HONG KONG (AP) — Asian markets were mixed on Wednesday with Japan's benchmark index gaining more than 1% after a rally in technology stocks propelled the Nasdaq composite to a record high.
Hong Kong’s Hang Seng was down 1.3% to 20,438.54 and the Shanghai Composite index dropped 0.6% to 3,267.42. In Tokyo, the Nikkei 225 index was up 1.3% at 39,390.49, as the Bank of Japan began a two-day policy meeting on Wednesday.
Australia’s S&P/ASX 200 dipped 0.9% to 8,177.90 after its inflation rate in the third quarter came in at 2.8%, the lowest level in more than three years, according to the Australian Bureau of Statistics.
Elsewhere, South Korea’s Kospi was down 0.8% to 2,596.61 and Taiwan’s Taiex gained 0.1%.
U.S. futures and oil prices rose.
The S&P 500 rose 0.2% to 5,832.92 on Tuesday. Gains for influential Big Tech stocks helped mask weakness elsewhere, and they pushed the Nasdaq composite up 0.8% to 18,712.75. The Dow Jones Industrial Average, meanwhile, fell 0.4% to 42,233.05.
Mortgage rates have been climbing recently because the 10-year Treasury yield has been charging higher.
Yields have rallied as report after report has shown the U.S. economy remains stronger than expected. On Tuesday, reports said confidence among U.S. consumers jumped more than economists expected, while the number of job openings edged lower in September, but the number of hires remained relatively steady.
Such numbers have forced traders to ratchet back expectations for how much the Federal Reserve will cut interest rates, now that it’s just as focused on keeping the economy humming as getting inflation down. Traders are even betting on a slim chance the Fed will keep its main interest rate steady at its meeting next week, according to data from CME Group.
That’s after the Fed kicked off its rate-cutting campaign in September with a larger-than-usual reduction. Just a month ago, many traders were thinking the Fed would follow up in November with another bigger-than-usual cut.
Yields have also climbed as investors have seen former President Donald Trump’s chances of re-election improving. Economists say a Trump win could help push inflation higher in the long term, and worsening inflation could lead to higher interest rates.
Trump Media & Technology Group, the company that tends to move more with Trump’s re-election odds than on its own profit prospects, climbed another 8.8% to $51.51 Tuesday. It moved so sharply during the day that trading of its stock was briefly halted several times. The parent company of Trump’s Truth Social platform has been rallying since hitting a bottom of roughly $12 in late September.
Treasury yields, like stocks, have historically tended to be shaky heading into an Election Day, only to calm afterward regardless of which party wins.
In other dealings early Thursday, U.S. benchmark crude oil gained 36 cents to $67.57 per barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, surged 36 cents to $71.09 per barrel.
The dollar slipped to 153.31 Japanese yen from 153.36 yen. The euro fell to $1.0814 from $1.0819.
AP Business Writer Stan Choe contributed.
People pass the New York Stock Exchange early Tuesday, Oct. 29, 2024. (AP Photo/Peter Morgan)
FILE - A passerby moves past an electronic stock board showing Japan's stock prices outside a securities firm in Tokyo, on Oct. 11, 2024. (AP Photo/Shuji Kajiyama, File)
OSHU CITY, Japan (AP) — A small group of about 60 fans gathered Wednesday morning for a watch party at the city hall in Shohei Ohtani's hometown in northern Japan.
They came dressed mostly in blue, the interlocking LA on their caps, to celebrate a World Series title for Ohtani, the Dodgers and this rural community.
They left disappointed.
The Yankees defeated the Dodgers 11-4, but there was no loss of confidence in Oshu City, located about 300 miles (500 kilometers) north of Tokyo.
“I would have been happy for the Dodgers to win all four games, but I didn't mind losing one,” fan Yoshiyuki Kosaka said. "The Dodgers still have the advantage and I want them to win the World Series title tomorrow.”
Fans predicted their local superstar and the Dodgers — he played Little League and high school baseball here — would rally and clinch the series in Game 5. The Dodgers lead 3-1 and are still strong favorites in the best-of-seven series.
“The Dodgers were in a good mood yesterday and I hoped they would keep the momentum going and win today," said another fan, Yoko Chiba. "But it ended not with the result I was hoping for.”
The fans made racket with their thunder sticks for a minute in the seventh with Ohtani batting and the Dodgers trailing 6-4. The plastic noisemakers even carried an encouraging message on the side: “The Pride of Oshu City.”
It didn't help. Ohtani struck out and the noise stopped, typifying the morning.
Oshu Mayor Jun Kuranari offered confidence in Ohtani.
“Together with our local people, I hope that Ohtani, who is from here, will hit a smashing home run tomorrow," he said.
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People react as they watch a live view of Game 4 of the baseball World Series between the Los Angeles Dodgers and the New York Yankees during a public viewing event in Oshu, northeastern Japan, the hometown of Shohei Ohtani of the Dodgers, Wednesday, Oct. 30, 2024. (AP Photo/Eugene Hoshiko)
People react as they watch a live view of Game 4 of the baseball World Series between the Los Angeles Dodgers and the New York Yankees during a public viewing event in Oshu, northeastern Japan, the hometown of Shohei Ohtani of the Dodgers, Wednesday, Oct. 30, 2024. (AP Photo/Eugene Hoshiko)
A man brings up a poster of Shohei Ohtani of the Los Angeles Dodgers as he and others watch a live view of Game 4 of the baseball World Series between the Dodgers and the New York Yankees during a public viewing event in Oshu, northeastern Japan, the hometown of Ohtani, Wednesday, Oct. 30, 2024. (AP Photo/Eugene Hoshiko)
People react as they watch a live view of Game 4 of the baseball World Series between the Los Angeles Dodgers and the New York Yankees during a public viewing event in Oshu, northeastern Japan, the hometown of Shohei Ohtani of the Dodgers, Wednesday, Oct. 30, 2024. (AP Photo/Eugene Hoshiko)
People react as they watch a live view of Game 4 of the baseball World Series between the Los Angeles Dodgers and the New York Yankees during a public viewing event in Oshu, northeastern Japan, the hometown of Shohei Ohtani of the Dodgers, Wednesday, Oct. 30, 2024. (AP Photo/Eugene Hoshiko)