Asian Markets Sees Green After S&P 500, Nasdaq Touch Record High Levels

Tuesday saw a majority increase in Asian shares as Wall Street benchmarks hit new highs.

Asian Index

In early trading, the benchmark Nikkei 225 in Japan increased 2.3 per cent to 41,648.57. The Shanghai Composite barely moved, slipping to 2,922.27, while the Hang Seng index in Hong Kong dropped 0.4 per cent to 17,443.15. The Kospi index of South Korea increased by almost 0.14 per cent to 2,861.77.

US Index

The S&P 500 and Nasdaq composite on Wall Street ended the day up 0.1 per cent to 5572.85 and 0.28 per cent to 18,403.74, respectively, setting new records. The Dow Jones Industrial Average ended the day 0.079 per lower at 39,344.79 after giving up an early gain.

The benchmark S&P 500 index has reached 35 records so far this year, thanks to the steady ascent of Wall Street indexes over the past few months.

Stocks in news

Following its agreement to merge with Skydance, the entertainment giant Paramount Global saw its stock drop 5.3 per cent, the most of any S&P 500 company.

After deciding to enter a guilty plea to a criminal fraud charge arising from two 737 Max jetliners crashes that claimed 346 lives, troubled aircraft manufacturer Boeing saw a 0.5 per cent increase in share price. According to the government, the business broke a contract that shielded it from prosecution for more than three years.

US CPI this week

The Fed wants to bring inflation down to 2 per cent while avoiding unduly impeding economic expansion. Although consumers are still feeling the pinch of inflation, it has decreased dramatically from its peak two years ago.

Despite slowing this year, the economy is still growing at a respectable rate, thanks to high consumer spending and a strong labor market.

On Thursday, the central bank will receive additional information about consumer-level inflation. Wall Street anticipates that the most recent government report will show that inflation decreased from 3.3 per cent in May to 3.1 per cent in June.