S&P 500   3,384.29 (+1.46%)
DOW   27,971.35 (+1.89%)
QQQ   279.21 (+1.18%)
AAPL   116.24 (+1.88%)
MSFT   210.17 (+1.40%)
FB   263.40 (+0.61%)
GOOGL   1,474.63 (+0.59%)
AMZN   3,187.63 (+1.36%)
TSLA   429.14 (+2.40%)
NVDA   540.86 (+2.24%)
BABA   291.79 (+5.37%)
CGC   14.41 (-0.62%)
GE   6.25 (+2.12%)
MU   47.45 (-6.43%)
AMD   81.93 (+0.20%)
T   28.54 (+0.85%)
F   6.68 (+1.21%)
ACB   4.71 (+0.64%)
GILD   62.85 (+1.21%)
NFLX   500.14 (+1.35%)
DIS   124.75 (-0.52%)
BA   169.36 (+3.52%)
BAC   24.28 (+2.15%)
S&P 500   3,384.29 (+1.46%)
DOW   27,971.35 (+1.89%)
QQQ   279.21 (+1.18%)
AAPL   116.24 (+1.88%)
MSFT   210.17 (+1.40%)
FB   263.40 (+0.61%)
GOOGL   1,474.63 (+0.59%)
AMZN   3,187.63 (+1.36%)
TSLA   429.14 (+2.40%)
NVDA   540.86 (+2.24%)
BABA   291.79 (+5.37%)
CGC   14.41 (-0.62%)
GE   6.25 (+2.12%)
MU   47.45 (-6.43%)
AMD   81.93 (+0.20%)
T   28.54 (+0.85%)
F   6.68 (+1.21%)
ACB   4.71 (+0.64%)
GILD   62.85 (+1.21%)
NFLX   500.14 (+1.35%)
DIS   124.75 (-0.52%)
BA   169.36 (+3.52%)
BAC   24.28 (+2.15%)
S&P 500   3,384.29 (+1.46%)
DOW   27,971.35 (+1.89%)
QQQ   279.21 (+1.18%)
AAPL   116.24 (+1.88%)
MSFT   210.17 (+1.40%)
FB   263.40 (+0.61%)
GOOGL   1,474.63 (+0.59%)
AMZN   3,187.63 (+1.36%)
TSLA   429.14 (+2.40%)
NVDA   540.86 (+2.24%)
BABA   291.79 (+5.37%)
CGC   14.41 (-0.62%)
GE   6.25 (+2.12%)
MU   47.45 (-6.43%)
AMD   81.93 (+0.20%)
T   28.54 (+0.85%)
F   6.68 (+1.21%)
ACB   4.71 (+0.64%)
GILD   62.85 (+1.21%)
NFLX   500.14 (+1.35%)
DIS   124.75 (-0.52%)
BA   169.36 (+3.52%)
BAC   24.28 (+2.15%)
S&P 500   3,384.29 (+1.46%)
DOW   27,971.35 (+1.89%)
QQQ   279.21 (+1.18%)
AAPL   116.24 (+1.88%)
MSFT   210.17 (+1.40%)
FB   263.40 (+0.61%)
GOOGL   1,474.63 (+0.59%)
AMZN   3,187.63 (+1.36%)
TSLA   429.14 (+2.40%)
NVDA   540.86 (+2.24%)
BABA   291.79 (+5.37%)
CGC   14.41 (-0.62%)
GE   6.25 (+2.12%)
MU   47.45 (-6.43%)
AMD   81.93 (+0.20%)
T   28.54 (+0.85%)
F   6.68 (+1.21%)
ACB   4.71 (+0.64%)
GILD   62.85 (+1.21%)
NFLX   500.14 (+1.35%)
DIS   124.75 (-0.52%)
BA   169.36 (+3.52%)
BAC   24.28 (+2.15%)
Log in

Asia shares rise as investors look ahead to Fed meeting

Monday, September 14, 2020 | Yuri Kageyama, AP Business Writer


Masked currency traders work near screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room in Seoul, South Korea on Sept. 10, 2020. Asian shares rose Monday, Sept. 14, 2020 despite the rollercoast ride that closed Wall Street last week, as traders awaited cues from the U.S. central bank expected later in the week. (AP Photo/Lee Jin-man)

TOKYO (AP) — Asian shares rose Monday, despite the roller-coaster ride that Wall Street ended with last week, as traders awaited cues from the U.S. central bank expected later in the week.

