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Tag: Financial Markets

  • CSX profit falls 22% but investors focus on the direction the new CEO will take the railroad

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    Investors looked past a 22% drop in CSX’s third quarter earnings Thursday and focused on the direction the railroad’s new CEO might take it and the possibility of any strategic deals.

    CEO Steve Angel promised to focus on making CSX the best-performing railroad. Without promising a merger, Angel said he would consider any strategic opportunities that make sense for shareholders. He also reminded investors that he ran industrial gas supplier Praxair for a decade before the opportunity to merge with rival Linde came up.

    “The way these things work — these strategic opportunities — you’ve got to wait for the right timing. You’ve got to wait for when the conditions are right,” Angel said. “So what you do in the interim, you run the company to the best of your ability every day, and you create value that way. And so if and when that time comes, you’re going into that discussion from a position of strength.”

    Thursday’s report was the first since Angel took the job late last month. The railroad is under pressure from investors, such as Ancora Holdings, to find another railroad to merge with, so CSX can better compete with the merged Union Pacific-Norfolk Southern railroad if that $85 billion deal gets approved. But both of CSX’s likely merger partners — BNSF and CPKC railroads — have said they aren’t interested in a deal because they believe the industry can better serve customers through cooperative agreements and avoid all the potential headaches that come with a merger.

    Most observers believe CSX and BNSF will be at a disadvantage if the Union Pacific-Norfolk Southern merger is approved. That transcontinental railroad will be able to shave more than a day off delivery times because it won’t have to hand off shipments between railroads in the middle of the country. So far, CSX and BNSF say they can achieve most of the benefits of a merger through cooperative agreements instead.

    Angel, 70, has not worked at a railroad before although earlier in his career he worked at GE’s locomotive building unit and developed a lifelong appreciation for railroads. He stressed the similarities between industrial gas companies and railroads, saying both focus on safety and invest heavily in the most profitable areas with the highest traffic.

    The Jacksonville, Florida-based company said Thursday it earned $694 million, or 37 cents per share, in the quarter. That’s down from $894 million, or 46 cents per share a year ago. But without a $164 million goodwill impairment charge, the railroad would have earned $818 million, or 44 cents per share.

    The adjusted figure just topped the 43 cents per share that analysts surveyed by FactSet Research had predicted.

    CSX’s performance has suffered over much of the past year because of construction projects that limited the railroad’s flexibility and reduced capacity. CSX completed repairs from Hurricane Helene and a major tunnel renovation in Baltimore last month. Its performance improved significantly throughout the quarter. The average speed of its trains increased to 18.9 mph, the fastest level since 2021. CSX also delivered 87% of its shipments on time in the quarter.

    CSX is one of the largest railroads in North America, operating in the eastern United States.

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  • How major US stock indexes fared Thursday, 10/16/2025

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    Stocks slumped after another turbulent day of trading

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  • Asian shares are mostly higher after Wall St ends an erratic day with gains

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    MANILA, Philippines — MANILA, Philippines (AP) — Most Asian stock indexes rose on Thursday, tracking gains on Wall Street following a topsy-turvy trading day.

    U.S. futures were nearly flat, while oil prices were higher.

    Japan’s Nikkei 225 rose 0.8% to 48,069.71 as investor sentiment was lifted by a strong start to the earnings season and expectations of U.S. rate cuts.

    Japan’s core machinery orders, excluding ships and electric power, fell 0.9% month-on-month in August, missing market expectations for a 0.4% gain but showing marked improvement from a 4.6% drop in July, according to data released Thursday.

    South Korea’s Kospi surged to a record high, adding 1.8% to 3,722.67 on buying of tech and auto stocks that was spurred by expectations that the U.S. and Korea are getting closer to a deal on tariffs on Korean exports. Samsung Electronics and automakers Hyundai Motor and Kia Corp. were among gainers.

    In Chinese markets, Hong Kong’s Hang Seng index shed 0.4% to 25,799.27, while the Shanghai Composite index rose 0.1% to 3,916.10.

    Australia’s S&P/ASX 200 climbed 8% to 9,063.70, breaching the 9,000 level for the first time amid gains in gold stocks. Miners in resource-rich Australia are benefitting from a runup in gold prices. Early Thursday, the precious metal was up 1.2% at 4,252.30 per ounce.

    Also, the jobless rate rose to 4.5% in September, the highest in four years, stepping up expectations that the country’s Reserve Bank may resume rate cuts as early as next month.

    India’s BSE Sensex added 0.5% while Taiwan’s Taiex advanced 1.5%.

    On Wednesday, most U.S. stocks rose. The S&P 500 added 0.4% to 6,671.06, but only after jumping toward one of its biggest gains since the summer, erasing it all and then climbing back.

    The Nasdaq composite climbed 0.7%, closing at 22,670.08 after earlier pinballing between a drop of 0.4% and a rally of 1.4%. The Dow Jones Industrial Average lagged the market, shedding less than 0.1% to 46,253.31.

    Technology stocks helped lead the way Wednesday following a better-than-expected profit report from Netherlands-based ASML, a major equipment supplier to the semiconductor industry. It expects its revenue for 2025 to be 15% above last year’s, while next year’s should be at least as high as this year’s. Several big banks also drove the market higher.

    Companies are under pressure to deliver strong profits after their stock prices broadly surged 35% from a low in April. To justify those gains, which critics say made their stock prices too expensive, companies will need to show they’re making much more in profit and will continue to do so.

    Profit reports are under more scrutiny than usual as investors seek insights into the health of the U.S. economy. The U.S. government’s latest shutdown is delaying important updates on the economy, such as a report on inflation that was due Wednesday.

    In other dealings early Thursday, U.S. benchmark crude oil gained 58 cents to $58.85 per barrel. Brent crude, the international standard, rose 55 cents to $62.46 per barrel.

    The dollar rose to 151.07 Japanese yen from 151.06 yen. The euro climbed to $1.1658 from $1.1648.

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    AP Business Writers Stan Choe and Matt Ott contributed.

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  • Asian shares are mixed and US futures little changed after Wall St rally

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    TOKYO — TOKYO (AP) — Asian shares were trading mixed on Tuesday after a rally on Wall Street spurred by U.S. President Donald Trump’s reassurances over relations with China.

    Japan’s benchmark Nikkei 225 slipped 1.4% to 47,419.87, as trading resumed following a national holiday Monday.

