Asian shares advanced on Monday after Wall Street closed out another winning week. | AP
“Recent stimulus measures to boost consumption of automobile and electronics items failed to provide much conviction that they will be sufficient to uplift the downbeat growth conditions, with mounting hopes on the China Politburo meeting this week for more follow-through,” Yeap Jun Rong, a market analyst at IG, said in a commentary.The Bank of Japan will hold a policy meeting which is not expected to yield major changes to the country’s ultra-lax monetary stance.
The S&P 500 edged up by 0.1 percent, to 4,536.34, capping its eighth winning week in the last 10. The Dow Jones Industrial Average added less than 0.1 percent to 35,227.69, its 10th gain in a row. The Nasdaq composite slipped 0.2 percent to 14,032.81 a day after tumbling to its worst loss in more than four months.
On the losing side of Wall Street was American Express, which fell 3.9 percent. It reported stronger profit for the spring than expected, but its revenue fell short of forecasts. The Fed is widely expected to raise its federal funds rate on Wednesday to its highest level since 2001. But the hope is that will be the final increase of the cycle because inflation has been cooling since last summer. The federal funds rate started last year at virtually zero.This week, three of the “Magnificent Seven” companies behind the majority of the S&P 500’s gains this year, Alphabet, Facebook parent company Meta Platforms and Microsoft will report their earnings.
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