Stock market today: Asian shares mostly rise after US stocks wobble as Treasury bond yields veer
TOKYO (AP) — Shares mostly rose Tuesday in Asia after Wall Street wobbled to a mixed close as yields on U.S. Treasury bonds fell back after creeping above 5%.
Benchmarks rose in Tokyo, Sydney, Seoul, Shanghai and Taiwan, but fell in Hong Kong.
Rapidly rising yields in the bond market that have been pressuring stock prices since the summer seemed set to climb further after the 10-year Treasury briefly topped 5.02% to touch its highest level since 2007.
The S&P 500 quickly slumped 0.8%, but the 10-year yield eventually eased back to 4.84%, down from 4.91% late Friday, as oil prices tumbled to take some pressure off inflation and relax the vise on the stock market.
Japan's benchmark Nikkei 225 added 0.2% in afternoon trading to 31,062.35. Sydney's S&P/ASX 200 rose 0.2% to 6,856.90. South Korea's Kospi jumped 1.1% to 2,383.51.
Hong Kong's Hang Seng dropped 0.8% to 17,033.00, while the Shanghai Composite advanced 0.8% to 2,963.70. Taiwan's Taiex was up 0.4%.
Shanghai's benchmark had fallen to its lowest level in several years as worries over a slump in the property market and a slowing economy in general have led investors to sell off shares.
On Monday, the S&P 500 slipped 0.2% to 4,217.04 and the Dow Jones Industrial Average dropped 0.6%, to 32,836.41.
The Nasdaq composite rose 0.3% to 13,018.33. Lower bond yields tend to most help stocks of companies promising big growth far in the future or those seen as the most expensive. That gave a particular boost to technology and other high-growth stocks.
A 3.8% jump for Nvidia and 0.8% rise for Microsoft were the two strongest forces helping to limit the market's losses, while most stocks on Wall Street weakened.
Treasury yields help dictate how much investors pay for everything from stocks to corporate bonds to...