    In Hong Kong, the Hang Seng lost 0.4% to 25,788.44, while the Shanghai Composite edged up 0.2% to 3,897.56.

    “Don’t worry about China,” Trump said on his social media platform Sunday. He also said that China’s leader, Xi Jinping, “doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!”

    On Friday, the S&P 500 tumbled to its worst drop since April after he accused China of “ a moral disgrace in dealing with other Nations.” He also threatened much higher tariffs on Chinese goods.

    Still, the status of trade talks between the two biggest economies remains unclear. Despite harsh rhetoric and fresh retaliatory moves on tariffs and export controls, Trump said he still may meet with Chinese leader Xi Jinping later this month on the sidelines of a regional summit.

    Australia’s S&P/ASX 200 edged 0.1% lower to 8,876.20. South Korea’s Kospi gained 0.6% to 3,605.10.

    The S&P 500 jumped 1.6% in its best day since May, closing at 6,654.72. It recovered just over half its drop from Friday. The Dow Jones Industrial Average climbed 1.3% to 46,067.68, and the Nasdaq composite leaped 2.2% to 22,694.61.

    The down-and-up moves for the market echoed its manic swings during April, when Trump shocked investors with his “Liberation Day” announcement of worldwide tariffs. He eventually relented on many to give time to negotiate trade deals.

    “After the sharp lurch in U.S. equities on Friday — the worst since the “Liberation Day” tariff shock — markets have delivered a relief rebound — arguably regaining confidence even,” Mizuho Bank said in a commentary.

    Trump’s wavering on tariffs has helped stocks soar since April. So have expectations for several cuts to interest rates by the Federal Reserve to help the economy.

    Critics say the market now looks too expensive now after prices rose much faster than corporate profits. Worries are particularly high about companies in the artificial-intelligence industry, where pessimists hear echoes of the 2000 dot-com bubble that imploded.

    Broadcom jumped 9.9% for one of Monday’s biggest gains in the S&P 500 after announcing a collaboration with OpenAI. Broadcom will help develop and deploy custom AI accelerators that the maker of ChatGPT will design.

    For stocks to look less expensive, either prices need to fall, or companies’ profits need to rise.

    That’s raising the stakes for the upcoming earnings reporting season, with big U.S. companies lined up to say how much profit they made during the summer. JPMorgan Chase, Johnson & Johnson and United Airlines are some of the big names on the calendar this coming week.

    Fastenal tumbled 7.5% for the largest loss in the S&P 500 after the maker of fasteners and safety supplies reported a profit for the latest quarter that was slightly weaker than analysts expected.

    In other dealings early Tuesday, benchmark U.S. crude added 20 cents to $59.69 a barrel. Brent crude, the international standard, gained 21 cents to $63.53 a barrel.

    In currency trading, the U.S. dollar fell to 152.13 Japanese yen from 152.29 yen. The euro cost $1.1581, up from $1.1569.

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    AP Business Writers Matt Ott and Stan Choe contributed.

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  • Asian shares skid after Wall Street tumbles to its worst day since April as China trade woes worsen

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    BANGKOK — BANGKOK (AP) — Asian shares tumbled on Monday as escalating trade tensions with China shattered a monthslong calm on Wall Street.

    U.S. stocks skidded on Friday after President Donald Trump threatened to crank tariffs higher on China, signaling more trouble ahead between the two biggest economies. He was responding to restrictions Beijing is imposing on exports of rare earths, which are materials that are critical for the manufacturing of everything from consumer electronics to jet engines.

    But U.S. futures advanced, with the contract for the S&P 500 gaining 1.4% while that for the Dow Jones Industrial Average gained 1%.

    China reported its global exports rose 8.3% in September from a year earlier, the strongest growth in six months and further evidence that its manufacturers are shifting sales from the U.S. to other markets.

    Exports to the U.S. tumbled 27% year-on-year last month, customs data showed.

    In Hong Kong, the Hang Seng sank 2.2% to 25,700.07.

    Most other major regional markets logged losses of more than 1%.

    The Shanghai Composite index edged 0.2% lower to 3,889.50 and the Kospi in South Korea gave up 0.7% to 3,584.55.

    Australia’s S&P/ASX 200 declined 0.8% to 8,882.80. Taiwan’s Taiex shed 1.4% and India’s Sensex was down 0.4%.

    Markets in Tokyo were closed for a holiday.

    On Friday, the S&P 500 sank 2.7% in its worst day since April, closing at 6,552.51. The Dow Jones Industrial Average dropped 1.9% to 45,479.60, and the Nasdaq composite lost 3.6% to 22,204.43.

    The setback reflected signs of a re-escalation of the trade war.

    “We have been contacted by other Countries who are extremely angry at this great Trade hostility, which came out of nowhere,” Trump wrote on Truth Social, alluding to Beijing. He also said “now there seems to be no reason” to meet with China’s leader, Xi Jinping, after earlier agreeing to do so as part of an upcoming trip to South Korea.

    Roughly six out of every seven stocks within the S&P 500 fell. Nearly everything weakened, from Big Tech companies like Nvidia and Apple to stocks of smaller companies looking to get past uncertainty about tariffs and trade.

    The market may have been primed for a slide. U.S. stocks were already facing criticism that their prices had shot too high following the S&P 500’s nearly relentless 35% run from a low in April. The index, which dictates the movements for many 401(k) accounts, is still near its all-time high set earlier in the week.

    Critics say the market looks too expensive after prices rose much faster than corporate profits. Worries are particularly high about companies in the artificial-intelligence industry, where pessimists see echoes of the 2000 dot-com bubble that imploded. For stocks to look less expensive, either their prices need to fall, or companies’ profits need to rise.

    In the bond market, the yield on the 10-year Treasury sank to 4.05% from 4.14% late Thursday.

    It had already been lower before Trump made his threats, as a report from the University of Michigan suggested that sentiment among U.S. consumers remains in the doldrums.

    Some of Friday’s strongest action was in the oil market, where the price of a barrel of benchmark U.S. crude sank 4.2% to $58.90.

    It fell as a ceasefire between Israel and Hamas came into effect in Gaza. An end to the war could remove worries about disruptions to oil supplies, which had kept crude’s price higher than it otherwise would have been.

