Stock market today: Chinese shares soar, then fade as Beijing outlines details of stimulus

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Stock market today: Chinese shares soar, then fade as Beijing outlines details of stimulus

Associated Press10-08

TOKYO (AP) — Shares soared Tuesday in Shanghai as Chinese markets reopened after a weeklong holiday but then gave up a chunk of their initial gains as officials in Beijing outlined details of plans to...

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The Shanghai benchmark initially gained 10% but fell back as officials of China's main economic planning agency briefed reporters about a slew of policies announced earlier meant to address key problems such as a property market slump.Hong Kong’s Hang Seng sank 5.8% to 21,758.45 as traders sold to lock in profits from recent gains.“China's markets rally has hit a wall, leaving investors deflated. 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The Shanghai benchmark initially gained 10% but fell back as officials of China's main economic planning agency briefed reporters about a slew of policies announced earlier meant to address key problems such as a property market slump.\nHong Kong’s Hang Seng sank 5.8% to 21,758.45 as traders sold to lock in profits from recent gains. \n“China's markets rally has hit a wall, leaving investors deflated. The reopening surge from the week-long holiday barely had time to gather steam before fizzling out, and now the once-thrilled bulls are licking their wounds,” Stephen Innes of SPI Asset Management said in a commentary.\nElsewhere in Asia, markets were mostly lower. \nTokyo's Nikkei 225 index lost 1.2% to 38,861.09. as the dollar fell to 147.91 Japanese yen from 148.18 yen. A weaker yen tends to push share prices higher. \nThe Kospi in Seoul declined 0.5% to 2,596.38. Australia's S&P/ASX 200 edged 0.2% to 8,187.10. \nOn Monday, U.S. stocks slid after Treasury yields hit their highest levels since the summer and oil prices continued to climb.\nThe S&P 500 dropped 1% to 5,695.94 and is still close to its all-time high set a week earlier. The Dow Jones Industrial Average fell 0.9% to 41,954.24, coming off its own record. The Nasdaq composite sank 1.2% to 17,923.90.\nIt’s a stall for U.S. stocks after they rallied to records on relief that interest rates are finally heading back down, now that the Federal Reserve has widened its focus to include keeping the economy humming  instead of just fighting high inflation. A blowout report on U.S. jobs growth  released Friday raised optimism about the economy and hopes that the Fed can pull off a perfect landing for it.\nWhen Treasury bonds, which are seen as the safest possible investments, are paying more in interest, investors become less inclined to pay very high prices  for stocks and other things that carry bigger risk of losing money.\nIt’s more difficult to look attractive to investors seeking income when a 10-year Treasury is paying a 4.02% yield, up from 3.97% late Friday and from 3.62% three weeks ago.\nThe yield on the two-year Treasury, which more closely tracks expectations for the Fed, jumped more on Monday. It rose to 3.99% from 3.92% late Friday.\nTreasury yields may also be feeling upward push from the recent jump in oil prices. Crude prices have been spurting higher on worries that worsening tensions in the Middle East  could ultimately lead to disruptions in the flow of oil. \nBrent crude, the international standard, shed $1.23 to $79.70 per barrel. It had jumped 3.7% Monday. Benchmark U.S. crude, meanwhile, slipped $1.24 to $75.90. It also gained 3.7% on Monday.\nStocks that are seen as the most expensive can feel the most downward pressure from higher Treasury yields, and the spotlight has been on Big Tech stocks. They drove the majority of the S&P 500’s returns in recent years and soared to heights that critics called overdone.\nApple fell 2.3%, Amazon dropped 3% and Alphabet sank 2.4% to act as some of Monday's heaviest weights on the S&P 500.\nAn exception was Nvidia, which rose another 2.3%. It rode another upswell in excitement about artificial-intelligence technology after Super Micro Computer soared 15.8% after saying it recently shipped more than 100,000 graphics processing units with liquid cooling.\nIf Treasury yields keep rising, companies will likely need to deliver bigger profits to drive their stock prices much higher, and this week marks the start of the latest corporate earnings reporting season.\nAnalysts say earnings per share grew 4.2% during the summer for S&P 500 companies from a year earlier, led by technology and health care companies, according to FactSet. If those analysts are correct, it would be a fifth straight quarter of growth. \nIn other dealings early Tuesday, the euro rose to $1.0986 from $1.0977.\n___\nAP Business Writer Stan Choe in New York contributed.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}