Stock market today: Asian stocks track Wall Street gains ahead of earnings reports

HONG KONG (AP) — Asian benchmarks extended gains Tuesday after U.S. stocks clawed back a chunk of their losses from last week, which was the worst for the S&P 500 in more than a year, while the yen weakened further to fresh 34-year lows.

U.S. futures were mixed and oil prices rose.

Japan’s benchmark Nikkei 225 edged 0.1% higher to 37,471.73, despite the country's manufacturing activity contracting for 11 straight months while approaching the break-even point in April as PMI came in at 49.9, according to Tuesday figures from au Jibun bank. The yen weakened further with it hitting a fresh 34-year low of 154.85 early Tuesday.

The Hang Seng in Hong Kong added 1.2% to 16,715.15 while the Shanghai Composite index was down 0.6% at 3,025.76.

Australia’s S&P/ASX 200 climbed 0.4% to 7,677.40. South Korea’s Kospi dropped less than 0.1% to 2,628.14.

On Monday, the S&P 500 rose 0.9% to 5,010.60 to recover more than a quarter of last week’s rout. The Dow Jones Industrial Average added 0.7% to 38,239.98, and the Nasdaq composite jumped 1.1% to 15,451.31.

The rally was widespread, and most stocks across Wall Street rose. In the S&P 500, technology stocks led the way to bounce back from their worst week since the COVID crash of 2020.

Nvidia leaped 4.4%, and Alphabet climbed 1.4% as Treasury yields stabilized in the bond market. Last week, a jump in yields cranked up the pressure on stocks, particularly those seen as the most expensive and making their investors wait the longest for big growth.

Bank stocks were also strong following some encouraging profit reports. Truist Financial rallied 3.4% after its profit for the start of the year topped analysts’ expectations.

They helped offset a 3.4% drop for Tesla, which announced more cuts to prices over the weekend. Elon Musk’s electric vehicle company has seen its stock drop more than 40% already this year, and it will report its first-quarter results later in the day.

It’s a big week for earnings reports generally, with roughly 30% of the companies in the S&P 500 scheduled to say how much they made during the year’s first three months. That includes companies that have come to be known as part of the “Magnificent Seven,” beyond Tesla and Alphabet.

The difference in growth between the Magnificent Seven and the rest of the S&P 500 should close by the end of the year, strategists Ohsung Kwon and Savita Subramanian said in a BofA Global Research report.

Verizon Communications helped kick off this week’s reports by disclosing a drop in profit that wasn’t as bad as analysts expected. It cited price increases and other measures to support its revenue. Verizon’s stock swung from an early gain to a loss of 4.7% after it reported weaker revenue for the first quarter than expected and kept its forecast for full-year profit the same.

Even more pressure than usual is on companies broadly to deliver fatter profits and revenue. That’s because the other big factor that sets stock prices, interest rates, looks unlikely to offer much help in the near term.

Top officials at the Federal Reserve warned last week that they may need to keep interest rates high for a while in order to ensure inflation is heading down to their 2% target. That was a big letdown for financial markets, dousing hopes that had built after the Fed signaled earlier that three interest-rate cuts may come this year.

Lower rates had appeared to be on the horizon after inflation cooled sharply last year. But a string of reports this year showing inflation has remained hotter than expected has raised worries about stalled progress.

In oil trading, U.S. benchmark crude picked up 32 cents to $82.22 per barrel. Brent crude, the international standard, gained 30 cents to $87.30 per barrel.

The U.S. dollar slipped to 154.75 Japanese yen from 154.84 yen. The euro rose to $1.0656 from $1.0653.

FILE - A person looks at an electronic stock board showing Japan's stock princes at a securities firm in Tokyo, April 2, 2024. Asian benchmarks extended gains Tuesday, April 23, after U.S. stocks clawed back a chunk of their losses from the previous week. (AP Photo/Eugene Hoshiko, File)

FILE - A person looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo, on April 19, 2024. Asian benchmarks extended gains Tuesday, April 23, after U.S. stocks clawed back a chunk of their losses from the previous week.(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 person walks in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Monday, April 22, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person stands in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Monday, April 22, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Monday, April 22, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

NEW YORK (AP) — Kodai Senga's injury-delayed season debut for the New York Mets was cut short after 5 1/3 innings and 73 pitches when he strained his left calf while pitching against the Atlanta Braves on Friday night.

After inducing Austin Riley to pop up leading off the sixth, Senga pointed toward Pete Alonso and began sprinting off the mound to clear room for the first baseman. The 31-year-old right-hander grabbed his left calf and bounced for a couple steps before falling.

Senga held his calf as he was surrounded by catcher Francisco Alvarez, manager Carlos Mendoza, his interpreter and an athletic trainer. Senga and the trainer rubbed Senga’s calf before Senga got up, exchanged hugs and handshakes with teammates on the infield and limped off.

Senga, who missed the first 102 games with a right shoulder capsule strain, allowed just two hits — including Adam Duvall’s two-run homer in the second inning — while striking out nine. He retired his final 10 batters.

Runner-up to Arizona's Corbin Carroll for NL Rookie of the Year last season, Senga was 12-7 with a 2.98 ERA in 29 starts after signing a $75 million, five-year contract.

Senga began a minor league injury rehabilitation assignment on July 3 and went 0-0 with a 4.15 ERA in four starts, three for Triple-A Syracuse and one for Class A Brooklyn.

Right-handed reliever Eric Orze was recalled from Triple-A Syracuse and emerging reliever Dedniel Núñez was put on the 15-day injured list with a right pronator strain. Right-handers Adrian Houser and Shintaro Fujinami were designated for assignment.

Núñez, 2-0 with a 2.43 ERA and one save in 24 games, had an MRI that didn't reveal any elbow ligament damage, manager Carlos Mendoza said. The 28-year-old right-hander began feeling tightness following back-to-back appearances at Miami last Saturday and experienced discomfort again Wednesday,

Houser, acquired from Milwaukee with outfielder Tyrone Taylor on Dec. 20, was 1-5 with a 7.84 ERA and one save in seven starts and 16 relief appearances. He opened 0-3 with an 8.16 ERA in his first six starts before working himself into a late-inning bullpen role by going 1-1 with a 2.84 ERA in 12 appearances from May 10 through June 30.

Hauser was scored upon in all five of his outings this month with a 9.00 ERA.

“Even when we put him in the bullpen, he was always willing to take the baseball and do whatever the team needed,” Mendoza said. “He was such a professional. It was just hard for him to find that consistency.”

Fujinami signed to a $3.35 million, one-year deal and opened the season with Syracuse. He was recalled and placed on the 15-day injured list on May 13 with a strained right shoulder, then walked eight in 8 2/3 innings over nine rehab appearances since June 25.

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New York Mets' Kodai Senga, right, high-fives Luis Severino while walking into the dugout during the fourth inning of a baseball game against the Atlanta Braves, Friday, July 26, 2024, in New York. (AP Photo/Pamela Smith)

New York Mets' Kodai Senga gestures while walking into the dugout during the fourth inning of a baseball game against the Atlanta Braves, Friday, July 26, 2024, in New York. (AP Photo/Pamela Smith)

New York Mets' Kodai Senga (34) reacts as he leaves the field due to an injury during the sixth inning of a baseball game against the Atlanta Braves, Friday, July 26, 2024, in New York. (AP Photo/Pamela Smith)

New York Mets' Kodai Senga grabs his leg as he reacts to an injury during the sixth inning of a baseball game against the Atlanta Braves, Friday, July 26, 2024, in New York. (AP Photo/Pamela Smith)