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Stocks give up an early gain and end lower on Wall Street

October 11, 2021 GMT
A man walks his dog past the Fearless Girl statue outside the New York Stock Exchange, Tuesday, Oct. 5, 2021, in New York. Stocks edged higher in morning trading on Wall Street as technology companies and banks made solid gains. U.S. crude oil prices rose 2.7% and helped energy stocks make gains. Investors are looking ahead to the beginning of company earnings this week. Bond trading was closed for the Columbus Day holiday on Monday, Oct. 11, 2021. (AP Photo/Mary Altaffer, file)
A man walks his dog past the Fearless Girl statue outside the New York Stock Exchange, Tuesday, Oct. 5, 2021, in New York. Stocks edged higher in morning trading on Wall Street as technology companies and banks made solid gains. U.S. crude oil prices rose 2.7% and helped energy stocks make gains. Investors are looking ahead to the beginning of company earnings this week. Bond trading was closed for the Columbus Day holiday on Monday, Oct. 11, 2021. (AP Photo/Mary Altaffer, file)
A man walks his dog past the Fearless Girl statue outside the New York Stock Exchange, Tuesday, Oct. 5, 2021, in New York. Stocks edged higher in morning trading on Wall Street as technology companies and banks made solid gains. U.S. crude oil prices rose 2.7% and helped energy stocks make gains. Investors are looking ahead to the beginning of company earnings this week. Bond trading was closed for the Columbus Day holiday on Monday, Oct. 11, 2021. (AP Photo/Mary Altaffer, file)

TOKYO (AP) — Asian shares were mostly higher on Monday despite persisting worries about the region’s energy crunch and coronavirus infections.

Benchmarks in Japan and China rose, while South Korean markets were closed for a national holiday. Shares fell in Australia.

Japan’s new prime minister, Fumio Kishida, calmed worries in Japan by backing away from comments suggesting he favored raising taxes on capital gains and dividends. The possibility of such an increase had spooked investors after he took office a week ago.

U.S. stock indexes closed lower last week following a disappointing jobs report. This week, attention turns to inflation numbers due out on Wednesday, and upcoming corporate earnings.

Tokyo’s benchmark Nikkei 225 jumped 1.5% to 28,455.71 in afternoon trading. Australia’s S&P/ASX 200 dipped 0.3% to 7,299.80. Hong Kong’s Hang Seng surged 1.8% to 25,296.08, while the Shanghai Composite added 0.2% to 3,598.38. South Korean markets were closed for a national holiday.

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Revving up the world’s third largest economy remains an important mission for Kishida, but he is widely seen as the choice of the old guard of the ruling Liberal Democratic Party, which has dominated politics since World War II. Some critics say change is needed if the nation hopes to remain competitive, especially when the pandemic has created new kinds of problems, ranging from shifts in work styles to supply shortages.

The rally could be short-lived as other worries remain. Like Europe, Asia is seeing fuel shortages that could hinder recoveries from the pandemic.

“The energy crisis also continues, with India and China both flagging blackouts that will hit supply chains from another angle, and China seeing massive flooding in the coal-producing region it is relying on to keep the lights running,” RaboResearch said in a market commentary.

The weak U.S. jobs report Friday raised questions about the Federal Reserve’s timeline for paring back its immense support for markets. The S&P 500 fell 0.2% to 4,391.34. The Dow Jones Industrial Average fell less than 0.1%, to 34,746.25, while the Nasdaq composite slid 0.5%, to 14,579.54.

Much of Wall Street had assumed that the job market had improved enough for the Fed to soon begin paring back its monthly purchases of bonds meant to hold down longer-term interest rates. But Friday’s jobs report showed that employers added just 194,000 jobs last month, well short of the 479,000 that economists expected.

Inflation remains a concern, and many investors still expect the Fed to stick to its timetable.

In energy trading, U.S. benchmark crude jumped $1.49 to $80.84 a barrel in electronic trading on the New York Mercantile Exchange. It rose $1.05 to $79.35 on Friday. Brent crude, the international standard, gained $1.18 to $83.57 a barrel.

In currency trading, the U.S. dollar rose to 112.72 Japanese yen from 112.21 yen. The euro cost $1.1579, up from $1.1571.

TOKYO (AP) — Global shares were mixed on Monday amid persisting worries about energy shortages and weaker than expected jobs growth in the U.S.

