Stocks mainly in Asia were higher on Friday following a rally on Wall Street led by technology companies.
Oil prices and US oil futures traded mixed as investors awaited signals on China’s economic policy from the meeting of the ruling Communist Party’s powerful Politburo.
Analysts said the meeting, scheduled for Friday, will likely focus on ways to boost growth as leaders try to counter worries about shutdowns to limit the outbreak The coronavirus outbreak is affecting the world’s second-largest economy through disruptions in shipments, manufacturing and other business.
“The Politburo will focus on spreading good cheer to Asian markets, so expect China to show a more pro-growth policy in terms of COVID restrictions, housing market, regulation define the internet and drive consumption,” Stephen Innes of SPI Asset Management said in a commentary.
The Shanghai Composite Index rose 0.3% to 2,983.11 while Hong Kong’s Hang Seng index fell 0.4% to 20,203.97.
Tokyo is closed for a public holiday, the first of many in Japan’s upcoming “Golden Week”.
In Seoul, the Kospi rose 0.6% to 2,683.61, while Australia’s S&P/ASX 200 gained 0.8% to 7,415.50.
The price of benchmark US crude fell 5 cents to $105.31 a barrel. It rose $3.34 to $105.36 a barrel on Thursday.
Brent crude, the basis for pricing international oils, rose 22 cents to $107.48.
After several hours on Thursday, SEC filings show that Elon Musk sold 4.4 million Tesla shares worth about $4 billion, most likely to help fund his Twitter purchase.
Tesla shares closed Thursday down slightly at $877.51. They are down 17% so far this year.
Wall Street’s main stock indexes posted their biggest gains in more than six weeks on Thursday, as tech companies regained some of the ground they lost recently.
The S&P 500 rose 2.5% to 4,287.50 and the Dow Jones Industrial Average rose 1.8% to 33,916.39. Nasdaq rose 3.1% to 12,871.53.
Shares of smaller companies also rose. The Russell 2000 rose 1.8% to 1,917.94.
This week has been tumultuous as investors look at a range of big corporate earnings from big tech companies, industrial companies and retailers.
Big tech and media companies have been behind most of the broader market swings because the value of their expensive shares carries more weight.
Apple is up 4.5% in regular trading. It added another 2.3% in after-hours trading after reporting better-than-expected results and increasing its dividend and share buyback program.
Chipmaker Qualcomm jumped 9.7% after easily beating Wall Street profit estimates. Meta, the parent company of Facebook, rose 17.6%, the biggest gain among S&P 500 stocks, after beating Wall Street’s first-quarter profit forecasts and reporting an increase in daily users. encouraging.
Incentive financial statements have helped support profits for several other large companies. McDonald’s jumped 2.9% after a strong earnings update. Southwest Airlines rose 2.1% after reporting steady revenue and telling investors it expected a profitable year as travel demand returns as the pandemic subsides.
Amazon rose 4.7% in regular trading, but fell 10.5% in after-hours trading after the online retail giant reported its first quarterly loss since 2015. The company reported sales. Falling revenue and a big investment in an electric vehicle startup. .
The company’s report cards are hitting the market as Wall Street studies how inflation will affect businesses and consumer spending.
Supply chain problems have been affecting business across many industries throughout the post-pandemic recovery, and Russia’s war against Ukraine has driven up prices for key food and energy. get worse.
The US Federal Reserve will actively raise interest rates as it steps up the fight against inflation. The Fed chair has indicated that the central bank could raise short-term interest rates to double the usual level at upcoming meetings, which begin next week. It raised its key interest rate overnight once, its first hike since 2018.
The US Commerce Department reported on Thursday that the US economy shrank last quarter for the first time since the pandemic hit two years ago. But the report shows consumers and businesses are continuing to spend, although rising prices suggest demand is still recovering.
Investors will get another update on Friday on spending, a barometer for the economy as everything from food to clothing and gas becomes more expensive, as the Commerce Department says Personal income and expenditure report for the month of March.
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AP Business Writers Damian J. Troise and Alex Veiga argue.
