Asian stocks dip, breaking longest winning streak; S&P 500 notch record closing highs - Fed uncertainty weighs on global sentiment
Shares in Japan and Australia declined, while South Korea edged slightly higher.
With Japan's trade agreement with the US temporarily settled, market focus shifted to the European Union's efforts to reach a deal with Washington to avert new US tariffs ahead of next week's deadline.
Wall Street hit new highs on Thursday, with the S&P 500 posting its 10th record in 19 sessions, driven by technology sector gains, despite broader market weakness with most constituent stocks declining.
The Dow Jones fell 316.20 points (0.70%) to 44,694.09, the S&P 500 edged up 4.48 points (0.07%) to 6,363.39, and the Nasdaq gained 37.94 points (0.18%) to finish at 21,057.96.
US Treasury bonds maintained their losses, with two-year bond yields at 3.91%. The US dollar strengthened, continuing its upward movement from Thursday.
The S&P 500 has increased 28% since its April lows, as investors became more confident about limited economic impact from President Donald Trump's tariff policies, Bloomberg reported.
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Recent robust employment data reduced expectations for immediate Fed rate cuts before next week's central bank meeting.
Following six consecutive weeks of declining jobless claims, traders adjusted their projections to fewer than two rate reductions this year.
Technology shares advanced Thursday, supported by strong Alphabet Inc. results, reinforcing confidence in artificial intelligence benefits for US technology companies.
Nvidia Corp reached new price levels.
US equity futures rose early Friday following Intel Corp.'s positive revenue guidance.
Trading specialists at Goldman Sachs Group Inc. and Citadel Securities are advising clients to secure affordable protection against potential US stock market declines, citing various risks to current market highs.
Additionally, Trump indicated that removing Fed chair Jerome Powell was not "necessary" after visiting the central bank's premises.
Key market figures as of 0230 GMT:
Tokyo (Nikkei 225): Down 0.6% at 41,570.24
Hong Kong (Hang Seng): Down 0.7% at 25,487.95
Shanghai (Composite): Down 0.2% at 3,597.77
New York (Dow Jones): Down 0.7% at 44,693.91 (previous close)
London (FTSE 100): Up 0.9% at 9,138.37 (previous close)
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Indian Express
19 minutes ago
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50% tariff by Trump will have severe impact on India, says TMC's Abhishek Banerjee; blames BJP govt's ‘failed foreign policy'
TMC National General Secretary Abhishek Banerjee on Wednesday hit out at the BJP-led central government over the recent imposition of a 50% tariff on Indian goods by former US President Donald Trump. Speaking at the Kolkata airport, Banerjee called it a direct fallout of the PM Modi government's 'failed foreign policy and diplomatic missteps.' 'In 2019, Modi campaigned for Trump in Texas. In 2020, Trump visited Gujarat and Modi called him 'my friend and India's friend, Donald Trump.' Now the same Trump has imposed this tariff. Those who campaigned for him should answer why this has happened,' Banerjee said. 'The onus is on the Prime Minister and the NDA government, not the Trinamool Congress, to answer for this diplomatic failure,' he added. Banerjee also condemned Trump's reported remark that India's economy is 'dead,' but said the economy is in the ICU. 'I do not agree that India's economy is dead. No one has the power to kill the Indian economy. It is surviving on the love and affection of 140 crore Indians. I can say the Indian economy is in the ICU. From bad, it has become worse in the last ten years. And by imposing a 50% tariff, there will be substantial job loss. Exports will come down. And this is all because of the poor foreign policy of the Indian government,' he said. He warned that the tariff would severely affect India's IT, pharmaceutical and textile sectors. 'Exports will be affected, especially in three industries – IT, pharmaceuticals and textiles. The services around these sectors will also be impacted… India should respond firmly to this,' Banerjee said. Framing the issue as a broader diplomatic and strategic failure, he added: 'Those who want to weaken India and create pressure—how did they suddenly become so powerful? The government that used to boast about its '56-inch chest', despite being in power, has been snubbed by China, the US, and many other countries.' Banerjee said he did not wish to speak about these matters publicly but felt compelled to do so. 'I was part of the all-party delegation and visited five countries. A multilateral forum like ASEAN consists of 11 countries. It includes Singapore, Malaysia, Indonesia, Cambodia, Vietnam, Laos, among others. Let alone putting pressure on Pakistan, they did not even issue a statement condemning Pakistan's actions,' he said. He also brought up national security concerns, citing incidents in Pulwama and Pahalgam, and questioned the government's approach to Pakistan-occupied Kashmir (PoK). 'The Home Minister said on the floor of the House that PoK is part of India. But what action has been taken? If there's no action, countries will continue to weaken India and create pressure,' Banerjee said. Turning to domestic issues, Banerjee accused the Election Commission of working in favour of the BJP and overstepping its mandate. 'The ECI is working months ahead of the election, which is still 10-11 months away, only to prevent the elected state government from functioning,' he said. He alleged that the ECI was trying to disenfranchise 'genuine Bengalis' and called its actions a 'shameless role' for a supposedly impartial institution. He also accused the Central government of misusing investigative agencies and the judiciary to undermine the Bengal government, citing over 50 CBI cases since 2021. Sweety Kumari reports from West Bengal for The Indian Express. She is a journalist with over a decade of experience in the media industry. Covers Crime, Defence, Health , Politics etc and writes on trending topics. With a keen eye for investigative and human-interest stories. She has honed her craft across diverse beats including aviation, health, incidents etc. Sweety delivers impactful journalism that informs and engages audiences. Sweety Kumari is a graduate of Calcutta University with an Honors degree in Journalism from Jaipuria College and a PG in Mass Communication from Jadavpur University. Originally from Bihar, she is brought up in Kolkata and completed her education from Kendriya Vidyalaya SaltLake. Multilingual, Sweety is fluent in English, Hindi, Bengali, and Maithili. She started her career as an Entertainment and lifestyle journalist with a newsportal in Kolkata. She is working with The Indian Express for 8 years now. ... Read More
Hindustan Times
21 minutes ago
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Hindustan Times
21 minutes ago
- Hindustan Times
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