Stock market today: Wall Street hangs near records ahead of inflation report

Stock market today: Wall Street hangs near records ahead of inflation report

TOKYO — Asian shares mostly rose Tuesday, as investors watched for the latest indicators on U.S. inflation.

Japan’s benchmark Nikkei 225 added 2.2% in morning trading to 37,723.62. Australia’s S&P/ASX 200 edged up nearly 0.1% to 7,619.20. South Korea’s Kospi jumped 1.2% to 2,651.33. Trading was closed in China, Hong Kong and Taiwan for the Lunar New Year holiday.

Japan’s producer price index data showed a 0.2% increase from a year ago, while remaining flat on-month.

“The tame number may still suggest limited passthrough to consumer prices and may offer room for the Bank of Japan to keep to its wait-and-see for now. Market expectations have been pricing for rate hike to come only in April 2024,” said Yeap Jun Rong, market analyst at IG.

Wall Street held relatively steady following its latest record-setting week. The S&P 500 slipped 4.77 points, or 0.1%, to 5,021.84 Monday, after closing Friday above the 5,000 level for the first time.

Most of the stocks in the index rose, but losses for Microsoft and other tech companies weighed on the index.

The weakness for tech also pulled the Nasdaq composite down by 48.12, or 0.3%, to 15,942.55. Earlier in the day, It had been hovering just above its all-time closing high set in 2021. The Dow Jones Industrial Average, meanwhile, rose 125.69, or 0.3%, to 38.797.38 to set its latest record.

Conditions were calm across markets, and yields were also stable in the bond market. The next big event for the market could be Tuesday’s update on inflation across the United States, which economists expect to show a drop back below the 3% level.

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