    Losses accelerated following Trump’s tariff threat, which could gum up global trade and lead the economy to burn less fuel.

    Brent crude, the international standard, dropped 3.8% to $62.73 per barrel. However, early Monday it was trading 85 cents higher at $63.58 per barrel. U.S. benchmark crude oil gained 72 cents to $59.62 per barrel.

    In other dealings early Monday, the dollar rose 152.22 Japanese yen from 151.89 yen late Friday. The euro fell to $1.1605 from $1.1614.

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  • Asian shares are mostly lower following Wall Street’s pause from its feverish rally

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    MANILA, Philippines — MANILA, Philippines (AP) — Asian shares mostly fell on Friday, after a respite from Wall Street’s recent feverish rally. The price of gold also pulled back from record highs following recent torrid runs.

    U.S. futures and oil prices were higher.

    Nealy all Asian indexes were down, with the exception of South Korea’s Kospi, which climbed 1.3% to 3,596.36 as trading reopened after a holiday.

    The surge was fueled by a rally of tech shares including SK Hynix, which was up nearly 7%. Samsung Electronics rose 5.4%, boosted by news that Nvidia-backed Reflection AI had raised $2 billion, raising its market value to $8 billion.

    Japan’s Nikkei 225 fell 1% to 48,087.75, pulling back from big gains the previous day after data showed producer prices rose more than expected in September.

    Hong Kong’s Hang Seng index shed 0.8% to 26,534.65, while the Shanghai Composite index slipped 0.5% to 3,913.98.

    Australia’s S&P/ASX 200 slid 0.1% to 8,959.80. Taiwan’s stock market was closed for a holiday.

    On Thursday, the S&P 500 slipped 0.3% from its latest all-time high for just its second loss in the last 10 days, closing at 6,735.11. The Dow Jones Industrial Average dropped 0.5% to 46,358.42, and the Nasdaq composite edged down by 0.1% to 23,024.63.

    Gold also fell following its stellar rally this year, losing 2.4% to drop back below $4,000 per ounce, while Treasury yields held relatively steady in the bond market. They’re taking a moment following big runs driven in large part by expectations that the Federal Reserve will cut interest rates to support the economy.

    Financial markets have been climbing so relentlessly, including a 35% leap for the S&P 500 from a low in April, that worries are mounting that prices may have shot too high. Concerns are particularly strong about the frenzy lifting stocks related to artificial-intelligence technology.

    Dell Technologies sank 5.2% for the biggest loss in the S&P 500, but that only trimmed its surge since talking up its AI growth opportunities at an investment conference earlier in the week. The stock was still up nearly 11% for the week so far.

    Tesla also weighed on the market after falling 0.7%. The National Highway Traffic Safety Administration opened a preliminary evaluation of its “Full Self-Driving” system due to safety concerns.

    Those losses helped offset a 4.3% ascent for Delta Air Lines, which reported a stronger profit for the summer than analysts expected.

    Delta also forecasted a range for profit during the year’s final three months whose midpoint topped analysts’ estimates. Its president, Glen Hauenstein, highlighted a broad-based acceleration in sales trends over the last six weeks, including for domestic business travel.

    Such corporate reports have gained importance since they offer insights into the strength of the U.S. economy after U.S. government shutdown is delayed reports that usually serve that purpose. This is the second week where the U.S. government has not published its update on unemployment claims, for example, a report that usually helps guide Wall Street’s trading each Thursday.

    In other dealings early Friday, U.S. benchmark crude oil added 10 cents to $61.61 per barrel. Brent crude, the international standard, edged up 5 cents to $65.27 per barrel.

    The U.S. dollar fell to 152.74 Japanese yen from 153.05 yen. The euro rose to $1.1572 from $1.1569.

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    AP Business Writers Stan Choe and Matt Ott contributed.

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  • PepsiCo reports strong third quarter sales despite weakening demand in North America

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    PepsiCo reported better-than-expected revenue in the third quarter despite weaker demand for its snacks and drinks in North America.

    Revenue rose 2.6% to $23.94 billion in the July-September period. That was better than the $23.84 billion Wall Street was expecting, according to analysts polled by FactSet.

    In North America, PepsiCo said sales volumes for its Frito-Lay snacks and other foods fell 2% in the quarter while sales volumes for its beverages were down 3%. Sales volumes were higher in Latin America and Asia.

    PepsiCo said earlier this year that inflation and changing consumer preferences have weakened demand for the company’s drinks and snacks. The company has been trying to combat perceptions that its products are too expensive by expanding distribution of value brands like Chester’s and Santitas. It is also accelerating a shift to remove artificial colors from its products.

    Net income fell 11% to $2.6 billion. Adjusted for one-time items, the company earned $2.29 per share. That also beat analysts’ forecasts of $2.26.

    The company, based in Purchase, New York, has been under some pressure from Elliott Investment Management, an activist investor that recently took a $4 billion stake in PepsiCo.

    In a letter sent to PepsiCo’s board last month, Elliott said the company has been hurt by loss of market share in its North American beverage business and slowing growth and weaker profits in its North American food business.

    Elliott wants PepsiCo to slim down its food and beverage portfolio so it can reinvest in core brands like Mountain Dew or new products like protein snacks. It also wants the company to consider refranchising its North American bottlers, an action that its rival Coca-Cola took in 2017.

    Shares of PepsiCo Inc. are up a fration before the opening bell.

    Also on Thursday, PepsiCo named Walmart executive Steve Schmitt as its new chief financial officer. Schmitt was the CFO for Walmart’s U.S. division.

    Current PepsiCo CFO Jamie Caulfield plans to retire on Nov. 10 after more than 30 years with the company. He will remain at PepsiCo until May 15 in an advisory role.

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  • Japan’s Nikkei stock index jumps nearly 5% after its ruling party picked Takaichi to lead

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    Japan’s Nikkei stock index jumped nearly 5% on Monday and the yen weakened after its ruling party chose an ultra-conservative as its leader and likely first woman prime minister.

    Other Asian markets also were mostly higher. U.S. futures climbed and oil gained about $1 a barrel.

    The Liberal Democrats elected Sanae Takaichi, an ally of the late Prime Minister Shinzo Abe, as their leader, likely ensuring she will carry on with his market-friendly policies. Takaichi, 64, admires former British Prime Minister Margaret Thatcher and backed Abe’s ultra-conservative vision for the country.

