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Stock market today: Asian benchmarks mostly slide as investors focus on earnings

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Stock market today:  Asian benchmarks mostly slide as investors focus on earnings
News

News

Stock market today: Asian benchmarks mostly slide as investors focus on earnings

2024-04-25 12:04 Last Updated At:12:11

TOKYO (AP) — Asian shares mostly declined Thursday as investors awaited a flood of global earnings reports, including updates from U.S. tech companies known as the “Magnificent Seven.”

Japan's benchmark Nikkei 225 slid 1.4% in morning trading to 37,931.81. South Korea's Kospi dropped nearly 1.0% to 2,649.96. Hong Kong's Hang Seng gained 0.5% to 17,282.67, while the Shanghai Composite edged 0.2% higher, to 3,049.90.

Trading was closed in Australia for a national holiday, Anzac Day.

Attention is also turning to the Bank of Japan, whose two-day monetary policy meeting started Thursday.

“For the record, heading into tomorrow’s policy decision, exceptional Japanese yen weakness is the agitated elephant in the room for the BoJ,” Tan Jing Yi of Mizuho Bank said in a commentary.

In currency trading, the U.S. dollar rose to 155.46 Japanese yen from 155.31 yen. The euro cost $1.0707, up from $1.0697.

The yen has been trading at 155 yen-levels lately, its lowest level in 34 years. That helps Japanese exporters by raising the value of their overseas earnings, but it also raises the price of imports. Speculation has been growing Japan may intervene to prop up the yen.

On Wall Street, the S&P 500 was virtually flat and edged up by 1.08, or less than 0.1%, to 5,071.63. It had jumped sharply in the first two days of the week to claw back nearly two-thirds of last week’s steep loss.

The Dow Jones Industrial Average slipped 42.77, or 0.1%, to 38,460.92, and the Nasdaq composite added 16.11, or 0.1%, to 15,712.75.

Tesla jumped 12.1% after saying the night before that it would accelerate production of new, more affordable vehicles, which investors have been hoping will kickstart growth. The announcement helped investors look past the 55% drop in profit that Tesla reported.

Tesla is the first of the group of stocks among the Magnificent Seven to report its results for the start of 2024. The focus is on the small group of stocks because they drove most of the U.S. stock market’s gain last year, and they’ll need to perform to justify their high prices.

Meta Platforms also reported its latest results after trading ended Wednesday. Alphabet and Microsoft will follow it a day later.

The hope is that profit growth will broaden beyond the Magnificent Seven to other types of companies, in large part because a remarkably solid U.S. economy. They'll likely need to deliver fatter profits if they want their stock prices to rise. That’s because they’re unlikely to get much help from the other lever that can lift stock prices: interest rates.

“A strong earnings season looks likely to help restore market confidence,” according to Solita Marcelli, chief investment officer Americas at UBS Global Wealth Management.

A report Wednesday said orders for machinery, airplanes and other long-lasting manufactured goods were stronger last month than expected. A recent string of such reports has quashed hopes that the Federal Reserve may deliver the three cuts to interest rates this year that it had earlier signaled.

Boeing lost 2.9% despite reporting results that weren’t as bad as analysts feared. The company, which is battling criticism about the safety of its airplanes, said it’s taking steps to improve its manufacturing quality, which has slowed down production.

Teledyne Technologies tumbled 10.9% for one of the market's largest losses after the seller of digital imaging sensors, cameras and other equipment reported weaker profit and revenue than forecast. It said demand from the industrial automation and test and measurement markets was weaker than it expected.

On the winning side of the market, Hasbro jumped 11.9% after the toy and game company reported better profit and revenue for the latest quarter than analysts expected. It benefited from growth delivered by its Baldur Gate 3 and Magic: The Gathering games, as well as by its Peppa Pig content.

Texas Instruments climbed 5.6% after reporting stronger profit and revenue for the latest quarter than forecast. Boston Scientific was another one of the stronger forces pushing upward on the S&P 500. It rose 5.7% after topping forecasts for profit and revenue.

In energy trading, benchmark U.S. crude declined 15 cents to $82.66 a barrel. Brent crude, the international standard, fell 14 cents to $87.88 a barrel.

AP Business Writer Stan Choe contributed.

