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DOW   39,131.53
QQQ   436.78
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S&P 500   5,088.80
DOW   39,131.53
QQQ   436.78
Dropbox’s stock is a falling knife worth catching
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Here's Why Bitcoin Could Rise to $165,000 Starting Exactly On April 22, 2024. (Ad)
The Retail Sector is on the cusp of a major breakout
Bloomin’ Brands could blossom in 2024
S&P 500   5,088.80
DOW   39,131.53
QQQ   436.78
Dropbox’s stock is a falling knife worth catching
This is the #1 Stock to Buy for the AI Tidal Wave (Ad)
Stock ideas from the 2024 Microcap Conference
Warner Bros. Discover: Debt down, profits up, yet questions remain
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Sprouts, Block rise; Booking Holdings, Insulet fall, Friday, 2/23/2024
How major US stock indexes fared Friday, 2/23/2024
Here's Why Bitcoin Could Rise to $165,000 Starting Exactly On April 22, 2024. (Ad)
The Retail Sector is on the cusp of a major breakout
Bloomin’ Brands could blossom in 2024

Stock market today: Asian shares slip ahead of key US economic reports


A currency trader passes by the screens showing the Korea Composite Stock Price Index (KOSPI), center, and the foreign exchange rate between U.S. dollar and South Korean won, right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, Dec. 4, 2023. Asian shares traded mixed Monday as investors awaited a slew of U.S. economic data set for release later in the week (AP Photo/Ahn Young-joon)

TOKYO (AP) — Asian shares declined in cautious trading Tuesday ahead of some key reports this week on the U.S. job market that might provide insight into the Federal Reserve’s thinking about interest rates.

U.S. futures slipped and oil prices were little changed.

Japan's benchmark Nikkei 225 slipped 1.4% in morning trading to 32,782.14. Australia's S&P/ASX 200 dipped nearly 1.0% to 7,056.00. South Korea's Kospi shed 0.3% to 2,506.32. Hong Kong's Hang Seng dropped 1.9% to 16,335.42, while the Shanghai Composite lost 0.7% to 3,002.09.

A key report on Japanese inflation showed core consumer prices in Tokyo, which excludes volatile food prices, rose 2.3% from a year ago, slowing from previous months' increases.

On Monday, the S&P 500 closed 0.5% lower. The benchmark index was coming off its best month in more than a year, and reached its highest level since March 2022 on Friday.

The Dow Jones Industrial Average slipped 0.1%, while the Nasdaq composite dropped 0.8%.

Treasury yields rose broadly, putting some pressure on stocks. The yield on the 10-year Treasury, which influences mortgage rates, climbed to 4.25% from 4.21% late Friday.

Technology and communication services companies were the biggest weights on the market. Microsoft fell 1.4%, Nvidia dropped 2.7%, Meta Platforms slid 1.5% and Netflix lost 2.5%.

Alaska Air Group slumped 14.2% after announcing it will buy Hawaiian Airlines for $1 billion in cash plus the assumption of debt. The deal would test the Biden administration as it fights consolidation in the airline sector.

Spotify surged 7.5% after announcing its third round of layoffs this year. Uber gained 2.2% after the ride-hailing service was named to join the S&P 500 index.

Hopes that inflation is easing enough to allow the Federal Reserve to stop raising interest rates have pushed shares higher in recent weeks. Investors are also hoping that the economy remains strong enough to avoid a recession.

This week will bring several key updates on the economy.

The Institute for Supply Management will release its November report on the services sector on Tuesday. The sector is a key component in the U.S. economy and accounts for the majority of the nation’s jobs. The report could provide more insight into consumer spending and the jobs market.

The government will release its October update on job openings on Tuesday and a weekly report on applications for unemployment benefits on Thursday.

The government’s monthly jobs report for November is due on Friday. Analysts polled by FactSet expect U.S. employers to have added 175,000 jobs last month. They forecast that the unemployment rate remained steady at 3.9%.

The labor market has remained strong in the U.S. even as the Fed has raised interest rates sharply in order to fight inflation by slowing the entire economy. Inflation has been falling since the middle of 2022. The central bank paused raising rates after its most recent increase in late July.

In energy trading, benchmark U.S. crude added 11 cents to $73.15 a barrel. It fell 1.4% Monday. Brent crude, the international standard, picked up 2 cents to $78.05 a barrel.

In currency trading, the U.S. dollar fell to 147.16 Japanese yen from 147.19 yen. The euro cost $1.0842, up from $1.0838.

___

AP Business Writers Damian J. Troise and Alex Veiga contributed.

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