Stock market today: Asian shares decline after report shows US manufacturing contracted in May (2024)

Asian shares retreated on Tuesday after a report showed that U.S. manufacturing contracted in May, in the latest sign the economy is slowing.

Oil prices fell and U.S. futures edged higher.

Japan's Nikkei 225 index lost 0.5% to 38,749.25 and the Kospi in Seoul was down 0.4% at 2,672.43. Hong Kong's Hang Seng was the outlier, gaining 0.1% to 18,413.20, while the Shanghai Composite index edged 0.1% lower to 3,075.09.

Australia's S&P/ASX 200 shed 0.1% to 7,751.50. Taiwan's Taiex lost 0.7%.

On Monday, U.S. stocks drifted to a mixed finish.

The S&P 500 edged 0.1% higher, to 5,283.40, even though the majority of stocks within the index fell. The Dow Jones Industrial Average dropped 0.3% to 38,571.03, and the Nasdaq composite rose 0.6% to 16,828.67.

Treasury yields also slid in the bond market after the report by the Institute for Supply Management showed U.S. manufacturing shrank in May for the 18th time in 19 months. Manufacturing has been hit particularly hard by high interest rates meant to get high inflation under control. That can also hit Asian economies that rely on exports.

Analysts questioned the significance of the report, given that the indicator has been declining for most of the past two years.

“So, why such a distinct wave of U.S. pessimism this time? Was it a manufactured excuse to take profits? Or is there a deeper cause for concern beneath the hood?” Tan Jing Yi of Mizuho Bank said in commentary. “We suspect it is a bit of both."

The yield on the 10-year Treasury fell to 4.39% from 4.50% late Friday.

This week has several other high-profile economic reports that could send yields on additional sharp swings.

On Tuesday, the U.S. government will show how many job openings employers were advertising at the end of April. And on Friday, it will give the latest monthly update on overall growth for jobs and workers’ wages.

Stocks of companies whose profits are most closely tied to the strength of the economy dropped to the market’s worst losses. That included the oil-and-gas industry, as the price of crude tumbled on worries about weaker demand growth for fuel.

Halliburton dropped 5.3%, and Exxon Mobil fell 2.4%. They sank as the price of a barrel of U.S. oil dropped 3.5%. Brent crude, the international standard, lost a similar amount despite moves over the weekend by Saudi Arabia and other oil-producing countries meant to prop up its price.

On the winning side were some big technology stocks that keep flying regardless of what the economy is doing.

Nvidia climbed another 4.9% to bring its gain for this year to 132.2% after unveiling new products and services over the weekend. It’s been delivering blowout profits to keep at bay criticism that investors have become overzealous about the prospects for AI. Nvidia was by far the strongest force pushing the S&P 500 upward.

The jump was even bigger in another corner of Wall Street well accustomed to stomach-churning swings, both up and down.

GameStop soared 21% in a move reminiscent of its early 2021 rocket ride that shook Wall Street and brought the term “meme stock” into the parlance of our times. GameStop jumped after a Reddit account associated with a central character in the 2021 episode said it had built a stake of 5 million shares, along with options to buy more. The post from Sunday night said the position was worth $181.4 million.

The post made tidal waves online because it came from the same Reddit account that showed similar screenshots of big GameStop holdings in 2021 that helped the struggling video-game retailer’s stock price rocket higher, way beyond what many critics on Wall Street called rational.

“Meme stock” has become the way to describe companies whose prices move more on the enthusiasm of smaller investors than on any fundamental change in their business prospects. Other meme stocks also rose Monday, including an 11.1% climb for AMC Entertainment.

In other dealings, U.S. benchmark crude oil lost 52 cents to $73.70 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, gave up 48 cents to $77.88 per barrel.

The U.S. dollar rose to 156.38 Japanese yen from 156.10 yen. The euro climbed to $1.0908 from $1.0904.

AP Business Writer Stan Choe contributed.

Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Stock market today: Asian shares decline after report shows US manufacturing contracted in May (2024)


What is the largest stock decline in history? ›

The 1987 stock market crash, or Black Monday, is known for being the largest single-day percentage decline in U.S. stock market history. On Oct. 19, the Dow fell 22.6 percent, a shocking drop of 508 points. The crash was somewhat of an isolated incident and didn't have anywhere near the impact that the 1929 crash did.

How is the stock market today? ›

US Markets
S&P 5005,291.34+7.94
4 more rows

What does it mean when stock market decline? ›

Decline refers to a drop in a given security's price over the course of a given trading day. A decline can occur due to various reasons, such as a reduction in a firm's intrinsic value or the security's price dropping below its support level.

