Benchmarks rose in Japan, South Korea and Australia, boosted by the overnight rally in Europe and in the Dow in the U.S. Investors were also watching South Korean trade numbers for April, which showed a trade deficit, although both imports and exports rose.
The S&P 500 slipped 0.1% after a late-afternoon fade, while the Nasdaq fell 1.2%. The Dow Jones Industrial Average rose 0.7%, having received a bump from IBM, which added 7.1% after reporting quarterly results that beat analysts’ estimates. Technology stocks, retailers and other companies that rely on consumer spending also weighed on the market. Chipmaker Nvidia fell 3.2% and Amazon dropped 2.6%.
All told, the S&P 500 slipped 2.76 points to 4,459.45, and the Nasdaq fell 166.59 points to 13,453.07. The Dow rose 249.59 points to 35,160.79. New Zealand’s inflation rate hit a 30-year high of 6.9%, driven by rapidly increasing costs for housing and gas. Statistics New Zealand reported that the cost of building new homes was up 18% when compared with a year ago, while gas prices were up 32%. The annual increase in prices was the highest since 1990, the agency said. Inflation has been rising in developed nations around the world, including in the U.S., where it hit a four-decade high of 8.5% in March.
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