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  • US stocks slip as Wall Street takes a pause from its relentless rally

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    NEW YORK — U.S. stock indexes are slipping on Tuesday as Wall Street takes a moment following a relentless rally.

    The S&P 500 fell 0.5%. The Dow Jones Industrial Average was down 69 points, or 0.2%, as of 1:30 p.m. Eastern time, and the Nasdaq composite was 0.7% lower.

    It’s a breather for the indexes, which all set their latest all-time highs on Monday. After surging from a bottom in April, the broad U.S. stock market is facing criticism that it’s shot too high, too fast and become too expensive. Even the head of the Federal Reserve, Jerome Powell, said on Tuesday that stock prices broadly look “fairly highly valued.”

    Nvidia weighed on the market after giving back some of its big gain from the day before, when it announced a partnership with OpenAI to build out data centers. Wall Street’s most influential stock lost 2.7%.

    AutoZone fell 1.2% after reporting a weaker profit for the latest quarter than analysts expected, as the auto parts retailer squeezed less earnings out of each $1 of revenue than it did a year earlier.

    But a 1.8% rise for Boeing helped limit the market’s losses after Uzbekistan Airways agreed to buy 14 of its Dreamliner airplanes and said it may add eight more to the order.

    Kenvue climbed 3% and recovered much of its drop from Monday, when it had sunk on worries that President Donald Trump would say its Tylenol product may increase the risk of autism in children. Trump did warn pregnant women about taking Tylenol, but he did not seem to cite any significant new research to back it up. Kenvue has disputed any link between the drug and autism.

    Gold, meanwhile, continued its record-breaking rally and topped $3,800 per ounce. It’s soared nearly 45% so far this year, even more than the U.S. stock market, in part on expectations that the Fed will cut interest rates to help the slowing U.S. job market.

    Worries about potentially high inflation because of White House influence on the Fed, along with mountains of debt for the U.S. and other governments, have also vaulted gold’s price higher.

    Powell said again on Tuesday 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. They were his first public remarks since the Fed cut its main interest rate last week for the first time this year.

    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 on 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.

    A preliminary report suggested activity at U.S. businesses is still growing, but at a slower pace as tariffs raise prices for them. Companies may be finding it difficult to pass those higher costs fully on to customers because of “weaker demand and stiff competition,” according to S&P Global.

    The numbers suggest that inflation could moderate for U.S. households, but not by so much that it drops below the Fed’s 2% target in the coming months, according to Chris Williamson, chief business economist at S&P Global Market Intelligence.

    In the bond market, Treasury yields ticked lower. The yield on the 10-year Treasury eased to 4.12% from 4.15% late Monday.

    In stock markets abroad, indexes were mixed amid modest moves across much of Europe and Asia.

    France’s CAC 40 rose 0.5%, and Hong Kong’s Hang Seng fell 0.7% for two of the bigger moves. Japan’s stock market was closed for a national holiday.

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    AP Business Writers Yuri Kageyama and Matt Ott contributed.

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  • Asian shares are mostly higher after Wall Street’s record week

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    TOKYO — Asian shares finished mostly higher Monday, cheered by a record finish last week on Wall Street, but European indexes were declining in early trading.

    France’s CAC 40 slipped 0.1% in early trading to 7,844.36, while the German DAX lost 0.6% to 23,504.07. Britain’s FTSE 100 was little changed, inching up less than 0.1% to 9,225.17. U.S. shares were set to drift lower with Dow futures down 0.3% at 46,524.00. S&P 500 futures shed 0.2% to 6,707.00.

    Earlier in Asia, Japan’s benchmark Nikkei 225 jumped 1.0% to finish at 45,493.66, rebounding from the decline late last week over concerns about the Bank of Japan’s selling its holdings. Such concerns abated as markets began to see any move as gradual.

    Australia’s S&P/ASX 200 rose 0.4% to 8,810.90. South Korea’s Kospi gained 0.7% to 3,468.65. Hong Kong’s Hang Seng slipped 0.8% to 26,344.14, while the Shanghai Composite rose 0.2% to 3,828.58.

    The recent Wall Street rally has come on expectations the Federal Reserve will continue to cut interest rates in order to give the economy a boost. The central bank lowered them for the first time this year on Sept. 17.

    If the Fed keeps cutting interest rates, that could give the struggling housing market a boost. But the growing expectations mean the market could be in for a disappointment and drop sharply if the Fed does not cut as much as traders expect.

    Fed officials have said more rate cuts are likely this year and next. Fed Chair Jerome Powell said last week that the central bank may have to react quickly because inflation is remaining stubbornly high in the American economy while the job market is slowing, all the while as President Donald Trump’s tariffs threaten to push inflation higher.

    “Every time the market seems to be running out of momentum, it fools most of us by pushing to higher heights,” said Jay Woods, chief market strategist at Freedom Capital Markets.

    “As traders continue to monitor new highs on a daily basis, they are really focused on what Fed officials will have to say as they make the speaking rounds this week.”

    In energy trading, benchmark U.S. crude rose 63 cents to $63.04 a barrel. Brent crude, the international standard, added 15 cents to $66.83 a barrel.

    In currency trading, the U.S. dollar fell to 147.87 Japanese yen from 147.91 yen. The euro cost $1.1766, up from $1.1745.

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  • How major US stock indexes fared Friday, 9/19/2025

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    Wall Street tacked on some more gains as it glided to the finish of its latest record-setting week.

    The S&P 500 rose 0.5% Friday. The Dow Jones Industrial Average added 0.4%, and the Nasdaq composite climbed 0.7%. All three indexes hit an all-time high for the second straight day.

    FedEx climbed after delivering a stronger profit for the latest quarter than analysts expected. The price of gold continued its sharp rally amid expectations for lower interest rates and worries about higher inflation. Japanese stocks fell after the Bank of Japan said it would reduce its trove of stock funds.

    On Friday:

    The S&P 500 rose 32.40 points, or 0.5%, to 6,664.36.

    The Dow Jones Industrial Average rose 172.85 points, or 0.4%, to 46,315.27.

    The Nasdaq composite rose 160.75 points, or 0.7%, to 22,631.48.

    The Russell 2000 index of smaller companies fell 18.93 points, or 0.8%, to 2,448.77.

    For the week:

    The S&P 500 is up 80.07 points, or 1.2%.

    The Dow is up 481.05 points, or 1%.

    The Nasdaq is up 490.37 points, or 2.2%.