Shares fell in Paris, Frankfurt and Sydney but rose in Tokyo and London. Shanghai was flat.

Surging demand has collided with supply and shipping constraints, among other factors, pushing energy prices sharply higher and causing power outages in China and some other major economies.

France’s CAC lost nearly 0.3% in early trading to 6,541.64, while Germany’s DAX shed 0.3% to 15,166.39. Britain’s FTSE 100 edged up 0.1% to 7,105.14. The future for the Dow industrials fell 0.3% to 34,522.00. The future contract for the S&P 500 was down 0.4% at 4,364.75.

The release of weaker than expected U.S. employment figures pulled share prices on Wall Street lower Friday. The jobs report showed employers added just 194,000 jobs last month, well short of the 479,000 that economists had anticipated.

The unemployment rate ticked down to 4.8% from 5.1%, and the government revised past months’ hiring numbers higher. But last month’s hiring was still the weakest since December 2020. Average wages also rose a bit faster from August than expected, which helps workers but adds to worries about inflation.

This week, attention on Wall Street turns to inflation numbers due out on Wednesday, and upcoming corporate earnings.

In Asian trading on Monday, Tokyo’s benchmark Nikkei 225 jumped 1.6% to finish at 28,498.20 after Japan’s new prime minister, Fumio Kishida, backed away from comments suggesting he favored raising taxes on capital gains and dividends. The possibility of such an increase had spooked investors after he took office on Oct. 4.

Australia’s S&P/ASX 200 dipped 0.3% to 7,299.80. Hong Kong’s Hang Seng surged 2.0% to 25,325.09, while the Shanghai Composite was little changed, inching down less than 0.1% to 3,591.71. South Korean markets were closed for a national holiday.

Revving up the world’s third largest economy remains an important mission for Kishida, but he is widely seen as the choice of the old guard of the ruling Liberal Democratic Party, which has dominated politics since World War II. Some critics say change is needed if the nation hopes to remain competitive, especially when the pandemic has created new kinds of problems, ranging from shifts in work styles to supply shortages.

The rally in Japan could be short-lived. Like Europe, Asia is seeing fuel shortages that could hinder recoveries from the pandemic.

“The energy crisis also continues, with India and China both flagging blackouts that will hit supply chains from another angle, and China seeing massive flooding in the coal-producing region it is relying on to keep the lights running,” RaboResearch said in a market commentary.

U.S. benchmark crude jumped $1.99 to $81.34 a barrel in electronic trading on the New York Mercantile Exchange. It rose $1.05 to $79.35 on Friday. Brent crude, the international standard, gained $1.67 to $84.06 a barrel.

The U.S. dollar rose to 112.88 Japanese yen from 112.21 yen. The euro cost $1.1574, up from $1.1571.

Stocks are off to a mixed start on Wall Street Monday, though energy companies were higher as the price of crude oil continued to climb. The S&P 500 index and the Dow Jones Industrial Average were little changed, while the Nasdaq fell 0.1%. The price of benchmark U.S. crude was up 2.3% in the early going to just over $81 a barrel. Investors are looking ahead to the beginning of company earnings reports this week. JPMorgan Chase delivers its results on Wednesday. Bond trading was closed for the Columbus Day holiday.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

TOKYO (AP) — Global shares were mixed on Monday amid persisting worries about energy shortages and weaker than expected jobs growth in the U.S.

Shares fell in Paris, Frankfurt and Sydney but rose in Tokyo and London. Shanghai was flat.

Surging demand has collided with supply and shipping constraints, among other factors, pushing energy prices sharply higher and causing power outages in China and some other major economies.

France’s CAC lost nearly 0.3% in early trading to 6,541.64, while Germany’s DAX shed 0.3% to 15,166.39. Britain’s FTSE 100 edged up 0.1% to 7,105.14. The future for the Dow industrials fell 0.3% to 34,522.00. The future contract for the S&P 500 was down 0.4% at 4,364.75.

The release of weaker than expected U.S. employment figures pulled share prices on Wall Street lower Friday. The jobs report showed employers added just 194,000 jobs last month, well short of the 479,000 that economists had anticipated.

The unemployment rate ticked down to 4.8% from 5.1%, and the government revised past months’ hiring numbers higher. But last month’s hiring was still the weakest since December 2020. Average wages also rose a bit faster from August than expected, which helps workers but adds to worries about inflation.

