GLOBAL MARKETS DJIA 34377.81 -0.53 0.00% Nasdaq 14571.64 105.71 0.73% S&P 500 4363.80 13.15 0.30% FTSE 100 7141.82 11.59 0.16% Nikkei Stock 28401.62 261.34 0.93% Hang Seng Closed Kospi 2975.34 30.93 1.05% SGX Nifty* 18256.50 76.5 0.42% *Oct contract USD/JPY 113.49-50 +0.21% Range 113.54 113.21 EUR/USD 1.1591-94 -0.03% Range 1.1603 1.1589 CBOT Wheat Dec $7.186 per bushel Spot Gold $1,790.72/oz -0.1% Nymex Crude (NY) $80.53 -$0.11 US STOCKS
The S&P 500 rose in choppy trading, with the broad U.S. stock index snapping a three-session losing streak.
The S&P 500 added 0.3%, while the Dow Jones Industrial Average was flat. The tech-heavy Nasdaq Composite gained 0.7%. Traders seemed to shrug off a hotter-than-expected inflation reading and confirmation of the Federal Reserve's plans to begin reducing its bond-buying stimulus program. Several household-name companies reported earnings. BlackRock shares rose 3.8% after the money-management company reported revenue and profit that beat analysts' expectations. JPMorgan's earnings per share came in above Wall Street's projections but the bank's shares fell 2.8%.
Japanese stocks were higher, led by gains in electronics stocks, thanks partly to continuing hopes for fiscal stimulus and economic reopening. Investors were focusing on any economic initiatives from new Prime Minister Fumio Kishida and earnings from Fast Retailing due later in the day. The Nikkei Stock Average was up 1.0% at 28416.41.
South Korea's Kospi was 0.7% higher at 2965.01 in early trade, led by gains in chemical, steel and retail stocks. Easing concerns about global supply-chain bottlenecks--after the U.S. decision overnight to expand operations at the Port of Los Angeles to around the clock--supported sentiment.
Markets in Hong Kong are closed Thursday for a holiday.
Chinese stocks were mixed in early trade, with losses led by coal producers and the utilities sector and airline stocks gaining. The Shanghai Composite Index dropped 0.2% to 3555.66, the Shenzhen Composite Index was flat and the ChiNext Price Index gained 0.8%.
Asian currencies consolidated against USD amid ongoing inflation concerns. Although the market shrugged off higher-than-expected U.S. CPI reading released overnight, inflation fears haven't gone away, DBS said, noting U.S. data due today may show PPI surged 8.7% on year in September. FOMC minutes also reaffirmed the Fed's intention to taper asset purchases from November 2021 to July 2022, DBS said, adding there is still room for the USD Index to rise further toward 96.00 in the coming months. The ICE USD Index was little changed at 94.07. USD/KRW rose 0.2% to 1,188.81, USD/MYR was down 0.1% at 4.1545, while AUD/USD was steady at 0.7377.
Gold was slightly lower on a likely technical correction in the early Asian session after gold futures surged 2% on Wednesday. Gold has tentative resistance at $1,800/oz, but that might not prove to be too difficult to break if risk aversion runs wild, Oanda said. Safe-haven flows are beginning to come gold's way, whether it is speculation of a tariff announcement from the Biden administration or rising interest rates that will destabilize the recovery of many emerging markets, Oanda added. Spot gold was 0.1% lower at $1,790.72/oz.
Oil rose after American Petroleum Institute data showed Cushing crude oil inventories fell 2.3 million barrels in the latest week. The market appeared more focused on the fairly large draws seen in Cushing as well as on the product side, ING said. Front-month WTI crude oil futures were 0.2% higher at $80.62/bbl; front-month Brent crude oil futures were 0.3% higher at $83.42/bbl.
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(END) Dow Jones Newswires
October 13, 2021 23:15 ET (03:15 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.