    The Russell 2000 is up 51.71 points, or 2.2%.

    For the year:

    The S&P 500 is up 782.73 points, or 13.3%.

    The Dow is up 3,771.05 points, or 8.9%.

    The Nasdaq is up 3,320.68 points, or 17.2%.

    The Russell 2000 is up 218.61 points, or 9.8%.

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  • Asian shares retreat after Intel helped drive Wall Street to more records

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    MANILA, Philippines — Asian shares mostly retreated Friday after a rally of technology stocks led by Nvidia and Intel pushed Wall Street to more records.

    Japan’s Nikkei 225 switched from gains to losses and was down nearly 1.4% to 44,667.88 as of early afternoon, after the Bank of Japan decided to keep its benchmark short-term interest rate unchanged at 0.5%. Data released Friday also showed the country’s annual inflation in August slowed to a 10-month low at 2.7%, from 3.1% the previous month.

    In Chinese markets, Hong Kong’s Hang Seng index added 0.1% to 26,576.59 while the Shanghai Composite index was down less than 0.1% to 3,830.65. Investors are awaiting a phone call later Friday between President Donald Trump and China’s President Xi Jinping on tariffs and finalizing a deal to allow TikTok to keep operating in the United States.

    Australia’s S&P/ASX 200 climbed 0.6% to 8,799.80 after losses a day earlier, when data indicated the jobs market was showing signs of softness.

    South Korea’ Kospi fell 0.7% to 3,436.48. India’s BSE Sensex edged down 0.4%, trimming earlier gains. Taiwan’s Taiex dipped 0.4%.

    Wall Street rolled to more records Thursday as Nvidia and Intel led a rally for technology stocks on the announcement of their deal that includes a $5 billion investment.

    The S&P 500 rose 0.5% and is on track for a third straight winning week. The Dow Jones Industrial Average added 124 points, or 0.3%, and the Nasdaq composite climbed 0.9%. All three set all-time highs.

    Intel soared 22.8% for its best day since 1987 after Nvidia said it would buy $5 billion of the chipmaker’s stock. It’s part of a collaboration where the pair will develop products for data centers and personal computers. Nvidia climbed 3.5% and was by far the strongest force lifting the S&P 500 because it’s Wall Street’s most valuable company.

    Encouraging reports on the economy sent Treasury yields climbing in the bond market, meanwhile, including one that said fewer U.S. workers applied for unemployment benefits last week than expected.

    That could indicate the pace of layoffs is slowing, and it was a relief after the prior week’s data showed a disconcerting leap to a four-year high. The job market has slowed so much that the Federal Reserve on Wednesday cut its main interest rate for the first time this year in order to give it some help.

    The Fed also indicated more cuts may be on the way, though Chair Jerome Powell warned that the Fed is in a precarious position and may have to change course quickly. That’s because the economy is in an unusual situation where the job market is slowing while inflation is remaining stubbornly high at the same time.

    The Fed is in charge of fixing both, but it has only one tool to do so. And helping one by moving interest rates often hurts the other in the short term.

    Expectations are high on Wall Street that the Fed will keep cutting interest rates, and an unexpected halt could send stocks tumbling. Critics say stock prices have already shot too high and become too expensive, in part because of heavy bets on continued cuts in rates.

    On Wall Street, smaller stocks led the way. They can be some of the biggest beneficiaries of easier interest rates, and the Russell 2000 index of small stocks rallied 2.5% to join its bigger rivals in setting all-time highs. It topped its prior record, which was set in 2021.

    In other dealings on Friday, benchmark U.S. crude lost 19 cents to $63.38 per barrel. Brent crude, the international standard, shed 11 cents to $66.81 per barrel.

    The U.S. dollar slid to 147.38 yen from 147.92 yen. The euro slipped to $1.1774 from $1.790.

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    AP Business Writers Stan Choe contributed from New York.

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  • How major US stock indexes fared Thursday, 9/18/2025

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    Wall Street rolled to more records, led by a rally for technology stocks

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  • Asian shares climb after US stocks remained near record levels following rate cut

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    Strong overnight gains have Wall Street poised to open at record highs Thursday following the Federal Reserve’s first interest rate cut in nine months.

    Futures for the S&P 500 rose 0.8% before the bell, while futures for the Dow Jones Industrial Average added 0.7%. Nasdaq futures jumped 1.1%.

    Intel shares soared more than 28% after Nvidia announced it was investing $5 billion in the California chipmaker as part of a collaboration to ramp up custom data center and personal computer products. Nvidia shares rose 2.6%.

    Cracker Barrel shares slid 8.2% after the restaurant chain said that it expects lower sales and weaker customer traffic in the coming year as the controversy over its planned logo change continues to play out.

    In a conference call with investors on Wednesday, Cracker Barrel said traffic at its restaurants was down 1% in early August, before it announced it was adopting a more simplified logo that upset many of its loyal customers. The company eventually relented and went back to the old logo.

    Walt Disney shares were largely unchanged after the entertainment giant announced that its ABC television division had suspended Jimmy Kimmel’s late-night show indefinitely after comments that he made about Charlie Kirk’s killing led a group of ABC-affiliated stations to say they would not air the show.

    Earlier in the day, FCC Chairman Brendan Carr called Kimmel’s comments “truly sick” and said his agency has a strong case for holding Kimmel, ABC and network parent Walt Disney Co. accountable for spreading misinformation.

    As expected on Wednesday, the Federal Reserve cut its main interest rate, but even more important was the set of projections that U.S. central bank officials published showing where they expect interest rates to go in upcoming years.

    That indicated the typical member sees the Fed cutting the federal funds rate two more times by the end of this year and once more in 2026.

    Markets initially rose after the rate cut announcement and projections, but quickly gave back gains after Fed Chair Jerome Powell stressed that the projections could change and warned against taking them as guarantees of future conditions.

    What’s making things difficult for the Fed is that the job market is slowing as inflation is remaining stubbornly high. The Fed is in charge of fixing both, but it has only one tool to do that. And helping one by moving interest rates often hurts the other in the short term.

    The Fed had been holding rates steady this year because of the threat that U.S. President Donald Trump’s tariffs will raise prices for all kinds of products. Inflation has so far refused to go back below the Fed’s 2% target, and Fed officials don’t see that happening for a few years.

    In midday European trading, Germany’s DAX and France’s CAC each climbed 1.1%. Britain’s FTSE 100 added 0.3% in cautious trading ahead of a Bank of England interest rate decision later in the day.