What are the three major stock changes in the US? ›

In the United States, the three leading stock indexes are the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite.

Which stocks dropped the most today? ›

Day Losers
SymbolName% Change
FLNCFluence Energy, Inc.-8.44%
YPFYPF Sociedad Anónima-8.24%
IESCIES Holdings, Inc.-8.11%
VISTVista Energy, S.A.B. de C.V.-7.90%
21 more rows

Which stock fell the most this month? ›

Top Loser: Top losers in trading today for month
Varyaa Creations Ltd.80.1-70.4%
Varanium Cloud Ltd.17.8-59.5%
Markobenz Ventures L..35.0-49.1%
Virgo Global Ltd.5.7-48.0%
20 more rows

Is it bad to invest in the stock market right now? ›

With the right strategy, there's never necessarily a bad time to invest in the stock market. Regardless of whether prices surge or dip in the coming months, by investing in quality stocks and staying in the market for the long haul, you can maximize your earnings while minimizing risk.

What is the best time to invest in the stock market today? ›

The opening period (9:30 a.m. to 10:30 a.m. Eastern Time) is often one of the best hours of the day for day trading, offering the biggest moves in the shortest amount of time. A lot of professional day traders stop trading around 11:30 a.m. because that is when volatility and volume tend to taper off.

What is the YTD stock market return? ›

YTD return is the amount of profit (or loss) realized by an investment since the first trading day of the current calendar year. YTD calculations are commonly used by investors and analysts to assess the performance of a portfolio or to compare the recent performance of a number of stocks.

Why do I lose money when the stock market goes down? ›

Values fluctuate, but you are holding stocks, not money. It only becomes money again when you sell it. If you sell your stocks for less than you paid for them, only then have you lost money. That lost money went to the owner of the stock that you bought at the time you bought it.

Should I get out of the stock market? ›

While holding or moving to cash might feel good mentally and help avoid short-term stock market volatility, it is unlikely to be wise over the long term. Once you cash out a stock that's dropped in price, you move from a paper loss to an actual loss.

Why are all stocks falling? ›

Indian stocks have fallen sharply after vote counting in the country's general election indicated Prime Minister Narendra Modi's party might not be able to form a majority government. The benchmark NSE Nifty 50 share index closed down nearly 6%, its steepest fall since India's first Covid lockdowns in March 2020.

Which country's stock market gives the highest return? ›

According to the Credit Suisse Global Investment Returns Yearbook 2023, since 1900, South Africa has been the best-performing stock market in terms of real USD, with an annualized real return (taking into account the loss of purchasing power due to inflation) of 7.0%, followed very closely by Australia with 6.7% and ...

Which blue chip stocks to buy? ›

Some examples of blue chip stocks in India include:
  • Reliance Industries Ltd.
  • Tata Consultancy Services (TCS)
  • HDFC Bank Ltd.
  • Infosys Ltd.
  • Hindustan Unilever Ltd. These companies are leaders in their respective industries and have a strong track record of performance.

What is the largest stock exchange in the United States? ›

The New York Stock Exchange. NYSE.

What was the greatest fall in the stock market? ›

As the final phase of the Lok Sabha election 2024 polls progressed, the Sensex plummeted by 4,389 points, or 5.74%, to close at 72,079, while the Nifty dropped by 1,379 points, or 5.93%, settling at 21,884 by the end of Tuesday's trading.

How long did it take for the 2008 stock market to recover? ›

The bounce-back from the 2008 crash took five and a half years, but an additional half year to regain your purchasing power.

What was the worst stock market crisis? ›

On October 24, 2008, many of the world's stock exchanges experienced the worst declines in their history, with drops of around 10% in most indices.

Have hundreds of stocks fallen below $1? ›

Hundreds of stocks have broken the buck this year, following a slump in the once-hot market for buzzy startups seeking rapid growth. As of Friday, 557 stocks listed on U.S. exchanges were trading below $1 a share, up from fewer than a dozen in early 2021, according to Dow Jones Market Data.

Top Articles
Latest Posts
Article information

Author: Velia Krajcik

Last Updated:

Views: 6170

Rating: 4.3 / 5 (54 voted)

Reviews: 93% of readers found this page helpful

Author information

Name: Velia Krajcik

Birthday: 1996-07-27

Address: 520 Balistreri Mount, South Armand, OR 60528

Phone: +466880739437

Job: Future Retail Associate

Hobby: Polo, Scouting, Worldbuilding, Cosplaying, Photography, Rowing, Nordic skating

Introduction: My name is Velia Krajcik, I am a handsome, clean, lucky, gleaming, magnificent, proud, glorious person who loves writing and wants to share my knowledge and understanding with you.