    She is likely to become prime minister because the LDP has the most seats in the lower house, although not a majority. It chooses the prime minister, and opposition groups are splintered.

    Takaichi faces a host of challenges that have bedeviled her predecessors, BMI of Fitch Solutions said in a commentary. That includes “boosting Japan’s economic competitiveness and strengthening the country’s technological and industrial base and adopting measures to mitigate the impact of Japan’s ageing and declining population amid a colossal public debt burden.”

    Still investors, especially non-Japanese ones, were pleased, said Neil Newman, head of strategy at Astris Advisory Japan.

    “Obviously investors like what she has been saying and certainly today judging by the number of stocks that moved and which stocks moved, it seems like pretty much led by foreigners so far,” Newman said.

    An unconfirmed report that U.S. President Donald Trump might be considering ways to reduce the cost of his higher tariffs on auto parts and other materials for U.S. manufacturers helped automakers’ share prices. Toyota Motor Corp.’s shares jumped 4.9% in Tokyo and Honda Motor Co. gained 4.7%.

    The Nikkei 225 index rose 4.7% to 47,924.52 by mid-afternoon Monday, while Hong Kong’s Hang Seng index sank 0.6% to 26,976.37.

    The yen weakened against the U.S. dollar, on expectations that Takaichi will boost spending, likely adding to inflationary pressures. The dollar rose to 150.31 Japanese yen from 149.33 yen. The euro slipped to $1.1723 from $1.1730.

    In Australia, the S&P/ASX 200 shed 0.1% to 8,976.70.

    Markets in mainland China, Taiwan and South Korea were closed for holidays.

    On Friday, most U.S. stocks ticked higher, adding to Wall Street records.

    The S&P 500 edged up by less than 0.1% to close out its seventh winning week in the last nine, ending at 6,715.79. The Dow Jones Industrial Average climbed 0.5% to 46,758.28. Both added to their all-time highs set the day before.

    The Nasdaq composite lost an early gain and slipped 0.3% from its own record, to 22,780.51.

    Usually, the first Friday of each month has Wall Street transfixed on the monthly jobs update that the U.S. government publishes. It shows how many jobs employers created and destroyed, while also updating the unemployment rate.

    But the shutdown of the U.S. government, now in its third day, delayed the release of that data.

    Such information is particularly important now, given how much on Wall Street is riding on the expectation that the job market is continuing to slow by enough to get the Federal Reserve to keep cutting interest rates.

    Past shutdowns of the U.S. government have tended not to hurt the economy or stock market much, and the thinking is that this one could be similar, even if President Donald Trump has threatened large-scale firings of federal workers this time around.

    Reports came in mixed on activity for U.S. businesses in the health care, real estate and other services industries. One from the Institute for Supply Management said growth is stalling, while another from S&P Global said it’s still growing slowly.

    In other dealings early Monday, U.S. benchmark crude oil gained 99 cents to $61.87 per barrel. Brent crude, the international standard, added 99 cents to $65.52 per barrel.

    A group of countries that are part of the OPEC+ alliance of oil-exporting countries agreed during the weekend to a small boost in oil production, citing a steady global economic outlook. That alleviated fears of an oversupply.

    The group said after a virtual meeting on Sunday that it will raise oil production by 137,000 barrels per day in November, they same amount it announced for October. The group has been raising output slightly in a series of boosts all year, after announcing cuts in 2023 and 2024.

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  • DC’s shutdown hasn’t stopped the stock market. Here’s what may

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    NEW YORK — NEW YORK (AP) — If the U.S. government’s latest shutdown can’t stop the stock market, what can?

    Stock prices keep rising, even as the shutdown delays important economic reports that usually steer trading. The S&P 500 and Dow Jones Industrial Average set all-time highs Friday.

    It’s not just Big Tech driving the market, which has often been the case in recent years. Sure, Nvidia and other darlings of the artificial-intelligence frenzy are still climbing, but almost everything on Wall Street is coming up a winner. The Russell 2000 index of smaller stocks has set a record after taking nearly four years to get back to its prior all-time high. Gold also hit a record in an unusual confluence, while the most popular U.S. bond fund is on track for its best year in at least five.

    Past shutdowns have had minimal effect on the stock market or on the economy, and the bet on Wall Street is that something similar will happen again. Many professional investors expect the market to climb still more, even after a 35% surge from its low in April.

    That’s not to say there aren’t risks. Much of the optimism is built on expectations for certain things to happen. If they don’t, the pretty picture on Wall Street could become much uglier. Among the potential concerns:

    This is the easiest criticism to make about the stock market following its nearly relentless rally since April. Stock prices tend to follow the path of corporate profits over the long term, but stock prices have surged much faster than profits lately.

    One measure popularized by Nobel-winning economist Robert Shiller, which looks at profits over the preceding 10 years, shows the S&P 500 near its most expensive level since the 2000 dot-com bubble. Some critics have made parallels between that bubble, which saw the S&P 500 eventually halve in value, and the recent AI bonanza.

    It’s not just the big household names in the S&P 500 index raising concern. Ann Miletti, head of equity investments for Allspring Global Investments, has been struck by how much stock prices have shot up for speculative kinds of stocks, such as smaller, money-losing companies. They’ve done much better than their profitable counterparts in recent months.

    She said she’s feeling relatively optimistic about conditions for stocks going into 2026, but “it’s these little bubbles that are concerning to me. When you see things like this, it’s generally not a good thing.”

    To be sure, signals suggesting a too-expensive stock market are famously bad at predicting turning points in the market. Stocks can stay expensive for a while, as long as investors stay willing to pay the high prices.

    For stocks to look more typical in valuation, either stock prices need to drop, or corporate profits need to rise. That’s raising stakes for the upcoming profit reporting season.

    Companies are lining up to tell investors how much profit they made during the summer, with PepsiCo and Delta Air Lines scheduled to lead off on Thursday. JPMorgan Chase and other big banks will follow quickly afterward.

    Analysts are looking for S&P 500 companies to report collective growth of 8% in earnings per share from a year earlier, according to FactSet. They’ll need not only to hit that target, but also to forecast continued growth for the rest of this year into next.

    That’s even though companies are still trying to figure out how to deal with tariffs, stubbornly high inflation and other shifts in an uncertain economy.

    One of the main reasons the stock market has boomed is the expectation that the Fed will deliver a string of cuts to interest rates.