    Asian shares were mixed, with Japan’s Nikkei 225 closing nearly 1.2% to 45,303.43 as the Bank of Japan started its two-day policy meeting, with rates expected to be left unchanged.

    South Korea’s Kospi added 1.4% to 3,461.30, with chipmakers SK Hynix and Samsung Electronics among advancers.

    The Chinese markets were down. Hong Kong’s Hang Seng slipped nearly 1.4% to 26,544.85, while the Shanghai Composite index trimmed earlier gains, losing over 1.1% to 3,831.66.

    Australia’s S&P/ASX 200 dipped 0.8% to 8,745.20 with data released Thursday showing the jobless rate was unchanged at 4.2% in August, but headline employment fell by 5,400 while full-time jobs declined by 40,900.

    India’s BSE Sensex was up 0.1%, while Taiwan’s Taiex added 1.3%.

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  • Wall Street edges back from its record heights

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    NEW YORK — U.S. stocks edged back from their record heights on Tuesday as the countdown ticked toward what Wall Street expects will be the first cut of the year to interest rates by the Federal Reserve.

    The S&P 500 fell 0.1% from its latest all-time high. The Dow Jones Industrial Average dipped 125 points, or 0.3%, while the Nasdaq composite slipped 0.1% from its own record set the day before.

    Stocks have run to records on expectations that the Fed will announce the first of a series of cuts to rates on Wednesday in hopes of giving the economy a boost. The job market has slowed so much that traders believe Fed officials now see it as the bigger danger for the economy than the threat of higher inflation because of President Donald Trump’s tariffs.

    The Fed has been holding off on cuts to rates because inflation has remained above its 2% target, and easier interest rates could give it more fuel.

    A report on Tuesday said shoppers increased their spending at U.S. retailers by more last month than economists expected. A chunk of that could be due to shoppers having to pay higher prices for the same amount of stuff. But it could also indicate solid spending by U.S. households could continue to keep the economy out of a recession.

    The data did little to change traders’ expectations for a cut to interest rates on Wednesday, followed by more through the end of the year and into 2026.

    Such high expectations have sent stocks to records, but they can also create disappointment if unfulfilled. That’s why more attention will be on what Fed Chair Jerome Powell says about the possibility of upcoming cuts in his press conference following Wednesday’s decision than on the decision itself.

    Fed officials will also release their latest projections for where they see interest rates and the economy heading in upcoming years, which could provide another potential flashpoint.

    For now, global fund managers are tilting their portfolios toward stocks at the highest level in seven months, according to the latest survey by Bank of America. That’s even though a record 58% of them are also saying that stocks look too expensive at the moment.

    On Wall Street, Dave & Buster’s fell 16.7% after the entertainment chain reported a weaker profit for the latest quarter than analysts expected.

    New York Times Co. fell 1.6% after Trump filed a $15 billion defamation lawsuit against the newspaper and four of its journalists on Monday. The lawsuit points to several articles and a book written by Times journalists and published in the lead up to the 2024 election as “part of a decades-long pattern by the New York Times of intentional and malicious defamation against President Trump.”

    On the winning end of Wall Street was Steel Dynamics, which climbed 6.1% after it said it’s seeing improved earnings across its three business units. It credited strong demand for steel from the non-residential construction and auto industries, among other things.

    Chipotle Mexican Grill added 1.9% after its board said the company could buy back an additional $500 million of its stock. Such a move can send cash directly to investors and boost per-share results.

    Oracle rose 1.5% on speculation that it could be part of a deal that would keep TikTok operating in the United States.

    All told, the S&P 500 fell 8.52 points to 6,606.76. The Dow Jones Industrial Average dropped 125.55 to 45,757.90, and the Nasdaq composite sank 14.79 to 22,333.96.

    In stock markets abroad, indexes fell in Europe following a mixed showing in Asia.

    Japan’s Nikkei 225 added 0.3% to finish at another record. The rally comes despite political uncertainty after Japanese Prime Minister Shigeru Ishiba said he is stepping down. An election within the ruling Liberal Democratic Party to pick a new leader is expected Oct. 4.

    In the bond market, the yield on the 10-year Treasury eased to 4.03% from 4.05% late Monday.

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    AP Business Writers Yuri Kageyama and Matt Ott contributed.

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  • Global shares trade mixed as markets eye Fed decision

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    Wall Street inched a tad higher early Monday as markets look ahead to what most expect will be an interest rate cut by the U.S. Federal Reserve later this week.

    Futures for the S&P 500 and Dow Jones industrials each ticked up 0.2% before the bell, while futures for the Nasdaq were up just 0.1%.

    Nvidia dipped 1.5% in premarket after China accused the company of violating the country’s antimonopoly laws. China said it would step up scrutiny of the world’s leading chipmaker, escalating tensions with Washington as the two countries hold trade talks this week.

    Chinese regulators said a preliminary investigation found that Nvidia didn’t comply with conditions imposed for its $6.9 billion purchase of Mellanox Technologies, a network and data transmission company. The one-sentence statement from Chinese regulators didn’t mention punishment, but said it would carry out “further investigation.”

    Tesla shares climbed 8.5% after CEO Elon Musk disclosed the purchase of more than 2.5 million shares worth approximately $1 billion.

    Musk purchased various amounts of shares at different prices on Friday, according to a regulatory filing. Markets tend to view such insider purchases as the confidence in the company’s future.

    With earnings season effectively wrapped up, investors are looking ahead to Wednesday, when the Federal Reserve is widely expected to cut its benchmark interest rate for the first time this year, despite inflation that remains above the central bank’s 2% target.

    Even as prices remain high, Fed officials have publicly acknowledged that a slowing labor market is now their biggest concern. That’s what is primarily driving market optimism for a rate cut this week.

    The central bank will also release its quarterly economic projections Wednesday, and economists forecast that they will show one or two additional cuts this year followed by several more next year.

    Also coming this week is the latest government data on retail sales, which will give a glimpse into whether Americans are still spending freely against the headwinds of still-elevated inflation and a weakening job market..

    Elsewhere, in Europe at midday, France’s CAC 40 jumped 1.2%, while the German DAX gained 0.5%. Britain’s FTSE 100 was unchanged.

    In Asia, Hong Kong’s Hang Seng added 0.2% to 26,446.56. The Shanghai Composite edged down 0.3% to 3,860.50.

