Stock market today: Asian shares are mixed after Wall St rally takes S&P 500 near record

TOKYO (AP) — Stocks in Asia were mixed Friday after a rally on Wall Street that pulled the S&P 500 back within 1% of its record.

Benchmarks fell in Tokyo, Sydney and Seoul but rose in China, where investors were focused on the release of April inflation figures.

In Japan, the Finance Ministry reported a record current account surplus for the fiscal year through March, as strong auto exports whittled down its trade deficit and the nation racked up solid returns on overseas investments. However, weak consumer spending undermined that positive data.

Japan's benchmark Nikkei 225 fell 0.3% to 38,073.98, giving up earlier gains.

Australia's S&P/ASX 200 lost 1.1% to 7,720.00. South Korea's Kospi declined 1.1% to 2,715.95.

Hong Kong's Hang Seng jumped 1% to 18,504.56, while the Shanghai Composite surged 0.7% to 3,150.51.

Price data expected Saturday are being watched to see if the economy might be regaining momentum.

“Despite efforts, China has grappled with consumer deflation for about a year, presenting a formidable challenge that Beijing has yet to overcome,” said Stephen Innes, managing partner at SPI Asset Management.

On Thursday, the S&P 500 rose 0.5% to 5,214.08. The Dow Jones Industrial Average gained 0.8% to 39,387.76, and the Nasdaq composite added 0.3%, to 16,346.26.

A report showing a pickup in layoffs helped to support the market. The number of workers applying for unemployment benefits rose by more last week than economists expected, though it remains relatively low compared with history.

That could be a sign the economy can pull off a hoped-for balancing act of staying solid enough to avoid a bad recession, but not so strong that it puts upward pressure on inflation.

Equinix jumped 11.5% after reporting stronger profit for the latest quarter than analysts expected. The company, which runs data centers around the world, also said an independent investigation led by its board found no accounting inconsistencies or errors that would require financial restatements. Earlier, an investment firm had accused it of “major accounting manipulation.”

Yeti Holdings rose 12.8% after reporting better profit for the latest quarter than expected thanks to stronger sales for its drinkware and coolers and equipment.

Cheesecake Factory gained 6.2% after topping expectations for profit. The results were encouraging following some recent warnings by big food and drink companies about how much pressure their customers, particularly lower-income ones, are feeling.

Airbnb sank 6.9% despite topping expectations for profit and revenue. It gave a forecasted range for revenue in the current quarter whose midpoint fell short of what analysts expected. It said an earlier Easter pulled more of its business this year into the first quarter from the second quarter.

In the bond market, the yield on the 10-year Treasury eased to 4.45% from 4.50% late Wednesday. The two-year yield, which more closely tracks expectations for the Fed, slipped to 4.81% from 4.84% late Wednesday.

A smooth auction of 30-year Treasury bonds helped to keep yields stable.

Treasury yields have largely been easing since Federal Reserve Chair Jerome Powell said last week that the central bank remains closer to cutting its main interest rate than hiking it, despite a string of stubbornly high readings on inflation this year. A cooler-than-expected jobs report on Friday, meanwhile, suggested the U.S. economy could manage to avoid being either too hot or too cold.

In energy trading, benchmark U.S. crude rose 56 cents to $79.82 a barrel in electronic trading on the New York Mercantile Exchange. It advanced 61 cents on Thursday. Brent crude, the international standard, added 50 cents to $84.38 a barrel.

In currency trading, the U.S. dollar edged up to 155.72 Japanese yen from 155.52 yen.

The weak yen has been both a blessing and a worry for Japan, as it helps boost export earnings but chips away at purchasing power. Expectations are growing for the Bank of Japan to start raising interest rates, although how much exactly and when remain unclear. The U.S. dollar was trading at 130 yen levels a year ago.

The euro cost $1.0742, down from $1.0748.

AP Business Writer Stan Choe contributed.

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, Friday, May 10, 2024. (AP Photo/Ahn Young-joon)

A currency trader passes 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, Friday, May 10, 2024. (AP Photo/Ahn Young-joon)

A currency trader works 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, Friday, May 10, 2024. (AP Photo/Ahn Young-joon)

People look at an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, May 9, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person rides bicycle past an electronic stock board showing Japan's Nikkei 225 and New York Dow indexes at a securities firm Thursday, May 9, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person stands near an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, May 9, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, May 9, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

MIAMI (AP) — Harrison Bader and Tyrone Taylor each drove in two runs in a four-run first inning, star closer Edwin Díaz was not used in a save situation and the New York Mets beat the Miami Marlins 7-3 on Sunday for just their second win in seven games.