    Lower rates give the economy a boost by making it cheaper for U.S. households and companies to borrow and spend. They can also make investors willing to pay higher prices for stocks, bonds and other investments.

    Traders on Wall Street are largely expecting the Fed to cut interest rates at least three more times by the middle of next summer, according to data from CME Group. Fed officials themselves have indicated they’re likely to cut because the job market is slowing.

    But Chair Jerome Powell has insisted they may have to change plans quickly. That’s because inflation has remained stubbornly above the Fed’s 2% target, and lower interest rates can give inflation more fuel.

    “I feel like interest rates and expectations of what the Fed is going to do are driving everything right now,” Miletti said.

    “If the Fed doesn’t cut as much as people are expecting, any of these areas that look a little speculative, because they’re not based on fundamentals, those areas will have some real problems.”

    “This is the question of the decade,” said Yung-Yu Ma, chief investment strategist at PNC Asset Management Group.

    Ma does not feel that AI-related stocks look too expensive, even after their big climbs, but that’s only as long as gangbusters growth and sales for the industry keep going.

    Hopes for AI also seem to be helping to keep down longer-term interest rates and worries about inflation. AI will need to make the economy more productive in order to offset the upward pressure on inflation and interest rates that are coming from the huge mountains of debt that the U.S. and other governments worldwide are building.

    “If we do achieve these benefits for companies and for people’s lives, everything can go well for years,” said Ma. “I think everyone is tying their fortunes to that ship, whether they realize it or not.”

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  • How major US stock indexes fared Friday, 10/3/2025

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    Most U.S. stocks ticked higher, sending Wall Street to more records

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  • Lack of jobs data due to government shutdown muddies the outlook for hiring and the economy

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    WASHINGTON — WASHINGTON (AP) — From Wall Street trading floors to the Federal Reserve to economists sipping coffee in their home offices, the first Friday morning of the month typically brings a quiet hush around 8:30 a.m. eastern as everyone awaits the Labor Department’s crucial monthly jobs report.

    But with the government shut down, no information was released Friday about hiring in September.

    It’s the first time since a government shutdown in 2013 that the jobs report has been delayed. During the 2018-2019 partial government closure, the Labor Department was one of several agencies that remained open because Congress had agreed to fund them. September’s jobs figures will be released eventually, once the shutdown ends.

    The interruption in the data has occurred at a particularly uncertain time, when policymakers at the Federal Reserve and Wall Street investors would need more data on the economy, rather than less. Hiring has ground nearly to a halt, threatening to drag down the broader economy. Yet at the same time, consumers — particularly higher-income earners — are still spending and some businesses are ramping up investments in data centers developing artificial intelligence models. Whether that is enough to revive hiring remains to be seen.

    For now, economists are turning to alternative measures of the job market provided by nonprofits and private-sector companies. Those measures mostly show a job market with little hiring, but not many layoffs, either. Those who have jobs appear to be mostly secure, while those looking for work are having a tougher time.

    Payroll processor ADP, for example, said Wednesday that its estimate showed the economy had lost a surprising 32,000 private-sector jobs last month. Companies in the construction, manufacturing, and financial services industries all cut jobs, ADP found. Restaurants and hotels, and professional services such as accounting and engineering, also shed workers.

    Businesses in health care, private education, and information technology were the only sectors to add workers, ADP said.

    “We’ve seen a significant decline in hiring momentum throughout the year,” said Nela Richardson, ADP’s chief economist. “This is consistent with a low hire — even a no-hire — and low fire economy.”

    The shutdown has also meant the government isn’t releasing the weekly count of how many Americans have filed for unemployment benefits, a proxy for layoffs, which is published each Thursday.

    But Goldman Sachs used data provided by most states to produce their own estimates of unemployment claims. In a report late Thursday, they calculated that weekly claims ticked up to 224,000, up from 218,000 the previous week. Those are historically low figures, which suggest companies are still holding onto most of their workers.

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  • Asian shares are mixed as tech shares lead Wall Street ticks to more records

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    MANILA, Philippines — MANILA, Philippines (AP) — Asian shares were mixed on Friday after heavy buying of tech shares led benchmarks on Wall Street to more records.

    US. futures and oil prices were higher.

    Markets have largely shrugged off the shutdown of the U.S. government after Democrat and Republican lawmakers failed to reach agreement on funding.

    U.S. President Donald Trump and congressional leaders were not expected to meet again soon and the Democrats have held fast to their demands to preserve health care funding, warning of price spikes for millions of Americans nationwide.

    Japan’s Nikkei 225 rose nearly 1.7% to 45,691.32 as tech stocks gained despite data showing Japan’s unemployment rate rose 2.6% in August, the highest in 13 months and above the expected 2.4%.

    Shares in Hitachi jumped 9.2% after it signed a memorandum of understanding with OpenAI to provide cooling systems for its data centers.

    Stocks in the computer chip and artificial-intelligence industries also have climbed this week after OpenAI announced partnerships with South Korean companies for Stargate, a $500 billion project aimed at building AI infrastructure.

    Stock exchanges in China and South Korea were closed Friday for holidays.

    Hong Kong’s Hang Seng index shed nearly 0.9% to 27,052.32, as traders sold to lock in profits from Thursday’s gains.

    Australia’s S&P/ASX 200 added more than 0.3% to 8,977.80. India’s BSE Sensex shed 0.2%, while Taiwan’s Taiex rose 1%.

    Thursday on Wall Street, the S&P 500 added 0.1% to its all-time high set the day before, closing at 6,715.35. The Dow Jones Industrial Average rose 0.2% to 46,519.72, and the Nasdaq composite climbed 0.4% to 22,844.05.

    The government shutdown means this week’s usual report on jobless claims was delayed. An even more consequential report, Friday’s monthly tally of jobs created and destroyed across the economy, will likely also not arrive on schedule.

    That increases uncertainty when much on Wall Street is riding on investors’ expectation that the job market is slowing by enough to convince the Federal Reserve to keep cutting interest rates, but not by so much that it leads to a recession.

    So far, the U.S. stock market has looked past the delays of such data. Shutdowns of the U.S. government have tended not to hurt the economy or stock market much, and the thinking is that this one could be similar, even if Trump has threatened large-scale firings of federal workers this time around.

    That left corporate announcements as the main drivers of trading Thursday.