    Worries are simmering about China’s economy, as analysts say the data for August aren’t strong enough to reflect ongoing dynamic growth, especially given the damage from U.S. President Donald Trump’s tariff policies.

    “China’s economy continued to slide in August, with all key activity readings falling short of market forecasts once more,” Lynn Song of ING Economics said in a report.

    “Given the slowdown of the past few months, we expect that there’s a strong case for additional short-term stimulus efforts,”

    China’s industrial production grew 5.2%, a 12-month low that was down from 5.7% in July and 6.8% in June. Retail sales rose 3.4%, the slowest pace since last November.

    “The underlying flow is shifting. For years, Beijing leaned on exports as the carry trade that kept growth rolling even as property cracked. But with Trump’s tariffs slicing through supply chains, that leg of the trade is gone,” said Stephen Innes, managing partner at SPI Asset Management.

    Australia’s S&P/ASX 200 lost 0.1% to 8,853.00, while South Korea’s Kospi gained 0.4% to 3,407.31. Stock trading was closed Monday for a national holiday in Japan.

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    Associated Press writer Ken Moritsugu in Beijing contributed to this report.

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  • Asian shares mostly rise after last week’s Wall Street rallies

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    TOKYO — Asian shares were mostly higher Monday, after Wall finished the previous week near their record levels.

    Hong Kong’s Hang Seng added 0.4% to 26,505.18. The Shanghai Composite edged up 0.2% to 3,878.57. Worries are simmering about China’s economy, as analysts say the data for August aren’t strong enough to reflect ongoing dynamic growth, especially given the damage from U.S. President Donald Trump’s tariff policies. China’s retail sales rose 3.4%, and factory output was up 5.2%.

    “The underlying flow is shifting. For years, Beijing leaned on exports as the carry trade that kept growth rolling even as property cracked. But with Trump’s tariffs slicing through supply chains, that leg of the trade is gone,” said Stephen Innes, managing partner at SPI Asset Management.

    Australia’s S&P/ASX 200 lost 0.3% to 8,836.50, while South Korea’s Kospi gained 0.4% to 3,409.94. Stock trading was closed Monday for a national holiday in Japan.

    Wall Street ended Friday with the S&P 500 edging down by less than 0.1% from the all-time high set Thursday. The Dow Jones Industrial Average fell 273 points, or 0.6%, while the Nasdaq composite added 0.4%.

    The recent rallies are coming because of expectations the Federal Reserve will cut its main interest rate for the first time this year at its meeting next week. That means that, if the interest rate cuts don’t happen, the market could drop in disappointment.

    All told, the S&P 500 slipped 3.18 points to 6,584.29. The Dow Jones Industrial Average fell 273.78 to 45,834.22, and the Nasdaq composite rose 98.03 to 22,141.10.

    In the bond market, the yield on the 10-year Treasury recovered some of its drop from earlier in the week, rising Friday to 4.06% from 4.01% late Thursday.

    In energy trading, benchmark U.S. crude rose 42 cents to $63.11 a barrel. Brent crude, the international standard, added 41 cents to $67.40 a barrel.

    In currency trading, the U.S. dollar inched down to 147.45 Japanese yen from 147.65 yen. The euro cost $1.1730, little changed from $1.1732.

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  • Asian shares track Wall Street rallies as a US interest rate cut next week looks more certain

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    MANILA, Philippines — Asian shares rose on Friday, tracking Wall Street’s record-setting run the previous after a mixed set of U.S. data bolstered expectations that the Federal Reserve will cut interest rates to boost the economy.

    Japan’s Nikkei 225 set another intra-day high, rising for the third day and adding 0.9% to 44,781.09. Shares in semiconductor company Tokyo Electron, Sony Group and Fast Retailing were among the movers.

    In Chinese markets, Hong Kong’s Hang Seng index rose 1.5% to 26,484.65, lifted by a report that Beijing may order state banks to help cover unpaid bills of local governments. The Shanghai Composite index inched 0.2% to 3,877.38

    In Seoul, the Kospi climbed 1.3% to 3,387.02 while Australia’s S&P/ASX 200 added 0.7% to 8,867.90. India’s BSE Sensex rose 0.3% while Taiwan’s Taiex was up 0.6%.

    “What’s moving markets now isn’t just another rally — it’s the unmistakable shift of a dovish Fed tide, the kind that doesn’t rise in isolation but swells across oceans, lifting virtually every boat in every harbour,” Stephen Inness of SPI Asset Management said in a market commentary.

    Wall Street’s record-setting run kept rolling on Thursday, and stocks climbed after a mixed set of U.S. data kept the path clear for the Federal Reserve to cut interest rates to boost the economy.

    The S&P 500 rose 0.8% and set an all-time high for the third straight day. The Dow Jones Industrial Average rallied 617 points, or 1.4%, and the Nasdaq composite gained 0.7%. Both also hit records.

    Treasury yields eased in the bond market following the economic reports, which were some of the final data releases left that could sway the Federal Reserve’s thinking before its meeting next week. The unanimous expectation on Wall Street is that it will cut its main interest rate for the first time this year.

    The hope on Wall Street has been for a slowdown, but a precisely measured one. The job market has to be weak enough to get the Fed to cut interest rates, which can give a kickstart to the economy and to prices for investments, but not so much that it causes a recession.

    The Fed has been hesitant to cut interest rates throughout 2025 because of the threat that President Donald Trump’s tariffs could make inflation worse. Lower interest rates can push inflation even higher.

    A report on inflation Thursday showed that prices are continuing to rise faster for U.S. households than the Fed’s 2% target, but no more than economists expected. Consumers paid prices for food, gasoline and other costs of living that were 2.9% higher in August than a year earlier, a slight acceleration from July’s 2.7% inflation rate.

    Traders believe the Fed will see the slowing job market as the bigger problem than inflation.

    Stocks of companies that could benefit from lower interest rates rallied on Wall Street, including owners of real estate and homebuilders.

    In other dealings on Friday, benchmark U.S. crude shed 53 cents to $61.84 per barrel. Brent crude, the international standard, slipped 51 cents to $65.86 per barrel.

    The U.S. dollar rose to 147.51 yen from 147.15 yen. The euro slid to $1.1729 from $1.1740.

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    AP Business Writer Stan Choe contributed.