Currency traders work near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Wednesday, April 24, 2024. (AP Photo/Lee Jin-man)

Currency traders work near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Wednesday, April 24, 2024. (AP Photo/Lee Jin-man)

Currency traders work near the screen showing the Korea Composite Stock Price Index (KOSPI) at a foreign exchange dealing room in Seoul, South Korea, Wednesday, April 24, 2024. (AP Photo/Lee Jin-man)

Currency traders work near the screen showing the Korea Composite Stock Price Index (KOSPI) at a foreign exchange dealing room in Seoul, South Korea, Wednesday, April 24, 2024. (AP Photo/Lee Jin-man)

A currency traders walks near the screen showing the Korea Composite Stock Price Index (KOSPI) at a foreign exchange dealing room in Seoul, South Korea, Wednesday, April 24, 2024. (AP Photo/Lee Jin-man)

A currency traders walks near the screen showing the Korea Composite Stock Price Index (KOSPI) at a foreign exchange dealing room in Seoul, South Korea, Wednesday, April 24, 2024. (AP Photo/Lee Jin-man)

LAS VEGAS (AP) — The Oakland Athletics are on a tight schedule to get agreements in place and demonstrate that financing is set for construction to begin on time for the team's new stadium in Las Vegas.

The A's hope to open the approximately $1.5 million, 33,000-seat ballpark for the 2028 season.

This is the A's final season in Oakland. They agreed to play the following three seasons, with an option for a fourth, in a Triple-A stadium in West Sacramento, California.

Steve Hill, president and CEO of the Las Vegas Convention and Visitors Authority, said the timelines will be met.

“They're coming and they've said they can finance this stadium,” Hill said. “They are going to play baseball here in 2028. I frankly think it's just fun (for critics) to create some drama around it and that's happening. That keeps all of our lives a little more interesting, but it doesn't change the facts on the ground, which is they've said what they're going to do and they're just doing it.”

Attempts to reach A’s officials for comment were unsuccessful.

Managing partner Brendan Bussmann of B Global, an international consulting firm based in Las Vegas, said ideally ground would be broken on the Strip-located stadium by March 1 for the A's to play there in 2028.

Major League Baseball Commissioner Rob Manfred said Thursday at an owners meeting that construction needed to begin by April to ensure a 2028 opening. Hill said the A's themselves have provided that timeline, and he noted Allegiant Stadium — home to the NFL's Las Vegas Raiders — was built in 31 months.

“You think you could probably get the ballpark built in a very similar period of time,” Hill said. “It's obviously a little bit smaller structure.”

He said starting later than April didn't necessarily mean the opening date would be pushed back, saying construction could be done in double shifts and on weekends.

Two key documents still need to be approved by the Las Vegas Stadium Authority Board, which Hill chairs.

One is the non-relocation agreement, which was introduced last week. That agreement, expected to be for a term of 30 years, could be approved in the authority's planned July meeting.

The likely most critical piece is the development agreement. That will lay out the financing to supplement the $380 million in public funding approved by the Democratic-controlled Nevada Legislature in a special session last June and signed by Republican Gov. Joe Lombardo.

Hill said he wasn't concerned whether A's owner John Fisher can provide the roughly $1.1 billion of financing on his end. The A's have hired New York-based Galatioto Sports Partners to help find investors.

“I think John's looking at options,” Hill said. “I don't think it's necessarily out of need. I think it's to make sure that the funding is the most efficient for the A's.”

Would Fisher be willing to fund the stadium without investors?

“He has the ability to do that, yeah,” Hill said.

Bussmann said the A's have not laid out enough of a financing plan to assuage the public's concerns whether the money will be there.

“This is where the A’s need to put forward, ’Here’s our plan and this is what we need to stick to,'” Bussmann said.

He said if the A's aren't transparent, criticism of whether a financing plan will be achieved will dog the organization throughout the process of building a stadium.

Hill, however, pushed back on the notion the club wasn't properly communicating its plans. He said there haven't been as many public meetings as when the then-Oakland Raiders went through the process of building Allegiant Stadium, which was completed in 2020, because that was all new for Las Vegas officials.

“We've got a template that's in place,” Hill said. “(It) helps with these documents and helps simply list all the issues that might come up. So both sides are doing the work and it's getting done and we're on track and we don't see any reason why that won't continue.”

Manfred said the A's don't have time pressure to put their financing in place.

“I don’t think that John has a necessity of effectuating any of that in order to meet this deadline,” Manfred said. “That could happen before or after. And there’s actually a play there, right, when you sell (equity), the closer you get, the more it looks like reality, the more it’s worth.”

Manfred also said the 2025 major league and Triple-A schedules are being constructed to allow the A’s and River Cats to both use the ballpark in West Sacramento.

The authority and the A's had a legal victory May 13 when the Nevada Supreme Court ruled against a proposed ballot initiative that would've put public funding for the stadium up for a vote this year. Now the Schools over Stadiums political action committee said it would attempt to do so again in 2026, but that likely would be too late to prevent the stadium from going up.

