Stock market today: Asian shares gain despite Wall Street's tech-led retreat

Asian shares advanced on Thursday even after sinking technology stocks sent Wall Street lower in the S&P 500's worse losing streak since the start of the year.

U.S. futures were lower, while oil prices gained.

Tokyo's Nikkei 225 climbed 0.3% to 38,090.87 and the Hang Seng in Hong Kong gained 1.5% to 16,489.59.

The Shanghai Composite index added 0.6% to 3,089.93.

South Korea's Kospi led the region's gains, surging 1.8% to 2,631.15.

In Australia, the S&P/ASX 500 rose 0.6% to 7,651.30.

On Wednesday, the S&P 500 lost 0.6%, to 5,022.21. It's down 4.4% since setting a record late last month.

The Dow Jones Industrial Average slipped 0.1% to 37,753.31, and the Nasdaq composite sank 1.1% to 15,683.37.

Tech stocks slumped after ASML, a Dutch company that’s a major supplier to the semiconductor industry, reported weaker orders for the start of 2024 than analysts expected. Its stock trading in the United States slumped 7.1%.

Nvidia dropped 3.9%, and Broadcom sank 3.5% to serve as the two heaviest weights on the S&P 500.

The weakness for tech overshadowed stronger-than-expected profit reports from some big companies, including United Airlines. It soared 17.4% after reporting stronger results for the start of the year than analysts expected, lifted by strong demand from business fliers.

Sharp tumbles for oil prices lessened investors’ worries about inflation, which in turn helped Treasury yields ease.

The 10-year Treasury yield sank to 4.58% from 4.67% late Tuesday. The two-year yield, which moves more closely with expectations for the Fed, fell to 4.92% from 4.99%.

Yields on Tuesday had returned to where they were in November after top officials at the Federal Reserve suggested the central bank may hold its main interest steady for a while. It wants to get more confidence that inflation is sustainably heading toward its target of 2%. Its main interest rate has been sitting at its highest level since 2001.

High interest rates hurt prices for investments and increase the risk of a recession, but Fed officials are concerned after a string of reports this year has shown inflation remaining hotter than forecast.

Traders are now mostly expecting just one or two cuts to interest rates from the Federal Reserve this year, according to data from CME Group. That’s down from forecasts for six or more at the start of the year.

With little near-term help expected from an easing of interest rates, companies will need to deliver fatter profits to justify their big runs in stock price since autumn.

Travelers slumped 7.4% after the insurer’s quarterly results fell short of forecasts. It had to contend with more losses from catastrophes.

J.B. Hunt Transport Services fell 8.1% after reporting weaker revenue and results than expected. It was hurt in part by competition in the eastern part of the country and by higher wages for workers and other costs.

On the winning side of Wall Street was Omnicom Group. It rose 1.6% after reporting stronger profit for the latest quarter than analysts expected. The marketing and communications company highlighted growth trends in most markets around the world, outside the Middle East and Africa.

The stock of Donald Trump’s social media company also continued to swing sharply, this time jumping 15.6%. That followed two straight losses of more than 14%. Experts say the stock is caught up in frenzied trading driven more by public sentiment around the former president than by the business prospects of the company.

In oil trading, U.S. benchmark crude picked up 19 cents to $82.88 per barrel. It had lost $2.67 on Wednesday.

Brent crude, the international standard, gained 25 cents to $87.54 per barrel.

The U.S. dollar slipped to 154.19 Japanese yen from 154.38 yen. The euro rose to $1.0678 from $1.0673.

AP Business Writer Stan Choe contributed.

FILE - A person looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm Tuesday, April 16, 2024, in Tokyo. Asian shares advanced on Thursday even after sinking technology stocks sent Wall Street lower in the S&P 500's worse losing streak since the start of the year. (AP Photo/Eugene Hoshiko, File)

People pass the New York Stock Exchange, right, on Wednesday, April 17, 2024 in New York. Global shares are trading mixed after most U.S. stocks slipped on firmer expectations that the Fed is committed to its current rate practices.(AP Photo/Peter Morgan)

A currency trader passes by the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, April 17, 2024. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, April 17, 2024. (AP Photo/Ahn Young-joon)

Currency traders pass by the screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, April 17, 2024. (AP Photo/Ahn Young-joon)

MILWAUKEE (AP) — Bobby Portis apologized to his teammates for his ejection from a Game 4 loss that put the Milwaukee Bucks on the brink of playoff elimination.

Then he made amends by helping the Bucks keep their season alive.

Portis and Khris Middleton each scored 29 points and the short-handed Bucks routed the Indiana Pacers 115-92 in Game 5 of their Eastern Conference first-round playoff series on Tuesday night.

The Pacers still lead the best-of-seven series 3-2 heading into Game 6 on Thursday in Indianapolis.

“Thursday will be fun,” Portis said. “I can hear some ‘Bobby Sucks!’ chants. I'm ready, man. I'm fired up. I'm already ready for it.”

Milwaukee won without injured stars Giannis Antetokounmpo and Damian Lillard as the Fiserv Forum crowd chanted: “Bucks In Seven.”

Antetokounmpo has missed this entire series and hasn’t played since straining his left calf on April 9. Lillard sat out a second straight game after injuring his Achilles tendon in the Bucks’ 121-118 Game 3 loss on Friday.