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  • How major US stock indexes fared Thursday, 9/11/2025

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    Wall Street rolled to more records after mixed data on the economy cemented expectations for coming cuts to interest rates

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  • Asian shares are mostly up after US stocks inch to more records as inflation slows

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    MANILA, Philippines — World shares were mostly higher Thursday, buoyed by gains of tech-related stocks after Wall Street inched to more records following a surprisingly encouraging report on inflation and a stunning forecast for growth from Oracle because of the artificial intelligence boom.

    In early European trading, Germany’s DAX was nearly flat at 23,631.29. Britain’s FTSE 100 rose 0.4% to 9,259.17, while France’s CAC 40 climbed 0.5% to 7,803.52.

    In Tokyo, the Nikkei 225 added 1.2% to 44,372.50, with tech investment company SoftBank Group’s shares jumping 8.3% in a second straight day of gains.

    Data released Thursday showed Japan’s producer prices rose 2.7% year-on-year in August from a 2.5% rise the previous month, in line with market expectations. The higher cost of food, transport equipment and machinery contributed to the rise in prices.

    In Chinese markets, Hong Kong’s Hang Seng index slid 0.4% to 26,086.32 while the Shanghai Composite index rose 1.7% to 3,875.31.

    Shares of chipmaker Semiconductor Manufacturing International Corp added more than 6%, while Hua Hong Semiconductor rose 3.8%. Cambricon Technologies, often called China’s Nvidia, climbed 9%.

    South Korea’s Kospi climbed 0.9% to 3,344.20 while Australia’s S&P/ASX 200 was down 0.3% to 8,805.00. India’s BSE Sensex added nearly 0.2% while Taiwan’s Taiex rose 0.1%, trimming earlier gains.

    The future for the S&P 500 rose 0.1% while that for the Dow Jones Industrial Average added less than 0.1%.

    “Asia’s Thursday tape was the kind of market that looks lively from a distance but flat when you press your nose against the glass. After Wall Street’s record sprint, traders in Tokyo and Seoul tried to carry the baton. Still, Hong Kong and Sydney promptly fumbled it, leaving the MSCI Asia-Pacific index pacing on the spot after five straight daily advances,” Stephen Innes of SPI Asset Management said in a market commentary.

    On Wall Street, the S&P 500 rose 0.3% on Wednesday and set an all-time high for a second straight day. The Dow Jones Industrial Average dropped 220 points, or 0.5%, and the Nasdaq composite edged up by less than 0.1% after both set records the day before.

    Stocks have hit records in large part because Wall Street is expecting the economy to pull off a delicate balancing act: slowing enough to convince the Federal Reserve to cut interest rates, but not so much that it causes a recession, all while inflation remains under control.

    Many things must go right for that to happen, and an encouraging signal came from a report Wednesday saying inflation at the U.S. wholesale level unexpectedly slowed in August.

    A potentially more important report is coming Thursday, which will show how bad inflation has been for U.S. households.

    Traders were already convinced the Fed will deliver its first cut to interest rates of the year at its next meeting, but they need inflation data until then to be mild enough not to derail those expectations.

    On Wall Street, tech stocks led the way after Oracle said AI-related demand is set to send its revenue surging. Oracle stock leaped 35.9% for its best day since 1992, even though it also reported results for the latest quarter that came up just shy of analysts’ expectations.

    Taiwan Semiconductor Manufacturing Co., which makes chips used in AI and other computing, saw its stock that trades in the U.S. climb 3.8% after it said its revenue jumped nearly 34% in August from a year earlier.

    On the losing side of Wall Street was Apple, whose drop of 3.2% helped drag the Dow lower and was the heaviest single weight on the S&P 500. Some analysts said its unveiling of new iPhones the day before contained no surprises and may not drive much growth in demand.

    In other dealings Thursday, benchmark U.S. crude shed 11 cents to $63.56 per barrel. Brent crude, the international standard, lost 8 cents to $67.41 per barrel.

    The U.S. dollar rose to 147.88 yen from 147.36 yen. The euro slid to $1.1687 from $1.1704.

    ___

    AP Business Writers Stan Choe in New York contributed to this report.

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  • Global shares mostly rise, cheered by Wall Street rally

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    TOKYO — Global shares mostly rose Wednesday, echoing record rallies on Wall Street after the latest update on the job market bolstered hopes the U.S. Federal Reserve will cut interest rates.

    France’s CAC 40 rose 0.8 in early trading to 7,809.80. Germany’s DAX edged up 0.6% to 23,856.74. Britain’s FTSE 100 rose 0.2% to 9,263.14. U.S. shares were set to be mixed with Dow futures down 0.1% at 45,700.00, while S&P 500 futures gained 0.3% at 6,537.75.

    Japan’s benchmark Nikkei 225 gained 0.9% to finish at 43,837.67. Australia’s S&P/ASX 200 added 0.3% to 8,830.40. South Korea’s Kospi jumped 1.7% to 3,314.53.

    Hong Kong’s Hang Seng rose 1.0% to 26,200.26, while the Shanghai Composite edged up 0.1% to 3,812.22. Uncertainty is still in the air over U.S.-China tariff issues as bilateral talks continue.

    U.S. President Donald Trump has raised taxes on imports from China, triggering a tit-for-tat tariff war. The U.S. is currently charging an additional 30% tariff on Chinese goods and China is charging a 10% tariff under a de-escalation deal reached in May.

    Investors are also watching for the U.S. Federal Reserve possibly cutting its main interest rate for the first time this year at its next meeting in a week, in order to prop up the slowing job market. A report on Tuesday offered the latest signal of weakness, when the U.S. government said its prior count of jobs across the country through March may have been too high by 911,000, or 0.6%.

    That was before President Donald Trump shocked the economy and financial markets in April by rolling out tariffs on countries worldwide.

    The bet on Wall Street is that such data will convince Fed officials that the job market is the bigger problem now for the economy than the threat of inflation worsening because of Trump’s tariffs. That would push them to cut interest rates, a move that would give the economy a boost but could also send inflation higher.

    “The broader narrative is increasingly anchored on expectations that the Fed will deliver a rate cut at next week’s meeting,” said Ahmad Assiri, research strategist at Pepperstone.

    In energy trading, benchmark U.S. crude added 58 cents to $63.21 a barrel. Brent crude, the international standard, rose 56 cents to $66.95 a barrel.

    The rise in oil prices came amid escalation of tensions in the Middle East. Israel struck the headquarters of Hamas’ political leadership in Qatar on Tuesday as the group’s top figures gathered to consider a U.S. proposal for a ceasefire in the Gaza Strip.

    In currency trading, the U.S. dollar inched up to 147.53 Japanese yen from 147.37 yen. The euro fell to $1.1695 from $1.1714.