This week, attention on Wall Street turns to inflation numbers due out on Wednesday, and upcoming corporate earnings.

In Asian trading on Monday, Tokyo’s benchmark Nikkei 225 jumped 1.6% to finish at 28,498.20 after Japan’s new prime minister, Fumio Kishida, backed away from comments suggesting he favored raising taxes on capital gains and dividends. The possibility of such an increase had spooked investors after he took office on Oct. 4.

Australia’s S&P/ASX 200 dipped 0.3% to 7,299.80. Hong Kong’s Hang Seng surged 2.0% to 25,325.09, while the Shanghai Composite was little changed, inching down less than 0.1% to 3,591.71. South Korean markets were closed for a national holiday.

Revving up the world’s third largest economy remains an important mission for Kishida, but he is widely seen as the choice of the old guard of the ruling Liberal Democratic Party, which has dominated politics since World War II. Some critics say change is needed if the nation hopes to remain competitive, especially when the pandemic has created new kinds of problems, ranging from shifts in work styles to supply shortages.

The rally in Japan could be short-lived. Like Europe, Asia is seeing fuel shortages that could hinder recoveries from the pandemic.

“The energy crisis also continues, with India and China both flagging blackouts that will hit supply chains from another angle, and China seeing massive flooding in the coal-producing region it is relying on to keep the lights running,” RaboResearch said in a market commentary.

U.S. benchmark crude jumped $1.99 to $81.34 a barrel in electronic trading on the New York Mercantile Exchange. It rose $1.05 to $79.35 on Friday. Brent crude, the international standard, gained $1.67 to $84.06 a barrel.

The U.S. dollar rose to 112.88 Japanese yen from 112.21 yen. The euro cost $1.1574, up from $1.1571.

Stocks edged higher in morning trading on Wall Street as technology companies and banks made solid gains.

The S&P 500 rose 0.5% as of 10:15 a.m. Eastern. The Dow Jones Industrial Average rose 170 points, or 0.5%, to 34,916 and the Nasdaq rose 0.6%.

Roughly 75% of stocks in the benchmark S&P 500 index gained ground. Energy stocks made gains as the price of U.S. crude oil rose 2.6%.

Bond trading was closed for the Columbus Day holiday.

Investors are looking ahead to the beginning of company earnings this week. Analysts have said that the latest round of corporate results could help give the market more direction after several choppy weeks. Stocks have been swaying between between gains and losses as investors try to better gauge the direction of the economic recovery through the rest of the year.

Banks will be among the first big companies to report their latest financial results and give investors more insight into how companies are faring amid concerns over the lingering virus pandemic and rising inflation.

JPMorgan Chase delivers its results on Wednesday. Bank of America, Wells Fargo and Citigroup will report results on Thursday.

Delta Air Lines will report its latest results on Wednesday. The airline industry is still struggling to recover from the pandemic shutdowns that began 18 months ago. Investors will be closely monitoring the industry’s results to see how much of an impact the summer surge of COVID-19 cases had on the industry.

Wall Street faced a quiet day of corporate news ahead of earnings. Southwest Airlines fell 1.9% after dealing with hundreds of flight cancellations over the weekend. Toymaker Hasbro fell 1.2% after announcing that CEO Brian D. Goldner is taking a medical leave of absence.

Investors are also looking ahead to economic data this week that could shed more light on what’s going on with inflation. The Labor Department will release its Consumer Price Index on Wednesday and its Producer Price Index on Thursday.

Stocks edged higher in midday trading on Wall Street Monday as technology companies and banks made solid gains.

The S&P 500 rose 0.5% as of 11:50 a.m. Eastern. The Dow Jones Industrial Average rose 176 points, or 0.5%, to 34,923 and the Nasdaq also rose 0.5%.

Roughly 75% of stocks in the benchmark S&P 500 index gained ground. Energy stocks made gains as the price of U.S. crude oil rose 2.2%.

Bond trading was closed for the Columbus Day holiday.

Investors are looking ahead to the beginning of company earnings this week. Analysts have said that the latest round of corporate results could help give the market more direction after several choppy weeks. Stocks have been swaying between between gains and losses as investors try to better gauge the direction of the economic recovery through the rest of the year.

Banks will be among the first big companies to report their latest financial results and give investors more insight into how companies are faring amid concerns over the lingering virus pandemic and rising inflation.