    Excitement around AI and the massive spending underway because of it are a major reason the U.S. stock market has hit record after record, along with hopes for easier interest rates. But AI stocks have become so dominant, and so much money has poured into the industry that worries are rising about a potential bubble that could eventually lead to disappointment for investors.

    Still, Advanced Micro Devices climbed 3.5%, and Broadcom gained 1.4%. Nvidia’s 0.9% rise was the strongest single force pushing the S&P 500 upward.

    In other dealings early Friday, benchmark U.S. crude added 36 cents to $60.84 per barrel. Brent crude, the international standard, rose 36 cents to $64.47 per barrel.

    The U.S. dollar climbed to 147.64 Japanese yen from 147.26 yen. The euro edged up to $1.1725 from $1.1717.

    ___

    AP Writers Stan Choe and Matt Ott contributed.

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  • How major US stock indexes fared Thursday, 10/2/2025

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    U.S. stocks edged up to more records

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  • Asian shares are mixed as traders brace for a possible US government shutdown

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    TOKYO — Asian shares were mixed in narrow trading Tuesday as investors braced for a possible U.S. government shutdown.

    Japan’s benchmark Nikkei 225 declined nearly 0.3% to finish at 44,932.63.

    China reported lackluster data on factory activity for September that reflect persistent weakness in the world’s second largest economy as trade tensions with the U.S. weigh on exports.

    Hong Kong’s Hang Seng gained 0.3% to 26,694.10. The Shanghai Composite index added 0.5% to 3,882.07.

    Elsewhere in Asia, Australia’s S&P/ASX 200 edged down 0.2% to 8,847.00. South Korea’s Kospi slipped nearly 0.1% to 3,428.28.

    The U.S. federal government is nearing a budget deadline that could result in its shutdown.

    Past shutdowns have been shortlived and had minimal impact on markets and the economy. But if the stalemate between Democratic and Republican lawmakers persists, that could delay the collection and release of economic data, such as on jobs and inflation.

    This shutdown may also be different because the White House may push for large-scale firings of federal workers.

    “It feels as though the market has already flogged the government shutdown story from every conceivable angle, the way traders circle a fading theme until there’s nothing left but dust. Yet with the clock ticking down to less than 24 hours before the doors are slated to close in Washington, the narrative refuses to die,” said Stephen Innes. managing partner at SPI Asset Management.

    On Monday, Wall Street finished higher as technology stocks recovered some of their losses from late last week.

    The S&P 500 added 0.3% to 6,661.21 and the Dow Jones Industrial Average edged 0.1% higher, to 46,316.07. The Nasdaq composite climbed 0.5% to 22,591.15.

    Big Tech stocks ticked higher. Amazon added 1.1% following its 5.1% drop last week, and Microsoft rose 0.6% to recover some of its 1.2% decline. They were two of the strongest forces lifting the S&P 500 because they’re two of Wall Street’s most valuable stocks.

    A report is due Friday about how many jobs U.S. employers created and cut last month. The hope is that it will be balanced enough to keep the Federal Reserve on track to continue cutting interest rates.

    The Fed just delivered its first cut of the year, and officials have penciled in more through the end of next year. That’s critical for investors because U.S. stocks have shot to records from a low in April in large part because of expectations for several cuts from the Fed. Easier rates can give the job market a boost and make investors more willing to pay high prices for stocks and other investments.

    If Friday’s job numbers prove too strong, they could make the Fed less willing to cut rates. That could hurt stocks, which already face criticism that they’ve become too expensive following their big rally. If the job numbers are too weak, they could mean a recession that would hurt stock prices on its own.

    Electronic Arts climbed 4.5% after the video game maker confirmed rumors of a $55 billion buyout. A group of investors will pay $210 in cash for each share of EA, and they are calling it history’s largest all-cash deal to take a business private.

    Gold topped $3,850 per ounce to continue its record-breaking run amid expectations for cuts to interest rates by the Fed, along with worries about inflation and the mountains of debt that governments are carrying worldwide.

    In other dealings early Tuesday, benchmark U.S. crude fell 25 cents to $63.20 a barrel. Brent crude, the international standard, lost 39 cents to $67.58 a barrel.

    The U.S. dollar fell to 148.32 Japanese yen from 148.60 yen. The euro cost $1.1733, up from $1.1727.

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  • China’s factory activity contracts for a 6th straight month as trade tensions weigh

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    HONG KONG — China’s factory activity shrank for a sixth straight month in September, the longest slump since 2019, an official report said Tuesday.

    The official manufacturing purchasing managers index, or PMI, improved to 49.8 from 49.4 in August. But it remained below the 50-cutoff level between contraction and expansion on a scale of 0 to 100.

    A private sector PMI survey by the credit research and rating startup RatingDog was more upbeat, with September’s overall PMI rising to 51.2 from 50.5 in August.

    The mixed manufacturing measures reflect persisting sluggish domestic demand and uncertainties over trade tensions with the United States.

    More detailed data measuring new orders and production saw month-on-month improvements.

    “The September PMI reads from China offered a picture that looked less like a coherent growth engine and more like a car with one cylinder firing while another misfires,” Stephen Innes of SPI Asset Management said in a commentary

    Companies are under pressure from price cutting amid rough competition, he said.

    “Factories are moving more goods, but they’re being forced to do it at thinner margins, like street vendors selling more bowls of noodles at half price just to keep the crowd coming,” Innes said.

    The latest data show China’s economy is gaining momentum, with output accelerating slightly, said National Bureau of Statistics chief statistician Huo Lihui.

    China’s official manufacturing PMIs first slipped back into contraction in April as trade friction with U.S. President Donald Trump’s administration heated up after he took office.

    The two sides are still slowly working their way toward a broad trade agreement after exchanging threats of sky-high tariffs on each others’ exports.

    A pause in steep U.S. tariff hikes on China has been extended until November, while a Sept. 19 phone call between Trump and Chinese leader Xi Jinping offered glimmers of hope for improving relations.

    A truce hinges largely on a widely anticipated U.S. proposal for transferring ownership of TikTok to a U.S. company from its Chinese owner ByteDance. That would also require Beijing’s approval.

    A face-to-face meeting between Trump and Xi is set for the end of October in South Korea on the sidelines of an annual summit of the Asia-Pacific Economic Cooperation forum.