Japan's ruling Liberal Democratic Party picked a new leader, who will by definition become the prime minister because of the party's control over the more powerful lower house of Parliament. Yoshihide Suga, now the government spokesman, has said he will continue Shinzo Abe's “Abenomics” policies of easy lending and deregulation.

“That decision should not be market moving as we fully expect a steady hand to remain on the tiller of Abenomics. Mr. Suga has signalled that no further rises in sales tax are on the horizon, but all else should stay the same,” said Jeffrey Halley, senior market analyst at Oanda.

“Of more interest will be if Mr. Suga signals that a new election will be held to mandate his new government," Halley said.

Japan's Nikkei 225 gained 0.6% in afternoon trading to 23,557.15. Australia's S&P/ASX 200 added 0.7% to 5,899.50. South Korea's Kospi jumped 1.2% to 2,424.71. Hong Kong's Hang Seng gained 0.6% to 24,637.43, while the Shanghai Composite inched up less than 0.1% to 3,263.45.

SoftBank, which announced Sunday that it was selling Britain’s Arm Holdings to computer graphics chip company Nvidia for $40 billion, jumped 9%. SoftBank spent $32 billion to acquire Arm in 2016. Nvidia is best known for its graphics processing chips, while Arm is renowned as an innovator in the “Internet of Things.”

Also on players' radar screen is the Federal Reserve Open Market Committee, which is meeting later in the week.

The Federal Reserve’s massive aid for the economy has helped underpin the markets’ recovery from the coronavirus downturn by slashing short-term interest rates to record lows and buying up bonds to support markets.

The Bank of Japan also is due to hold a policy meeting this week. No major changes are expected in its ultra-lax monetary policies.

Stephen Innes, chief global market strategist at AxiCorp, noted that investors face “many uncertainties," including the U.S. elections and the global pandemic.

“Unquestionably the virus story is the dominant macro pivot event, especially for equities, and is more likely to be dominated by optimism surrounding a vaccine. Indeed investors will be keeping their eye on the vaccine prize,” he said.

On Wall Street, the S&P 500 rose 1.78, or 0.1%, to 3,340.97 after a day of the lightning-quick shifts in momentum that have rocked Wall Street recently.

The Nasdaq composite, which includes many of the superstar tech stocks that have been the focus of the market’s recent selling, lost 0.6% to 10,853.55 after also flip-flopping between gains and losses. The Dow Jones Industrial Average rose 0.5%, to 27,665.64.

Analysts expect swings to continue to rattle markets for weeks, if not months, as investors wait for more clarity on several key issues. At the head of the list of uncertainties is what to do with Big Tech stocks, which critics have long said were due for a slide after soaring too high through the summer.

In energy trading, benchmark U.S. crude rose 23 cents to $37.56 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, rose 13 cents to $39.96 a barrel.

The U.S. dollar inched down to 106.06 Japanese yen from 106.16 yen on Friday. The euro cost $1.1850, up slightly from $1.1845.

___

Yuri Kageyama is on Twitter https://twitter.com/yurikageyama

Companies Mentioned in This Article

CompanyBeat the Market™ RankCurrent PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
NVIDIA (NVDA)1.7$540.86+2.2%0.12%99.42Buy$512.17
Compare These Stocks  Add These Stocks to My Watchlist 

20 "Past Their Prime" Stocks to Dump From Your Portfolio

Did you know the S&P 500 as we know it today does not look anything close to what it looked like 30 years ago? In 1987, IBM, Exxon, GE, Shell, AT&T, Merck, Du Pont, Philip Morris, Ford and GM had the largest market caps on the S&P 500. ExxonMobil is the only company on that list to remain in the top 10 in 2017. Even just 15 years ago, companies like Radio Shack, AOL, Yahoo and Blockbuster were an important part of the S&P 500. Now, these companies no longer exist as public companies.

As the years go by, some companies lose their luster and others rise to the top of the markets. We've already seen this in the last few decades with tech companies surpassing industrial and energy companies that once dominated the S&P 500. It's hard to know what the next mega trend will be that will knock Apple, Google and Amazon off the top rankings of the S&P 500, but we do know that companies won't stay on the S&P 500 forever.

We've identified 20 companies that are past their prime. They aren't at risk of a near-term delisting from the S&P 500, but they are showing negative earnings growth for the next several years. If you own any of these stocks, consider selling them now before they become the next Yahoo, Radio Shack, Blockbuster, AOL and are sold off for a fraction of their former value.

View the "20 "Past Their Prime" Stocks to Dump From Your Portfolio".

Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.