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Associated Press

Asian markets mixed after earnings boost Wall Street

Stocks edge higher in Hong Kong and Sydney, but fall in Southeast Asia

Pedestrians walk on a Kowloon promenade next to Victoria Harbor in Hong Kong on Monday.

AFP via Getty Images

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Asian shares were mixed Tuesday after strong corporate earnings and economic data lifted stocks on Wall Street.

Hong Kong and Sydney advanced while Seoul declined. Tokyo and Shanghai were closed for holidays.

On Monday, a strong dose of positive earnings reports and economic data that showed the U.S. economy is growing pushed the S&P 500 up 0.3%. U.S. futures YM00, +0.79% ES00, +0.04% were lower on Tuesday.

Hong Kong’s Hang Seng HSI, -0.09% rose 0.3% and Australia’s S&P/ASX 200 XJO, +0.27% gained 0.4%. In Seoul, the Kospi 180721, +0.58% lost 0.2% . Shares slipped in Jakarta JAKIDX, -0.70%, Taiwan Y9999, +1.71%, Singapore STI, +0.86% and Malaysia FBMKLCI, +0.58%.

On Monday, Federal Reserve Chairman Jerome Powell said the economic outlook has “clearly brightened” in the United States, but the recovery remains too uneven.

Health care and energy companies helped push stocks higher Monday, with the S&P 500 SPX, +0.74% closing at 4,192.66.

The Dow Jones Industrial Average DJIA, +0.66% added 0.7% to 34,113.23. The tech-heavy Nasdaq COMP, +0.88% shed an early gain, falling 0.5% to 13,895.12.

Stocks have been grinding higher on expectations of an economic recovery and strong company profits this year as large-scale coronavirus vaccination programs help people return to jobs and normal behaviors after more than a year of restrictions. Massive support from the U.S. government and the Federal Reserve, and increasingly positive economic data, have also helped put investors in a buying mood, keeping stock indexes near their all-time highs.

More than half of the companies in the S&P 500 have reported their results so far this earnings season, which show profit growth of 54% so far, according to FactSet.

The yield on the 10-year U.S. Treasury note slipped to 1.60% from 1.65% late Friday.

U.S. benchmark crude oil CLM21, -0.12% gained 5 cents to $64.54 per barrel in electronic trading on the New York Mercantile Exchange. It rose 91 cents on Monday to $64.49 per barrel. Brent crude BRNN21, -0.01%, the international standard, picked up 5 cents to $67.61 per barrel.

The U.S. dollar USDJPY, -0.46% rose to 109.23 Japanese yen from 109.09 yen late Monday.

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