    ___

    Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama

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  • Robinhood joins new band of companies calling the S&P 500 their home

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    Online broker Robinhood Markets will join the S&P 500 index after riding the popularity of cryptocurrencies to profitability and an all-time high stock price.

    The company is set to join the benchmark index on Sept. 22, along with mobile technology platform AppLovin and construction company Emcor Group.

    Robinhood is having one of its best years since going public in 2021 after struggling early on. It closed below its IPO price of $38 on its first day of trading. The stock remained volatile over the next few years, finishing 2023 at $12.74 per share.

    The stock has tripled in 2025 so far, trading at more than $100 per share. That follows a similar gain in 2024.

    An increased interest in cryptocurrency amid a friendlier regulatory environment for the digital currency has helped turn around the online broker’s profits. The company lost 61 cents per share in 2023, but sharply reversed course in 2024 for a profit of $1.56 per share. Wall Street expects the company to close out 2025 with $1.64 per share in profit.

    The company has been benefitting from the government’s hands off approach to cryptocurrency and regulation during President Donald Trump’s tenure. Earlier this year, the Securities and Exchange Commission closed an investigation into the company. The SEC declined to pursue enforcement action over allegations that Robinhood failed to register certain crypto assets on its platform as securities.

    Robinhood was also at the center of the original “meme stock” craze in 2021 that centered on heavy trading of GameStop and AMC Entertainment. The company had to temporarily restrict trading of those companies amid a dispute between online activist retail investors and institutional investors.

    Shares of Robinhood surged 13.8% in morning trading, while AppLovin shares jumped 11.5%.

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  • Asian shares rise after Japan’s prime minister resigns

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    TOKYO — Asian shares mostly rose with Japan’s benchmark jumping higher in Monday morning trading, despite the looming political uncertainty after Prime Minister Shigeru Ishiba announced last night he was stepping down as prime minister and head of his party.

    Analysts said his announcement was expected for some time and welcomed it as moving things forward, although uncertainty remains as an election at the ruling Liberal Democratic Party, or LDP, will need to be held, with several legislators stepping forward as candidates.

    “Markets may react short-term to the temporary uncertainty of lame-duck leadership, but this may resolve once a new leader is chosen. Meanwhile, the LDP’s position as a minority leading party is unlikely to change anytime soon, and as such compromise will be the name of the policy-making game,” said Naomi Fink, chief global strategist at Amova Asset Management.

    Japan’s benchmark Nikkei 225 gained 1.4% in morning trading to 43,630.54. South Korea’s Kospi gained 0.2% to 3,211.36. Australia’s S&P/ASX 200 lost 0.3% to 8,845.50

    Hong Kong’s Hang Seng edged up 0.3% to 25,487.02, while the Shanghai Composite rose 0.2% to 25,487.02.

    Also Monday, Japan’s Cabinet Office said the economy expanded at a stronger rate in the fiscal first quarter than previously estimated, at a seasonally adjusted 2.2% annualized rate, better than the earlier 1.0% rate as solid consumer spending and inventories lifted growth more than previously thought.

    On Wall Street, stocks finished last week lower in Friday trading on uncertainty whether the U.S. job market has slowed by just enough to get the Federal Reserve to cut interest rates to help the economy, or by so much that a downturn may be on the way.

    After rising to an early gain, the S&P 500 erased it and fell 0.3% below the all-time high it set the day before. The Dow Jones Industrial Average dropped 220 points, or 0.5%, after swinging between an early gain of nearly 150 points and a loss of 400. The Nasdaq composite edged down by less than 0.1%.

    A report from the U.S. Labor Department said American employers hired fewer workers in August than economists expected. The government also said that earlier estimates for June and July overstated hiring by 21,000 jobs.

    The disappointing numbers follow last month’s discouraging jobs update, along with other lackluster reports in intervening weeks, and traders are now betting on a 100% probability that the Fed will cut its main interest rate at its next meeting on Sept. 17.

    In energy trading, benchmark U.S. crude added 74 cents to $62.61 a barrel. Brent crude, the international standard, rose 80 cents to $66.30 a barrel.

    In currency trading, the U.S. dollar edged up to 148.20 Japanese yen from 147.39 yen. The euro cost $1.1709, down from $1.1723.

    ___

    AP Business Writer Stan Choe in New York contributed to this report.

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  • How major US stock indexes fared Friday, 9/5/2025

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    U.S. stocks wobbled lower as Wall Street questioned whether the U.S. job market has slowed by just enough to get the Federal Reserve to cut interest rates to help the economy, or by so much that a downturn may be on the way

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  • Wall Street climbs to more records on hopes for cuts to interest rates

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    NEW YORK — U.S. stocks are rising further into record heights on Friday after the latest disappointing signal on the job market bolstered expectations that the Federal Reserve will have to cut interest rates soon to help the economy.

    The S&P 500 climbed 0.4% and added to its all-time high set the day before. The Dow Jones Industrial Average was up 115 points, or 0.3%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.6% higher.

    The action was much stronger in the bond market, where Treasury yields tumbled after the report from the U.S. Labor Department said employers across the country hired far fewer workers in August than economists expected. The U.S. government also said that earlier estimates for June and July overstated hiring by 21,000 jobs.

    The disappointing numbers followed last month’s weaker-than-expected update, along with other lackluster reports in the intervening weeks, and traders now are betting on a 100% probability that the Fed will cut its main interest rate at its next meeting on Sept. 17, according to data from CME Group. Such cuts can give a kickstart to the economy and job market, but the Fed has held off on them so far this year because they can also give inflation more fuel.

    Until now, the Fed has been more worried about the potential of inflation worsening because of President Donald Trump’s tariffs than about the job market. But Friday’s job numbers were weak enough that they could even push the Fed to consider cutting by a deeper-than-usual half of a percentage point in two weeks, said Brian Jacobsen, chief economist at Annex Wealth Management.

    “This week has been a story of a slowing labor market, and today’s data was the exclamation point,” according to Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management.

    While the data on the job market is disappointing, it’s still not so weak that it’s screaming a recession is here. The hope for investors is that the job market can remain in a balanced state where it’s not so strong that it prevents cuts to interest rates but also not so weak that profits for companies disappear.

    On Wall Street, Broadcom leaped 13.8% and helped pull tech stocks higher after it reported better profit and revenue for the latest quarter than analysts expected. CEO Hock Tan said customers are continuing to invest strongly in chips used for artificial-intelligence technology, and the company expects revenue from them to accelerate to $5.2 billion in the current quarter.