    China’s economy has remained in the doldrums, bogged down by a prolonged slump in the property sector, elevated unemployment and weak household spending.

    Some economists are hoping that a rate cut by China’s central bank by the end of the year could help encourage more spending and investment. This month, the People’s Bank of China left its key lending rates unchanged following the U.S. Federal Reserve’s rate cut for the first time this year.

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  • Asian shares trade mostly higher after Wall Street snaps its 3-day losing streak

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    Shares were mostly higher Monday in Asia after Wall Street broke its three-day losing streak, trimming its losses for last week.

    China factory data are due out on Tuesday and a quarterly business sentiment survey by the Bank of Japan comes on Wednesday.

    The next big event for Wall Street could be a looming shutdown of the U.S. government, with a deadline set for this week. But such political impasses have had limited impact on the market before.

    U.S. jobs data also will be in the spotlight.

    U.S. futures edged higher early Monday and oil prices fell.

    Tokyo’s Nikkei was the regional outlier, giving up 1% to 44,892.52.

    Chinese markets advanced, with the Hang Seng in Hong Kong adding 1.5% to 26,518.03, while the Shanghai Composite index gained 0.1% to 3,832.65.

    Australia’s S&P/ASX 200 rose 0.7% to 8,545.70, while the Kospi in South Korea surged 1.3% to 3,430.57.

    On Friday, U.S. stocks trimmed their losses for the week after a report showed that inflation is behaving roughly as economists expected, even if it’s still high.

    The S&P 500 rose 0.6% to 6,643.70. The Dow Jones Industrial Average gained 0.7% to 46,247.29, while the Nasdaq composite added 0.4% to 22,484.07. All three indexes pulled closer to the all-time highs they set at the start of the week.

    Stocks got some help from the report showing inflation in the United States accelerated to 2.7% last month from 2.6% in July, according to the measure of prices that the Federal Reserve likes to use. While that’s above the Fed’s 2% target, it was precisely what economists had forecast.

    That offered some hope that the Fed could continue cutting interest rates in order to give the economy a boost. Without such cuts, growing criticism that stock prices have become too expensive by rising too quickly would become even more powerful.

    The Fed just delivered its first rate cut of the year last week but is not promising more because they could worsen inflation.

    Another report said sentiment among U.S. consumers was weaker than economists expected. The survey from the University of Michigan said consumers are frustrated with high prices, but their expectations for inflation over the coming 12 months also ticked down to 4.7% from 4.8%.

    One factor threatening to push inflation higher, adding to consumer woes, is President Donald Trump’s tariffs, and he announced more late Thursday. They include taxes on imports of some pharmaceutical drugs, kitchen cabinets and bathroom vanities, upholstered furniture and heavy trucks starting on Oct. 1.

    Details were sparse about the coming tariffs, as is often the case with Trump’s pronouncements on his social media network. That left analysts unsure of their ultimate effects, and the announcement created ripples in the U.S. stock market instead of huge waves.

    Paccar, the company based in Bellevue, Washington, that’s behind the market-dominant Peterbilt and Kenworth truck brands, revved 5.2% higher, for example.

    Big U.S. pharmaceutical companies nudged higher. Eli Lilly rose 1.4%, and Pfizer added 0.7%.

    In other trading early Monday, U.S. benchmark crude oil lost 49 cents to $65.23 per barrel. Brent crude, the international standard, declined 42 cents to $68.80 per barrel.

    Reports that the OPEC plus oil producing nations might raise their production limits next month have added to worries over oversupply, analysts said.

    The U.S. dollar slipped to 148.93 Japanese yen from 149.51 yen. The euro rose to $1.1727 from $1.1703.

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  • How major US stock indexes fared Friday, 9/26/2025

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    Wall Street broke its three-day losing streak and trimmed its losses for the week.

    The S&P 500 rose 0.6% Friday. The Dow Jones Industrial Average climbed 0.7%, and the Nasdaq composite gained 0.4%. All three indexes pulled closer to their records set at the start of the week.

    Stocks got some help from a report on inflation that suggested the Federal Reserve may be able to continue cutting interest rates. Such cuts would help justify high prices for stocks after their big rally. President Donald Trump’s latest tariffs caused waves for some stocks but not for the broad market.

    On Friday:

    The S&P 500 rose 38.98 points, or 0.6%, to 6,643.70.

    The Dow Jones Industrial Average rose 299.97 points, or 0.7%, to 46,247.29.

    The Nasdaq composite rose 99.37 points, or 0.4%, to 22,484.07.

    The Russell 2000 index of smaller companies rose 23.28 points, or 1%, to 2,434.32.

    For the week:

    The S&P 500 is down 20.66 points, or 0.3%.

    The Dow is down 67.98 points, or 0.1%.

    The Nasdaq is down 147.41 points, or 0.7%.

    The Russell 2000 is down 14.45 points, or 0.6%.

    For the year:

    The S&P 500 is up 762.07 points, or 13%.

    The Dow is up 3,703.07 points, or 8.7%.

    The Nasdaq is up 3,173.28 points, or 16.4%.

    The Russell 2000 is up 204.16 points, or 9.2%.

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  • Big pharma stocks rise as Street reacts to latest presidential tariff plan

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    Shares of some big drugmakers jumped ahead of broader indexes Friday as Wall Street started sorting out President Donald Trump’s latest tariff announcement.

    The president said late Thursday that he would place 100% import taxes on pharmaceuticals starting Oct. 1, but those tariffs would not apply to companies building U.S. manufacturing plants. He defined that as either “breaking ground” or being “under construction.”

    Several big drugmakers like Merck & Co. Inc., Eli Lilly and Co. and Johnson & Johnson have announced U.S. expansion plans.

    Trump has talked about pharmaceutical tariffs for months, but he has said he would delay them for a year or a year and a half to give companies time to stockpile medicines here and shift manufacturing.

    Analysts have said companies started stockpiling medicines in the U.S. earlier this year.

    Jefferies analyst Akash Tewari said in a research note that Thursday’s announcement shouldn’t have a material impact on the big drugmakers, given their construction plans.

    Brand-name drug companies also have fat profit margins that can provide some flexibility to make investments and absorb tariff costs. Manufacturers of cheaper generic drugs — which account for most U.S. prescriptions — do not. Researchers and patient advocates have worried about the impact of any tariffs on those companies.