JPMorgan Chase delivers its results on Wednesday. Bank of America, Wells Fargo and Citigroup will report results on Thursday.

Delta Air Lines will report its latest results on Wednesday. The airline industry is still struggling to recover from the pandemic shutdowns that began 18 months ago. Investors will be closely monitoring the industry’s results to see how much of an impact the summer surge of COVID-19 cases had on the industry.

Wall Street faced a quiet day of corporate news ahead of earnings. Southwest Airlines fell 1.3% after dealing with hundreds of flight cancellations over the weekend. Toymaker Hasbro fell 0.8% after announcing that CEO Brian D. Goldner is taking a medical leave of absence.

Investors are also looking ahead to economic data this week that could shed more light on what’s going on with inflation. The Labor Department will release its Consumer Price Index on Wednesday and its Producer Price Index on Thursday. The reports detail pressure from inflation on consumers and businesses.

Companies from a wide range of industries have warned investors that supply chain problems and higher raw materials costs could crimp their financial results for the rest of the year. Wall Street is closely monitoring whether those higher costs and resulting higher prices for goods will hurt consumer spending, which is a key driver of economic growth.

Stocks turned mixed in afternoon trading on Wall Street Monday as communications firms slipped and tempered gains from technology companies.

The S&P 500 fell 0.1% as of 1:05 p.m. Eastern after rising as much as 0.6% earlier. The Dow Jones Industrial Average fell 34 points, or 0.1%, to 34,716 and the Nasdaq also rose 0.1%.

The price of U.S. crude oil rose 2.4% to just over $81 a barrel.

Bond trading was closed for the Columbus Day holiday.

Investors are looking ahead to the beginning of company earnings this week. Analysts have said that the latest round of corporate results could help give the market more direction after several choppy weeks. Stocks have been swaying between between gains and losses as investors try to better gauge the direction of the economic recovery through the rest of the year.

Banks will be among the first big companies to report their latest financial results and give investors more insight into how companies are faring amid concerns over the lingering virus pandemic and rising inflation.

JPMorgan Chase delivers its results on Wednesday. Bank of America, Wells Fargo and Citigroup will report results on Thursday.

Delta Air Lines will report its latest results on Wednesday. The airline industry is still struggling to recover from the pandemic shutdowns that began 18 months ago. Investors will be closely monitoring the industry’s results to see how much of an impact the summer surge of COVID-19 cases had on the industry.

Wall Street faced a quiet day of corporate news ahead of earnings. Southwest Airlines fell 2.9% after dealing with hundreds of flight cancellations over the weekend. Toymaker Hasbro fell 1.2% after announcing that CEO Brian D. Goldner is taking a medical leave of absence.

Investors are also looking ahead to economic data this week that could shed more light on what’s going on with inflation. The Labor Department will release its Consumer Price Index on Wednesday and its Producer Price Index on Thursday. The reports detail pressure from inflation on consumers and businesses.

Companies from a wide range of industries have warned investors that supply chain problems and higher raw materials costs could crimp their financial results for the rest of the year. Wall Street is closely monitoring whether those higher costs and resulting higher prices for goods will hurt consumer spending, which is a key driver of economic growth.

Inflation will likely remain the dominant theme swirling over markets through 2021 and into 2022, said Jay Hatfield, CEO of Infrastructure Capital Advisors. The upcoming Consumer Price Index data on Wednesday is likely going to be hotter than Wall Street expects, he added.

“Right when you’re going into earnings you have this CPI bomb that could go off,” he said. “We have a demand problem and a supply problem; there are too many dollars chasing too few goods.”

Stocks edged lower in afternoon trading on Wall Street Monday as communications companies and banks fell broadly.

The S&P 500 fell 0.3% as of 2:40 p.m. Eastern after rising as much as 0.6% earlier. The Dow Jones Industrial Average fell 146 points, or 0.4%, to 34,593 and the Nasdaq also fell 0.1%.

The price of U.S. crude oil rose 1.5% to over $80 a barrel.

Bond trading was closed for the Columbus Day holiday.

Investors are looking ahead to the beginning of company earnings this week. Analysts have said that the latest round of corporate results could help give the market more direction after several choppy weeks. Stocks have been swaying between between gains and losses as investors try to better gauge the direction of the economic recovery through the rest of the year.

Banks will be among the first big companies to report their latest financial results and give investors more insight into how companies are faring amid concerns over the lingering virus pandemic and rising inflation.

