Asian shares trade mixed after Wall Street sets new records

TOKYO AP Asian shares traded mixed on Tuesday after Wall Street set new records as investor anticipation grew that the U S Federal Reserve will announce the first cut of the year on its main interest rate Japan s benchmark Nikkei came off a holiday to momentarily reach about points in the morning session then traded higher than the previous close at Australia s S P ASX edged up to South Korea s Kospi rose to Hong Kong s Hang Seng declined to and the Shanghai Composite fell to U S Treasury Secretary Scott Bessent commented after weekend agreement talks in Spain that a framework deal had been reached between China and the U S over the ownership of popular social video platform TikTok Bessent mentioned after the latest round of agreement talks between the world s two largest economies concluded in Madrid that U S President Donald Trump and Chinese Premier Xi Jinping would speak Friday to possibly finalize the deal He did not disclose the terms of the deal On Wall Street the S P climbed and topped its prior all-time high which was set last week The Dow Jones Industrial Average rose points or and the Nasdaq composite added to its own record Tesla helped lead the way and rose after Elon Musk bought stock worth roughly billion through a trust The electric car company s stock price came into the day with a slight loss for the year so far and the purchase could be a signal of Musk s faith in it Alphabet was the single strongest force lifting the S P after gaining which brought the total value for Google s parent company above trillion Nvidia Microsoft and Apple are the only other companies on Wall Street worth that much The field s main event for the week will arrive on Wednesday That s when the Federal Reserve will announce its latest decision on interest rates A rate cut could give a kickstart to the job territory which has been slowing Stocks have already run to records on the assumption that a cut is coming on Wednesday though Expectations are also high that the Fed will keep lowering rates through the end of this year and into That creates the possibility for disappointment in the field which would mean drops for stock prices if the Fed doesn t end up slashing rates as aggressively as traders expect What s keeping the Fed on guard is a practicable jump in inflation because of Trump s tariffs That s because lower interest rates can give inflation more fuel and send it even higher And inflation has already proven complex to get under the Fed s target Trump meanwhile has pushed angrily for cuts to interest rates He s often attacked Powell personally nicknaming him Too Late and is trying to remove one of the Fed s governors from its board Too Late must cut interest rates now and bigger than he had in mind Trump wrote on his social media structure on Monday using his trademark all-caps style Nvidia edged down by less than after China accused the chip company of violating its antimonopoly laws Chinese regulators did not mention a punishment for Nvidia in a one-sentence report on the matter but did say they would carry out further inquiry All advised the S P rose points to The Dow Jones Industrial Average added to and the Nasdaq composite climbed to In the bond field Treasury yields eased continuing their downward run on expectations for cuts to rates by the Fed The next economic update will arrive Tuesday when the U S ruling body will say how much shoppers spent at U S retailers last month The yield on the -year Treasury fell to from late Friday In potency trading benchmark U S crude rose cents to a barrel Brent crude the international standard gained cents to a barrel In currency trading the U S dollar inched down to Japanese yen from yen The euro cost up from AP Business Writer Stan Choe in New York contributed Yuri Kageyama is on Threads https www threads com yurikageyama Source