    Tesla rose 3.1% after proposing a payout package that could reach $1 trillion for CEO Elon Musk if the electric vehicle company meets a series of extremely aggressive targets over the next 10 years.

    Those gains helped offset a 16.4% drop for Lululemon. The yoga and athletic gear maker tumbled after it fell short of analysts’ expectations for revenue in the latest quarter, even though its profit topped forecasts. CEO Calvin McDonald pointed to disappointing results from its U.S. operation, as its international results saw positive momentum. CFO Meghan Frank said Lululemon is facing “industry-wide challenges, including higher tariff rates.”

    In stock markets abroad, indexes rose across much of Europe and Asia.

    In Tokyo, the Nikkei 225 rallied 1% after data showed accelerating growth in earnings for Japanese workers in July.

    Chinese markets rebounded after three days of decline. Indexes jumped 1.4% in Hong Kong and 1.2% in Shanghai.

    In the bond market, the yield on the 10-year Treasury tumbled to 4.07% from 4.17% late Thursday and from 4.28% on Tuesday. That’s a notable move for the bond market.

    The two-year Treasury yield, which more closely tracks expectations for Fed action, fell even more. It dropped to 3.47% from 3.59% late Thursday.

    ___

    AP Writers Matt Ott and Teresa Cerojano contributed.

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  • Asian shares mixed as reports show a marginally improved factory outlook for China

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    BANGKOK — Shares were mixed in Asia on Monday, with markets in China gaining after surveys showed a slight improvement in Chinese factory data, suggesting manufacturing is holding up despite higher U.S. tariffs.

    Investors were awaiting further developments after the U.S. Court of Appeals for the Federal Circuit ruled Friday that U.S. President Donald Trump went too far when he declared national emergencies to justify imposing sweeping import taxes on almost every country on earth.

    Hong Kong’s Hang Seng jumped 2% to 25,571.91, while the Shanghai Composite index added 0.3% to 3,869.62 in sluggish trading.

    A government survey showed China’s factory activity improved marginally in August, with the purchasing managers index issued by the National Statistics Bureau rising to 49.4 from 49.3 in July. The survey is on a scale of 0 to 100 where 50 marks the cutoff for expansion.

    Another, private sector survey called the RatingDog China General Manufacturing PMI showed the general PMI at 50.5 last month, up from 49.4 in July. Averaging the two surveys yields a PMI of 49.9, suggesting some resilience in the manufacturing sector, Zichun Huang of Capital Economics said in a commentary.

    China and the U.S. are still negotiating over a broad trade agreement that will influence how much import duty companies and consumers will pay on goods shipped to the U.S.

    “The PMIs suggest that China’s economy accelerated last month, thanks to faster growth across manufacturing and services. But we don’t see much upside over the rest of the year,” Huang said.

    Japan’s Nikkei 225 index fell 1.5% to 42,101.37, while the Kospi in South Korea shed 1.4% to 3,140.61.

    Shares also fell in Australia, with the S&P/ASX 200 losing 0.5% to 8,924.70.

    Taiwan’s benchmark lost 0.7% while New Zealand’s gained 0.5%.

    Shares fell 0.7% in Jakarta after Indonesia’s president, Prabowo Subianto, pledged Sunday to revoke lawmakers’ perks and privileges, to try to ease public fury after nationwide protests left six people dead. It was a rare concession in response to mounting public anger.

    U.S. markets will be closed on Monday for the Labor Day holiday.

    On Friday, Wall Street closed out another winning month though benchmarks ended below their latest all-time highs.

    The S&P 500 fell 0.6% a day after climbing to a record high, ending the week at 6,460.26. The benchmark index ended August with a 1.9% gain, its fourth straight month of gains. It’s now up 9.8% so far this year.

    The Dow Jones Industrial Average also came off its own record high, slipping 0.2% to 45,544.88. The Nasdaq composite closed 1.2% lower at 21,455.55.

    Losses in technology weighed on the market, offsetting gains in health care and other sectors.

    Dell Technologies slid 8.9% for the biggest decline among S&P 500 stocks a day after the company reported second-quarter revenue that exceeded analysts’ expectations, but noted that margin pressures and weakness in PC revenue.

    Among other tech companies that ended the day in the red: Tech giant Nvidia fell 3.3%, Broadcom dropped 3.6% and Oracle slid 5.9%.

    Mixed economic data gave traders an excuse to sell and pocket some profits following the market’s milestone-setting week.

    The Commerce Department said prices rose 2.6% in July compared with a year earlier, as measured by the personal consumption expenditures index. That’s the same as in June and in line with what economists expected.

    Excluding volatile food and energy categories, prices rose 2.9% last month from a year earlier, up from 2.8% in June and the highest since February.

    The most recent government data suggests hiring has slowed sharply since this spring, raising alarm over the direction of the broader economy.

    Meanwhile, the latest reading in a survey of U.S. consumers by the University of Michigan showed sentiment soured in August, hitting its lowest level since May due to concerns about prices and the economy.

    In other dealings early Monday, U.S. benchmark crude oil shed 23 cents to $63.78 per barrel. Brent crude, the international standard, fell 25 cents to $67.23 per barrel.

    The U.S. dollar slipped to 146.92 Japanese yen from 147.02 yen. The euro rose to $1.1713 from $1.1696.

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  • Asian shares are mixed after stocks add a bit to their records on Wall Street

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    MANILA, Philippines — Asian shares were mixed on Friday as investors awaited a key U.S. inflation report and after gains in technology stocks on Wall Street helped propel the market to another all-time high.

    U.S. futures and oil prices slipped.

    In Tokyo, the Nikkei 225 fell 0.2% to 42,744.80 after a slew of data released Friday showed Japan’s factory output slumped in July as higher tariffs hit on exports to the United States. Inflation in Tokyo also slowed to 2.6% year-on-year, while the jobless rate fell to 2.3% in July from 2.5% in June.

    “Today’s Japanese data was mixed, with disappointing industrial production threatening third-quarter growth, while a tight labor market points to increased wages and underlying inflation remaining firm,” ING Economics said in a commentary. “We still think October is the most likely timing for a Bank of Japan rate hike.”

