HONG KONG (AP) — Asian stocks were mixed on Friday following solid performance on Wall Street on Thursday as markets anticipated a key U.S. jobs report to be released later in the day.
U.S. futures and oil prices rose.
Japan’s stock benchmark Nikkei fell 0.1% to 38,683.93 after data on Friday showed household spending rose 0.5% year-on-year in April, the first increase since February 2023 and a key gauge for assessing the country’s economy as central bank officials prepare to meet next week.
Hong Kong’s Hang Seng Index fell 0.6% to 18,369.83, while the Shanghai Composite Index rose 0.2% to 3,053.36. Chinese trade data showed exports rose 7.6% year-on-year in May, beating expectations, while imports rose less than market expectations.
Australia’s S&P/ASX 200 rose 0.5% to 7,860.00. South Korea’s KOSPI rose 1.2% to 2,720.97.
The S&P 500 was little changed Thursday, a day after hitting its 25th record this year, down less than 0.1%, to 5,352.96. The Dow Jones Industrial Average rose 0.2%, to 38,886.17, and the Nasdaq Composite index fell 0.1%, to 17,173.12, after hitting a record high.
Big Lots reported a bigger-than-expected loss in its most recent quarter, sending its shares down 18.2%, and the company said it missed sales targets as customers continue to cut back on spending, especially on non-essential items.
Shares of another retailer, Five Below, fell 10.6% after the company’s profit and sales last quarter fell short of analysts’ expectations, and CEO Joel Anderson said the results were dragged down by struggles to attract core lower-income customers despite strong growth among higher-income customers.
Many retailers and other businesses are highlighting the disparity between lower-income and higher-income customers. Inflation, in particular, Harassing the lower classesEven though inflation is not rising as fast as before, some Americans are still struggling to keep up with the rising cost of living, threatening to crack the robust spending by U.S. households that has kept the U.S. economy out of recession despite high interest rates.
Another factor keeping U.S. consumer spending strong is a very strong jobs market, which Thursday’s report indicated may also be softening slightly.
Later on Friday, the U.S. government is due to release its monthly report on the job market, with economists expecting employment and average hourly earnings to accelerate slightly from the previous month.
Meanwhile, benchmark U.S. crude rose 15 cents to $75.70 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, rose 5 cents to $79.92 a barrel.
The U.S. dollar fell to 155.28 yen from 155.68 yen. The euro rose to 1.0891 dollars from 1.0888 dollars.