Brandon Nimmo homered and Francisco Lindor singled twice following a 1-for-27 skid as the Mets rebounded from blowing a four-run, ninth-inning lead on Saturday and avoided a three-game sweep. New York stopped Miami’s four-game winning streak.

“You’re not defined by what you do the day before. You’re defined by how you get up from adversity,” Lindor said. “We wanted this one for sure. I think it’s important to win after a tough loss like that.”

Sean Manaea (3-1) allowed two runs and five hits in five innings. Sean Reid-Foley and Jake Diekman pitched an inning each, and Reed Garrett got his second save by allowing one hit over two innings with four strikeouts in a 34-pitch outing.

Díaz has a 10.80 ERA over his last eight appearances after serving up four homers in 8 1/3 innings. He has blown three of his last four save chances.

“We all believe in him. We all know he’s going to be back,” Garrett said. “Whenever my name’s called, I’ll pitch, but I know as a collective unit we all believe in Edwin and we know what he can do.”

New York (21-25) had dropped five games under .500 on Saturday for the first time since an 0-5 start.

“Not an easy weekend, not the way we expected, but we just have to continue to move forward,” Mets manager Carlos Mendoza said. “Today was a huge win for us.”

With New York ahead 4-3, Nimmo hit a two-run homer off Anthony Bender in a three-run ninth that included Brett Baty’s RBI single.

“I was just looking for a good pitch in the middle of the plate to drive,” Nimmo said. “I was able to hit that ball — good launch angle — and hit it hard. Found its way out of the ballpark.”

Nimmo returned to the lineup Saturday after missing two games because of a stomach illness.

“I’m coming around,” Nimmo said. “It’s been a little bit of a journey the last three days to get over the sickness. Right now, I’m just trying to get some appetite back. I’m definitely not at 100%. Just trying to battle through it and glad that I was able to help out there at the end and solidify the win.”

Dane Myers hit a two-run homer in the second, and Christian Bethancourt had a solo drive in the seventh against DIekman.

Sixto Sánchez (0-2) allowed four runs and six hits in four innings. He gave up Taylor’s two-out double in the first and Bader’s single.

“He was obviously better second through the fourth inning but he put us in a hole early,” Marlins manager Skip Schumaker said. “At this level it’s hard to come back from four runs every single time. He’s not giving his teammates a chance to win.”

Miami recalled right-handed reliever Emmanuel Ramirez from Jacksonville and optioned right-handed reliever Anthony Maldonado to the Triple-A farm team.

TRAINER’S ROOM

Mets: DH J.D. Martinez (flu symptoms) didn’t play but was available to pinch hit. Mendoza said Martinez played through the illness the prior two days.

Marlins: INF Tim Anderson (lower back tightness) homered and had three singles in five at-bats during a rehab game with Jacksonville on Saturday, then went 0 for 4 with a walk on Sunday.

UP NEXT

Mets: RHP Tylor Megill (0-1, 2.25) will start the opener of a three-game series at Cleveland on Monday. RHP Ben Lively (2-2, 3.06) will start for the Guardians.

Marlins: LHP Ryan Weathers (2-4, 3.81) is scheduled to start the opener of a three-game home series against Milwaukee on Monday. The Brewers will go with RHP Joe Ross (2-4, 4.61).

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

New York Mets' Sean Manaea delivers a pitch during the first inning of a baseball game against the Miami Marlins, Sunday, May 19, 2024, in Miami. (AP Photo/Wilfredo Lee)

New York Mets' Brandon Nimmo (9) and Francisco Lindor (12) congratulate each other after they scored on a double by Tyrone Taylor, during the first inning of a baseball game against the Miami Marlins Sunday, May 19, 2024, in Miami. (AP Photo/Wilfredo Lee)

New York Mets center fielder Harrison Bader is unable to catch a ball hit by Miami Marlins' Josh Bell for a double, during the first inning of a baseball game, Sunday, May 19, 2024, in Miami. (AP Photo/Wilfredo Lee)

Miami Marlins third base Emmanuel Rivera, right, tags out New York Mets' Harrison Bader as he slides into third base during the fourth inning of a baseball game, Sunday, May 19, 2024, in Miami. (AP Photo/Wilfredo Lee)

New York Mets center fielder Harrison Bader (44) catches a ball hit by Miami Marlins' Josh Bell as both he and left fielder Tyrone Taylor (15) vie for the ball during the fifth inning of a baseball game, Sunday, May 19, 2024, in Miami. (AP Photo/Wilfredo Lee)

New York Mets relief pitcher Reed Garrett, right, and catcher Omar Narvaez celebrate after the Mets beat the Miami Marlins 7-3, during a baseball game, Sunday, May 19, 2024, in Miami. (AP Photo/Wilfredo Lee)