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Tokyo, Dec 31 (AP) Asian markets shares were mixed on Tuesday, with trading closed in Tokyo and Seoul for New Year holidays.
Australia's S and P/ASX 200 in Sydney skidded 0.6 per cent to 8,182.80 in early trading.
Hong Kong's Hang Seng added 0.5 per cent to 20,140.91, while the Shanghai Composite lost 0.2 per cent to 3,399.74 after Chinese manufacturing data seemed to show that Beijing's stimulus measures have not done enough to boost the nation's sluggish economy.
On Monday, US stocks closed broadly lower, with the S and P 500 falling 1.1 per cent to 5,906.94, its third straight decline. Roughly 90 per cent of stocks within the index lost ground. On the second-to-last day of 2024, the benchmark index was still on track for its second straight yearly gain of more than 20 per cent.
The Dow Jones Industrial Average fell 1 per cent to 42,573.73, and the Nasdaq composite ended 1.2 per cent lower, at 19,486.78.
Big Tech companies were the heaviest weights on the market, worsening the slump. Apple and Microsoft fell 1.3 per cent. Their pricey valuations tend to have an outsized impact on the broader market.
Elsewhere among tech stocks, Meta Platforms dropped 1.4 per cent, Netflix slipped 0.8 per cent and Amazon fell 1.1 per cent.
The S and P 500's technology and communication services sectors have been the market's high flyers, notching gains of 37.1 per cent and 39.9 per cent, respectively, so far this year.
Boeing fell 2.3 per cent after one of its jets skidded off a runway in South Korea, killing 179 of the 181 people aboard. South Korea is inspecting all 737-800 aircraft operated by airlines in the country.
The disaster was yet another blow for Boeing following a machinists strike, further safety problems with its troubled top-selling aircraft and a plunging stock price. Its shares have declined more than 30 per cent this year.
Airlines that fly Boeing jets wavered in the wake of the crash. United Airlines fell 1.4 per cent and Delta Air Lines dropped 0.9 per cent.
Markets are nearing the close of a stellar year driven by a growing economy, solid consumer spending and a strong jobs market. Wall Street expects companies within the S and P 500 to report broad earnings growth of more than 9 per cent for the year, according to FactSet. The final figures will be tallied following fourth-quarter reports that start in a few weeks.
Investors were encouraged by inflation cooling throughout the year to close to the Federal Reserve's 2 per cent target. That raised hopes that the central bank would deliver a steady stream of interest rate cuts, which would ease borrowing costs and fuel more economic growth.
The Fed cut interest rates three times in 2024, but has signalled a more cautious approach heading into 2025 as inflation shows signs of reheating.
The latest report on consumer prices showed that inflation edged slightly higher, to 2.7 per cent, in November.
President-elect Donald Trump's threats to hike tariffs have added to worries about the potential for inflation to reignite. Companies typically pass along the higher costs from tariffs on goods and raw materials to consumers.
Investors have very little corporate and economic news to review this week, which is shortened by the New Year holiday. US markets will be closed on Wednesday.
On Thursday, investors will get an updated snapshot of US construction spending for the month of November. On Friday, Wall Street will receive an update on manufacturing for December.
In energy trading, benchmark US crude rose 39 cents to USD 71.38 a barrel. Brent crude, the international standard, added 22 cents to USD 74.39 a barrel.
In currency trading, the US dollar fell to 156.41 Japanese yen from 156.90 yen. The euro cost USD 1.0411, little changed from USD 1.0410. (AP)
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)
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