    In Chinese markets, Hong Kong’s Hang Seng index rose 0.7% to 25,179.39, while the Shanghai Composite index added 0.2% to 3,849.76. Shares in computer chipmaker Cambricon Technologies shed gains on Friday after soaring 15.7% to 1,587.91 yuan ($222) a day earlier, becoming the priciest stock on Shanghai’s exchange.

    “Hyper-growth in China’s tech landscape is starting to feel like a zero-sum cage fight rather than a clean runway. Even Cambricon’s AI chip story, this week’s darling, is now flashing red lights, warning of trading risks after an 8% skid,” Stephen Innes of SPI Asset Management said in a commentary.

    South Korea’s KOSPI shed 0.1% to 3,193.05, while Australia’s S&P/ASX 200 edged 0.1% lower to 8,973.30.

    Taiwan’s TAIEX was up 0.5% while India’s BSE Sensex fell less than 0.1%.

    On Thursday, the S&P 500 rose 0.3%, lifting the benchmark index to its second record high in a row. The Dow Jones Industrial Average reversed an early slide and gained 0.2%, enough to move past its record high set last Friday.

    The Nasdaq composite closed 0.5% higher, finishing just short of its all-time high set two weeks ago.

    Gains in the technology and communication services sectors offset losses elsewhere in the market.

    Tech giant Nvidia fell 0.8% a day after reporting quarterly earnings and revenue that beat Wall Street analysts’ forecasts, though the company noted that sales of its artificial intelligence chipsets rose at a slower pace than analysts anticipated.

    Traders also had their eye on new government reports on the job market and economy.

    The Labor Department reported that applications for unemployment benefits fell last week, the latest sign that employers are holding onto their workers even as the economy has slowed.

    The most recent government data suggests hiring has slowed sharply since this spring.

    Meanwhile, the Commerce Department reported that U.S. gross domestic product —- the nation’s output of goods and services — grew at a 3.3% annual pace in the April-June quarter after shrinking 0.5% in the first three months of this year due to the fallout from the Trump administration’s trade wars.

    Still, the sluggishness in the job market is a key reason that Federal Reserve Chair Jerome Powell signaled last week that the central bank may cut its key interest rate at its meeting next month.

    Friday will bring another update on inflation: the U.S. personal consumption expenditures index. Economists expect it to show that inflation remained at about 2.6% in July, compared with a year ago. Businesses have been warning investors and consumers about higher costs and prices because of tariffs.

    In other dealings on Friday, U.S. benchmark crude lost 43 cents to $64.17 per barrel. Brent crude, the international standard, slid 41 cents to $67.57 per barrel.

    The U.S. dollar rose to 146.98 Japanese yen from 146.95 yen. The euro fell to $1.1662 from $1.1684. ___ AP Business Writer Alex Veiga contributed.

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  • Asian shares are mixed after US stocks creep higher ahead of Nvidia earnings report

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    MANILA, Philippines — Asian shares were mixed Thursday after modest gains on Wall Street lifted the S&P 500 to another all-time high ahead of computer chip maker Nvidia’s highly anticipated earnings report.

    U.S. futures also were mixed and oil prices declined.

    In China, shares in computer chip maker Cambricon Technologies surged 7.1% to 1,469.99 yuan ($205.60), becoming the priciest stock on Shanghai’s exchange as it surpassed Kweichou Moutai’s stock, which was unchanged at 1,449 yuan ($202.51) a share. Cambricon’s shares have jumped after it reported its revenue and profit soared in the first half of the year, helped by the Chinese government’s support for domestic semiconductor makers.

    The Shanghai Composite index edged less than 0.1% higher to 3,803.08. It has been trading near decade-high levels on heavy buying by institutional investors.

    Hong Kong’s Hang Seng dropped 0.7% to 25,035.78, led by losses for technology companies like food delivery company Meituan. Its shares dropped 10.3%, while e-commerce giant JD.com declined 3.5%. Such companies have seen demand sag as Chinese consumers cut back on spending.

    Japan’s Nikkei 225 added 0.6% to 42,755.61. It has been trading near record levels, despite friction with Washington over a preliminary trade agreement that has yet to be finalized. Top trade envoy Ryohei Akazawa abruptly postponed a trip to the U.S. capital planned for Thursday in the latest sign of trouble over the deal setting tariffs on Japanese exports at 15%, a policy that has yet to come into effect.

    South Korea’s Kospi climbed 0.4% to 3,200.71 after the Bank of Korea kept its policy rate unchanged at 2.5% for its second straight meeting.

    Australia’s S&P/ASX 200 edged 0.1% higher to 8,970.30. India’s BSE Sensex fell 1.1%, reopening following a public holiday after higher U.S. tariffs on the country’s exports took effect on Wednesday.

    Taiwan’s TAIEX shed 0.7%.

    Stock indexes in Jakarta and Kuala Lumpur were both 0.4% higher, while that in Manila was down 0.5% near midday.

    On Wednesday, the S&P 500 rose 0.2%, nudging past the record high it set two weeks ago to close at 6,481.40.

    The Dow Jones Industrial Average rose 0.3% to 45,565.23, and the Nasdaq composite closed 0.2% higher at 21,590.14.

    Technology companies led the way higher, outweighing declines in communication services and other sectors.

    After the market closed, Nvidia’s quarterly report showed its earnings and revenue topped Wall Street analysts’ forecasts, though the company noted that sales of its artificial intelligence chipsets rose at a slower pace than analysts anticipated. The stock fell 3.2% in after-hours trading after having slipped 0.1% during the regular session.

    Investors consider Nvidia a barometer for the strength of the boom in artificial intelligence because the company makes most of the chips that power the technology. Its heavy weighting also gives Nvidia outsized influence as a bellwether for the broader market.

    Trading on Wall Street was off to an uneven start this week following big gains last week on hopes for interest rate cuts from the Fed.

    Markets have been subdued since Trump escalated his fight with the central bank by trying to fire Federal Reserve Governor Lisa Cook. Cook’s lawyer said she’ll sue Trump’s administration to try to stop him.

    Trump has been feuding with the central bank over its cautious interest rate policy. The Fed has held rates steady since late 2024 over worries that Trump’s unpredictable tariff policies will reignite inflation.

    In other dealings early Thursday, U.S. benchmark crude dropped 52 cents to $63.63 per barrel. Brent crude, the international standard, declined 49 cents to $66.95 per barrel.

    The dollar fell to 147.19 Japanese yen early Thursday, down from 147.40 yen. The euro rose to $1.1641 from $1.1640.

    ___ AP Business Writer Alex Veiga contributed.

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