gene J. Puskar)

Pittsburgh Steelers head coach Mike Tomlin talks to reporters following an NFL football game against the Dallas Cowboys, early Monday, Oct. 7, 2024, in Pittsburgh. The Cowboys won 20-17. (AP Photo/Gene J. Puskar)

Pittsburgh Steelers quarterback Justin Fields talks to reporters following an NFL football game against the Dallas Cowboys, early Monday, Oct. 7, 2024, in Pittsburgh. The Cowboys won 20-17. (AP Photo/Gene J. Puskar)

Dallas Cowboys quarterback Dak Prescott talks to reporters following an NFL football game against the Pittsburgh Steelers, early Monday, Oct. 7, 2024, in Pittsburgh. The Cowboys won 20-17. (AP Photo/Matt Freed)

A message is seen on a large screen during a weather delay prior to an NFL football game between the Pittsburgh Steelers and the Dallas Cowboys, Sunday, Oct. 6, 2024, in Pittsburgh. (AP Photo/Gene J. Puskar)

Dallas Cowboys wide receiver Jalen Brooks, top, catches a pass while being hit by Pittsburgh Steelers safety DeShon Elliott (25) during the first half of an NFL football game, Sunday, Oct. 6, 2024, in Pittsburgh. Steelers' Joey Porter Jr. (24) looks on. (AP Photo/Matt Freed)

Pittsburgh Steelers tight end Connor Heyward (83) celebrates his touchdown catch with wide receiver Calvin Austin III (19) and tight end Darnell Washington, top, during the second half of an NFL football game against the Dallas Cowboys, Sunday, Oct. 6, 2024, in Pittsburgh. (AP Photo/Gene J. Puskar)

Pittsburgh Steelers tight end Connor Heyward (83) dives in for a touchdown after making a catch in front of Dallas Cowboys safety Malik Hooker (28) and linebacker Marist Liufau (35) during the second half of an NFL football game, Sunday, Oct. 6, 2024, in Pittsburgh. (AP Photo/Gene J. Puskar)

Pittsburgh Steelers tight end Pat Freiermuth (88) dives in for a touchdown on a pass from quarterback Justin Fields during the second half of an NFL football game against the Dallas Cowboys, early Monday, Oct. 7, 2024, in Pittsburgh. (AP Photo/Matt Freed)

Pittsburgh Steelers tight end Pat Freiermuth, top, reacts with center Zach Frazier after scoring on a touchdown catch against the Dallas Cowboys during the second half of an NFL football game, early Monday, Oct. 7, 2024, in Pittsburgh. (AP Photo/Matt Freed)

Dallas Cowboys tight end Jake Ferguson (87) is tripped by Pittsburgh Steelers safety Minkah Fitzpatrick during the second half of an NFL football game, Sunday, Oct. 6, 2024, in Pittsburgh. (AP Photo/Matt Freed)

Dallas Cowboys head coach Mike McCarthy reacts during the second half of an NFL football game against the Pittsburgh Steelers, early Monday, Oct. 7, 2024, in Pittsburgh. The Cowboys won 20-17. (AP Photo/Matt Freed)

Dallas Cowboys quarterback Dak Prescott, left, talks with Pittsburgh Steelers quarterback Justin Fields following an NFL football game, early Monday, Oct. 7, 2024, in Pittsburgh. The Cowboys won 20-17. (AP Photo/Matt Freed)

Pittsburgh Steelers cornerback Joey Porter Jr., right, puts a stiff arm on Dallas Cowboys tight end Jake Ferguson after making an interception during the second half of an NFL football game, early Monday, Oct. 7, 2024, in Pittsburgh. The Cowboys won 20-17. (AP Photo/Matt Freed)

Dallas Cowboys quarterback Dak Prescott, front, is stopped short of the goal line by Pittsburgh Steelers safety Minkah Fitzpatrick during the second half of an NFL football game, early Monday, Oct. 7, 2024, in Pittsburgh. The Cowboys won 20-17. (AP Photo/Gene J. Puskar)

Dallas Cowboys wide receiver Jalen Tolbert (1) celebrates his touchdown catch with running back Rico Dowdle (23) during the second half of an NFL football game against the Pittsburgh Steelers, early Monday, Oct. 7, 2024, in Pittsburgh. The Cowboys won 20-17. (AP Photo/Gene J. Puskar)

Dallas Cowboys wide receiver Jalen Tolbert (1) makes a touchdown catch as Pittsburgh Steelers safety DeShon Elliott tries to stop him during the second half of an NFL football game, early Monday, Oct. 7, 2024, in Pittsburgh. The Cowboys won 20-17. (AP Photo/Gene J. Puskar)