"If it’s on the 2026 ballot, that’s 18 months into construction,” Bussmann said.

Another PAC, Strong Public Schools Nevada, which is backed by the Nevada State Education Association, filed a lawsuit in February challenging whether the money allocated by the Legislature violates the state constitution.

Hill did not comment specifically on those two legal challenges, but said he was confident in the end the stadium will open when scheduled.

Bussmann, for all his concerns about what still needs to be accomplished, didn't necessarily disagree.

“You’re on the clock at this point,” he said. “They have 10-plus months to get this done. What needs to happen at this point in time is doable.”

The A's also are focusing on what needs to be accomplished in Sacramento, and Manfred said the club is building a separate clubhouse and renovating the visiting one. Other upgrades are being made, as well, including club seating, video boards and new artificial turf.

“So there’s a lot going on there to get it up to snuff for the interim period,” Manfred said.

More than 13,000 fans have expressed interest in tickets in Sacramento, an A's spokesperson said.

AP Baseball Writer Ronald Blum in New York contributed to this report.

AP MLB: https://apnews.com/hub/mlb

Oakland Athletics' Shea Langeliers, Michael Kelly, Esteury Ruiz, J.D. Davis and Abraham Toro, from left, celebrate after the team's 8-1 win over the Seattle Mariners in a baseball game Saturday, May 11, 2024, in Seattle. (AP Photo/Jason Redmond)

Oakland Athletics' Shea Langeliers, Michael Kelly, Esteury Ruiz, J.D. Davis and Abraham Toro, from left, celebrate after the team's 8-1 win over the Seattle Mariners in a baseball game Saturday, May 11, 2024, in Seattle. (AP Photo/Jason Redmond)

FILE - The Oakland Athletics and their design teams released renderings Tuesday, March 5, 2024 of the club's planned $1.5 billion stadium in Las Vegas that show five overlapping layers with a similar look to the famous Sydney Opera House. The Athletics are on a tight schedule to get agreements in place and demonstrate financing is in place for construction to begin on time for the A’s to play in their new Las Vegas stadium. The A’s hope to open the approximately $1.5 million, 33,000-seat ballpark in time for the 2028 season. (Negativ via AP, File)

FILE - The Oakland Athletics and their design teams released renderings Tuesday, March 5, 2024 of the club's planned $1.5 billion stadium in Las Vegas that show five overlapping layers with a similar look to the famous Sydney Opera House. The Athletics are on a tight schedule to get agreements in place and demonstrate financing is in place for construction to begin on time for the A’s to play in their new Las Vegas stadium. The A’s hope to open the approximately $1.5 million, 33,000-seat ballpark in time for the 2028 season. (Negativ via AP, File)

FILE - The Oakland Athletics and their design teams released renderings Tuesday, March 5, 2024 of the club's planned $1.5 billion stadium in Las Vegas that show five overlapping layers with a similar look to the famous Sydney Opera House. The Athletics are on a tight schedule to get agreements in place and demonstrate financing is in place for construction to begin on time for the A’s to play in their new Las Vegas stadium. The A’s hope to open the approximately $1.5 million, 33,000-seat ballpark in time for the 2028 season. (Negativ via AP, File)

FILE - The Oakland Athletics and their design teams released renderings Tuesday, March 5, 2024 of the club's planned $1.5 billion stadium in Las Vegas that show five overlapping layers with a similar look to the famous Sydney Opera House. The Athletics are on a tight schedule to get agreements in place and demonstrate financing is in place for construction to begin on time for the A’s to play in their new Las Vegas stadium. The A’s hope to open the approximately $1.5 million, 33,000-seat ballpark in time for the 2028 season. (Negativ via AP, File)

FILE - The Oakland Athletics and their design teams released renderings Tuesday, March 5, 2024 of the club's planned $1.5 billion stadium in Las Vegas that show five overlapping layers with a similar look to the famous Sydney Opera House. The Athletics are on a tight schedule to get agreements in place and demonstrate financing is in place for construction to begin on time for the A’s to play in their new Las Vegas stadium. The A’s hope to open the approximately $1.5 million, 33,000-seat ballpark in time for the 2028 season. (Negativ via AP, File)

FILE - The Oakland Athletics and their design teams released renderings Tuesday, March 5, 2024 of the club's planned $1.5 billion stadium in Las Vegas that show five overlapping layers with a similar look to the famous Sydney Opera House. The Athletics are on a tight schedule to get agreements in place and demonstrate financing is in place for construction to begin on time for the A’s to play in their new Las Vegas stadium. The A’s hope to open the approximately $1.5 million, 33,000-seat ballpark in time for the 2028 season. (Negativ via AP, File)

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