Bucks coach Doc Rivers was asked after Game 5 about their potential availability for the rest of the series.

“I don’t know how to answer that," Rivers said. "I know I hope. I think they’re very, very, very close.”

The Bucks stayed alive thanks in part to a huge performance from Portis, who had been ejected just seven minutes into Game 4 after getting into a skirmish with Indiana's Andrew Nembhard. Portis said he watched the rest of that game while still in uniform, wondering about all the ways in which his presence on the floor might have made a difference.

He came back Tuesday and produced the highest playoff point total of his career. He also pulled down 10 rebounds.

“I maybe crossed the line, you feel me, and let my team down by getting ejected and not being available for my team,” Portis said. “I pride myself so much on being available.”

Middleton had his third straight game with at least 25 points, and he also had 12 rebounds and five assists.

The Bucks are trying to win a series after trailing 3-1 for the first time in franchise history. The Pacers are attempting to advance beyond the opening round for the first time since 2014.

“We've just got to understand that they're a team that's on the brink of their season being done, and they're playing desperate, they're playing hard, as they should be,” Indiana's Tyrese Haliburton said. “At the end of the day, they outcompeted us tonight. They played harder. They played better. They kind of just dominated us in every facet of the game tonight.”

Haliburton scored 16 points to lead the Pacers, who had their lowest scoring total of the season. Myles Turner added 13. Obi Toppin, Aaron Nembhard and Pascal Siakam had 12 each.

Malik Beasley scored 18 points for Milwaukee. Pat Beverley had 13 points and 12 assists, and sparked a second-quarter run that put the Bucks ahead for good.

Indiana started the night intent on closing this series early.

Two nights after shooting 22 of 43 from 3-point range in Game 3, the Pacers went 7 of 12 from beyond the arc in the first 10 minutes and led 31-21 late in the first quarter.

But the Bucks responded with an 18-2 run as Beverley continually irritated the Pacers — to the delight of the crowd.

Shortly after a 3-pointer by Middleton put the Bucks ahead for good, Toppin was called for traveling in front of Milwaukee’s bench. As Beverley tried to grab the ball from him, Toppin shoved the Bucks guard and drew a technical foul.

On the Bucks’ ensuing possession, Beverley hit a short jumper while getting fouled by Haliburton. Beverley did a particularly showy version of the “Too Small” taunting gesture before sinking his free throw to complete a three-point play that gave Milwaukee a 39-33 lead.

“I thought Pat Beverley was fantastic,” Rivers said. “His scoring was good, but I thought his playmaking was unbelievable tonight.”

Milwaukee led 53-48 at halftime and then scored the first nine points of the third quarter. Indiana got the margin down to nine midway through the third, but the Bucks outscored the Pacers 20-8 over the next 5½ minutes to put the game away.

“We just didn't play with the consistent compete level we needed to," Pacers coach Rick Carlisle said. “I'll take responsibility for that. I didn't have these guys ready the way they needed to be ready to play this game."

AP NBA: https://apnews.com/hub/NBA

Indiana Pacers' Pascal Siakam fouls Milwaukee Bucks' Danilo Gallinari during the first half of Game 5 of the NBA playoff basketball series Tuesday, April 30, 2024, in Milwaukee. (AP Photo/Morry Gash)

Milwaukee Bucks' Patrick Beverley shoots past Indiana Pacers' Andrew Nembhard during the first half of Game 5 of the NBA playoff basketball series Tuesday, April 30, 2024, in Milwaukee. (AP Photo/Morry Gash)

Milwaukee Bucks' Khris Middleton tries to get past Indiana Pacers' Aaron Nesmith during the first half of Game 5 of the NBA playoff basketball series Tuesday, April 30, 2024, in Milwaukee. (AP Photo/Morry Gash)

Milwaukee Bucks' Pat Connaughton gets past Indiana Pacers' T.J. McConnell during the first half of Game 5 of the NBA playoff basketball series Tuesday, April 30, 2024, in Milwaukee. (AP Photo/Morry Gash)

Milwaukee Bucks' Khris Middleton tries to get past Indiana Pacers' Aaron Nesmith during the first half of Game 5 of the NBA playoff basketball series Tuesday, April 30, 2024, in Milwaukee. (AP Photo/Morry Gash)

Milwaukee Bucks' Patrick Beverley tries to get past Indiana Pacers' Andrew Nembhard during the first half of Game 5 of the NBA playoff basketball series Tuesday, April 30, 2024, in Milwaukee. (AP Photo/Morry Gash)

Milwaukee Bucks' Patrick Beverley reacts after making a shot and being fouled during the first half of Game 5 of the NBA playoff basketball series Tuesday, April 30, 2024, in Milwaukee. (AP Photo/Morry Gash)

Milwaukee Bucks' Bobby Portis (9) shoves Indiana Pacers' Andrew Nembhard, left, during the first half of Game 4 of the first round NBA playoff basketball series, Sunday, April 28, 2024, in Indianapolis. (AP Photo/Michael Conroy)

Milwaukee Bucks' Bobby Portis (9) goes to the basket against Indiana Pacers' Pascal Siakam (43) during the first half of Game 4 of the first round NBA playoff basketball series, Sunday, April 28, 2024, in Indianapolis. (AP Photo/Michael Conroy)