JPMorgan Chase delivers its results on Wednesday. Bank of America, Wells Fargo and Citigroup will report results on Thursday.

Delta Air Lines will report its latest results on Wednesday. The airline industry is still struggling to recover from the pandemic shutdowns that began 18 months ago. Investors will be closely monitoring the industry’s results to see how much of an impact the summer surge of COVID-19 cases had on the industry.

Wall Street faced a quiet day of corporate news ahead of earnings. Southwest Airlines fell 3.3% after dealing with hundreds of flight cancellations over the weekend. Toymaker Hasbro fell 0.8% after announcing that CEO Brian D. Goldner is taking a medical leave of absence.

Investors are also looking ahead to economic data this week that could shed more light on what’s going on with inflation. The Labor Department will release its Consumer Price Index on Wednesday and its Producer Price Index on Thursday. The reports detail pressure from inflation on consumers and businesses.

Companies from a wide range of industries have warned investors that supply chain problems and higher raw materials costs could crimp their financial results for the rest of the year. Wall Street is closely monitoring whether those higher costs and resulting higher prices for goods will hurt consumer spending, which is a key driver of economic growth.

Inflation will likely remain the dominant theme swirling over markets through 2021 and into 2022, said Jay Hatfield, CEO of Infrastructure Capital Advisors. The upcoming Consumer Price Index data on Wednesday is likely going to be hotter than Wall Street expects, he added.

“Right when you’re going into earnings you have this CPI bomb that could go off,” he said. “We have a demand problem and a supply problem; there are too many dollars chasing too few goods.”

Stocks closed broadly lower after a day of choppy trading on Wall Street Monday as investors prepare for a busy week of corporate earnings and inflation updates.

The major indexes made early gains, but slowly fizzled as the day progressed. The S&P 500 fell 30.15 points, or 0.7%, to 4,361.19. The benchmark index gained as much as 0.6% in the early going.

The Dow Jones Industrial Average fell 250.19 points, or 0.7%, to 34,496.06 and the Nasdaq shed 93.34 points, or 0.6%, to 14,486.20.

Technology and communications stocks had some of the biggest losses. Facebook fell 1.4% and Intuit fell 1.1%.

Most sectors ended in the red. Real estate stocks, which are seen as relatively less risky, were among the few bright spots within the S&P 500.

Bond trading was closed for the Columbus Day holiday. The price of U.S. crude oil rose 1.5% to over $80 a barrel.

Investors are looking ahead to the beginning of company earnings this week. Analysts have said that the latest round of corporate results could help give the market more direction after several choppy weeks. Stocks have been swaying between between gains and losses as investors try to better gauge the direction of the economic recovery through the rest of the year.

Banks will be among the first big companies to report their latest financial results and give investors more insight into how companies are faring amid concerns over the lingering virus pandemic and rising inflation.

JPMorgan Chase delivers its results on Wednesday. Bank of America, Wells Fargo and Citigroup will report results on Thursday.

Delta Air Lines will report its latest results on Wednesday. The airline industry is still struggling to recover from the pandemic shutdowns that began 18 months ago. Investors will be closely monitoring the industry’s results to see how much of an impact the summer surge of COVID-19 cases had on the industry.

Wall Street faced a quiet day of corporate news ahead of earnings. Southwest Airlines fell 4.2% after dealing with hundreds of flight cancellations over the weekend. Toymaker Hasbro fell 1.6% after announcing that CEO Brian D. Goldner is taking a medical leave of absence.

Investors are also looking ahead to economic data this week that could shed more light on what’s going on with inflation. The Labor Department will release its Consumer Price Index on Wednesday and its Producer Price Index on Thursday. The reports detail pressure from inflation on consumers and businesses.

Companies from a wide range of industries have warned investors that supply chain problems and higher raw materials costs could crimp their financial results for the rest of the year. Wall Street is closely monitoring whether those higher costs and resulting higher prices for goods will hurt consumer spending, which is a key driver of economic growth.

Inflation will likely remain the dominant theme swirling over markets through 2021 and into 2022, said Jay Hatfield, CEO of Infrastructure Capital Advisors. The upcoming Consumer Price Index data on Wednesday is likely going to be hotter than Wall Street expects, he added.

“Right when you’re going into earnings you have this CPI bomb that could go off,” he said. “We have a demand problem and a supply problem; there are too many dollars chasing too few goods.”