    David Risinger of Leerink Partners said smaller drugmakers also may be vulnerable to the new taxes, although he noted that it was hard to predict which ones.

    He said several questions remain unanswered after Thursday’s announcement. Those include whether the action will survive legal challenges and how the phrases “breaking ground” and “under construction” are defined for tariff enforcement.

    Risinger also questioned whether the new taxes might be a negotiating tactic tied to an investigation the administration launched in the spring over how importing drugs and their ingredients affects national security.

    Shares of Merck and Lilly both climbed more than 1% Friday morning, while J&J’s stock rose slightly. The S&P 500 also edged slightly higher.

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  • Asian shares tumble after Trump says he will impose new tariffs on drugs and other goods

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    MANILA, Philippines — Asian shares fell on Friday after President Donald Trump announced plans for new tariffs including 100% import taxes on pharmaceutical drugs starting Oct. 1.

    Trump said Thursday on his social media site that foreign makers of furniture and cabinetry were flooding the United States with their products and that tariffs must be applied “for National Security and other reasons.”

    He said foreign-made heavy trucks and parts are hurting domestic producers. However, most such trucks are either made in America or are U.S. brands made in Canada or Mexico.

    U.S. futures slipped while oil prices rose.

    Most Asian indexes were in the red, with Japan’s Nikkei 225 down around 0.3% to 45,629.79.

    Sumitomo Pharma Co.’s shares lost 5.2% while Chugai Pharmaceutical sank 3.9%.

    Government data on Friday showed inflation in the Tokyo area rose 2.5% year-on-year in September, matching the pace in August but falling below expectations of an uptick to 2.8%. Inflation, however, was still above the Bank of Japan’s 2% target, leading to speculation about a rate hike later this year.

    South Korea’s Kospi tumbled 2.5% to 3,384.58 in a third consecutive session of losses amid growing worries over prolonged tariff negotiations with the U.S.

    In Chinese markets, Hong Kong’s Hang Seng index fell 0.7% to 26,313.66 while the Shanghai Composite index was down 0.1% to 3,850.07.

    Australia’s S&P/ASX 200 rose 0.2% to 8,790.20. India’s BSE Sensex fell 0.7% while Taiwan’s Taiex lost 1.5%.

    On Thursday, Wall Street stumbled to a third straight loss as U.S. stocks gave back more of their big gains for the year so far.

    The S&P 500 fell 0.5% to 6,604.72, marking its longest losing streak in more than a month. The Dow Jones Industrial Average dropped 0.4% to 45,947.32, and the Nasdaq composite sank 0.5% to 22,384.70. All three indexes are still near their records set at the start of the week.

    Stocks felt pressure from reports showing the U.S. economy may be stronger than economists thought. While that’s encouraging news for workers and for people looking for jobs, it could make the Federal Reserve less likely to cut interest rates several times in the coming months.

    The Fed just delivered its first cut of the year last week, and officials had penciled in more through the end of next year. That was critical for Wall Street after U.S. stocks shot to records since April in large part because of expectations for rate cuts. Easier rates can boost the economy and make investors more willing to pay high prices for stocks and other investments.

    If the Fed doesn’t cut rates as often as investors expect, it would empower criticism that the U.S. stock market is too expensive after rising so much, so quickly.

    Treasury yields ticked higher in the bond market as traders pared bets for the number of upcoming cuts to rates by the Fed. The yield on the 10-year Treasury rose to 4.17% from 4.16% late Wednesday.

    “For Asia today, it means traders wake up to a market where gravity has reasserted itself. The global $15 trillion rebound year-to-date now feels stretched against yields rising even for all the ‘right’ reasons( stronger growth),” Stephen Innes of SPI Asset Management wrote in a commentary. “It doesn’t take much for enthusiasm to wobble, at lofty peaks, and in this tape, fatigue is dangerous.”

    In other dealings early Friday, benchmark U.S. crude added 30 cents to $65.28 per barrel. Brent crude, the international standard, climbed 25 cents to $69.67 per barrel.

    The U.S. dollar edged down to 149.73 Japanese yen, from 149.75 yen. The euro rose to $1.1676 from $1.667. ___

    AP Business Writer Stan Choe contributed.

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  • Wall Street set to open higher after taking a break from its most recent rally a day earlier

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    Wall Street was poised to open with small gains Wednesday, a day after markets took a break from their relentless record-breaking rally.

    Futures for the S&P 500 ticked up 0.1% before the bell, while Nasdaq futures rose 0.2%. Futures for the Dow Jones Industrial Average were unchanged.

    Shares of Alibaba soared nearly 10% after the Chinese e-commerce giant announced a partnership with Nvidia and an expansion of data center operations into a handful of countries to bolster its artificial intelligence infrastructure. Alibaba is the latest in a string of companies announcing that they were plowing money into AI, many of which are also partnering with AI-chipmaker Nvidia.

    U.S. markets paused from their recent rally on Tuesday after Federal Reserve Chair Jerome Powell said stock prices were “fairly highly valued.”

    In his first public remarks since the Fed cut its main interest rate last week for the first time this year, Powell said that the Fed is stuck in an unusual position because worries about the job market are rising at the same time that inflation has stubbornly remained above its 2% target.

    Analysts said his comments reiterated his stance that there is no risk-free path.

    “Essentially the Fed Chairman confirmed what we already knew, which is that the central bank remains somewhat ‘between a rock and a hard place’ when it comes to managing the risks of rising inflation and falling employment,” said Tim Waterer, chief market analyst at KCM Trade.

    Fed officials have penciled in more cuts to rates through the end of this year and into next, but they are remaining wary because lower rates can also give inflation more fuel.

    An update Friday will show how much prices are rising for U.S. households based on the Fed’s preferred measure of inflation, and economists expect it to show a slight acceleration for last month.

    Elsewhere, in Europe at midday France’s CAC 40 slipped 0.6%, while the German DAX and Britain’s FTSE 100 each fell 0.2%.

    Japan’s benchmark Nikkei 225 recouped morning losses to finish 0.3% higher at 45,630.31. Australia’s S&P/ASX 200 slipped 0.9% to 8,764.50. South Korea’s Kospi dropped 0.4% to 3,472.14. Hong Kong’s Hang Seng rose 1.4% to 26,518.65, while the Shanghai Composite gained 0.8% to 3,853.64.

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