Asian stocks mixed as inflation bodes for Fed rate hikes | Madison.com Health, Sports Health & Fitness
The Hang Seng in Hong Kong edged up 0.1% to 24,432.51 and the S&P/ASX 200 added 0.3% to 7,459.50.
The 10-year Treasury yield remained stable at 1.74%.
Besides the direct impact of large coronavirus outbreaks on normal business activity, spillover effects on manufacturing and shipping could still hamper a rebound from the past two years of disruptions.
“So far, market reaction to the omicron wave has been muted, but attention should be paid to concerns about other impacts on global supply chains that could trigger risky trading,” Anderson said. ActivTtrades alves in a report.
On Wednesday, the S&P 500 rose 0.3% to 4,726.35. The Dow Jones Industrial Average gained 0.1%, closing at 36,290.32. The Nasdaq composite rose 0.2% to 15,188.39. All are on pace for a weekly gain.
Small company stocks lost ground. The Russell 2000 Index fell 0.8% to 2,176.06.
Investors zeroed in on a Labor Department report, which showed consumer prices jumped 7% last month. This is the fastest annual pace of the consumer price index in nearly four decades. The sharp increase, which was in line with economists’ forecasts, came a day after Fed Chairman Jerome Powell told Congress that the central bank was ready to raise rates to fight inflation.