Finance
Stock market today: Asian shares rally, encouraged by Wall Street storming back from an early slide
TOKYO (AP) — Asian shares mostly rose on Thursday, encouraged by gains on Wall Street led by a handful of influential Big Tech companies.
Japan’s benchmark Nikkei 225 soared in early trading, adding 2.8% to 36,605.62, although the sharp gains were partly a reflection of earlier sharp drops.
The cheap yen was a boon for some issues, as it boosts the value of overseas earnings when converted into yen. Toyota Motor Corp. jumped 2.8%, while Nintendo Co. edged up 1.2%.
In currency trading, the U.S. dollar rose to 142.53 Japanese yen from 142.28. The euro cost $1.1016, inching down from $1.1017.
Shares in Nippon Steel Corp. were little changed after Keidanren, a group of Japan’s top businesses, expressed in a letter to U.S. Treasury Secretary Janet Yellen concerns about “political interference” in Nippon Steel’s proposed acquisition of U.S. Steel Corp. U.S. Steel issues finished nearly 7% higher a day earlier.
“America’s investment climate will be severely tarnished if such political interference prevails,” according to the letter, which was also signed by the U.S. Chamber of Commerce, Global Business Alliance, Alliance for Automotive Innovation and other groups.
Yellen oversees the government committee reviewing the takeover, while the White House recently signaled an openness to blocking the acquisition.
In the rest of the region, Australia’s S&P/ASX 200 rose 0.7% to 8,041.10. Hong Kong’s Hang Seng jumped 1.0% to 17,283.46, while the Shanghai Composite was little changed at 2,720.40.
On Wall Street, the S&P 500 rallied 1.1% after erasing a morning wipeout of 1.6%. A majority of the index’s stocks still finished lower for the day, but the performances by Nvidia and other tech stocks were enough to drive it to a third straight gain and back within 2% of its all-time high set in July.
The Dow Jones Industrial Average rose by 124 points, or 0.3%, after rallying back from a drop of 743 points. The Nasdaq composite jumped 2.2%.
In the latest government report on U.S. inflation, overall inflation slowed to 2.5% in August from 2.9% in July, a touch better than expected. But prices rose more than expected from July into August when ignoring food and energy, and economists say that can be a better predictor of where inflation is heading.
The data seemed to confirm the U.S. Federal Reserve will likely cut its main interest rate at its meeting next week, which would be the first such cut in more than four years. A worry is that it may prove too late, with U.S. shoppers already struggling under the weight of high prices.
Big Tech also once again lifted Wall Street. A handful of these behemoths accounted for most of the S&P 500’s return through the early part of this year, in large part on excitement about the artificial-intelligence boom.
Besides the 8.1% jump for Nvidia, gains of 2.8% for Amazon, 2.1% for Microsoft and 6.8% for Broadcom were the strongest forces lifting the S&P 500.
All told, the S&P 500 rose 58.61 points to 5,554.13. The Dow rose 124.75 to 40,861.71, and the Nasdaq composite jumped 369.65 to 17,395.53.
In the bond market, the yield on the 10-year Treasury rose to 3.66% from 3.64% late Tuesday. The two-year yield, which more closely follows expectations for Fed action, rose more, to 3.65% from 3.59%.
In energy trading, benchmark U.S. crude gained 19 cents to $67.50 a barrel. Brent crude, the international standard added 26 cents to $70.87 a barrel.
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AP Business Writer Stan Choe contributed.
The S&P 500 is set to end its 5-day streak of losses. The major indexes (^DJI,^GSPC, ^IXIC) are all trading higher thanks to big-name tech stocks like Nvidia (NVDA) and Tesla (TSLA). One stock that is trading lower is US Steel (X), which fell sharply after President Biden announced he will block Nippon Steel’s (NPSCY) purchase of the company. Other trending tickers on Yahoo Finance today include Rivian Automotive (RIVN), Adobe (ADBE), and Oklo (OKLO).
Key guests include:
3:05 p.m. ET – Ahmed Riesgo, Insigneo Chief Investment Officer
3:15 p.m. ET – Brian Gardner, Stifel Chief Washington Policy Strategist
4:00 p.m. ET – David Miller, Catalyst Funds Co-Founder, Chief Investment Officer and Senior Portfolio Manager
4:35 p.m. ET – Rachel Tipograph, MikMak, founder and CEO
Tesla (NASDAQ:TSLA) is planning to report its Q4 2024 results displaying their net income and cash flow of the business’s profitability and financial position on January 29, 2025 after market close.
Tesla experienced different stock price fluctuations, as market responses, between 9% and 22% within one day after releasing the results.
Tesla’s management will also give their 2025 guidance such as production, models, technology including Full Self-Driving (FSD).
The one-year price targets for Tesla given by 45 analysts are USD 278.47 at the average while ranging from as high as USD 515.00 and the lowest at USD 24.86. The average target is -26.58% from the current price at $379.28.
GuruFocus calculates the GF Value for Tesla one year ahead to be at $298.99 which indicates the stock to be overvalued -21.17% from the current price $379.28.
You can make more informed investment decision by visiting GuruFocus now and deep dive into Tesla’s performance with charts, breakdowns, 30-year financial data, and more!
This article first appeared on GuruFocus.
SIOUX FALLS, S.D. (Dakota News Now) – A South Dakota lawmaker has filed multiple pieces of legislation he says could help address government accountability.
Senate Bill 12 would limit the amount of money that may be loaned to a candidate or a political action committee (PAC).
Sen. Michael Rohl (R) of Aberdeen hopes that the bill will close a loophole in the South Dakota campaign finance world.
“PACs shouldn’t be personal checking accounts for the ultra-wealthy to be able to buy politicians,” Rohl said.
Currently, South Dakota law limits contributions to a candidate and a PAC at $1,000 and $10,000 respectively.
However, the state allows unlimited loans, which can be forgiven as bad debt.
“We don’t have campaign finance laws in South Dakota. We just have them for people that are everyday citizens that are trying to follow the spirit of the law, but the bad actors don’t have to follow them,” Rohl said.
Rohl wants to limit the loans to the $1,000 and $10,000 figures that are used for contributions.
In the midst of several fraud investigations amongst state employees, Senator Rohl says accountability in all parts of government is desperately needed.
“I think politicians for a long time have been saying we want to have more transparency in government, but nothing seems to happen so I’m drafting legislation and trying to be true to what I told people I represent I would do.”
But Rohl is very prepared for a lot of pushback.
“There’s going to be some opposition to it and there’s going to be opposition for the very reason that it needs to go away, and that’s because people are going to be afraid to make their donors mad,” said Rohl.
The Aberdeen senator also filed Senate Bill 11, which limits the amount of money that a political committee may accept from an inactive candidate campaign committee.
The 100th legislative session starts on January 14th.
Copyright 2025 Dakota News Now. All rights reserved.
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