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Stock market today: Asian shares falter after Nvidia rebound supports Wall St

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Stock market today: Asian shares falter after Nvidia rebound supports Wall St
News

News

Stock market today: Asian shares falter after Nvidia rebound supports Wall St

2024-06-26 11:52 Last Updated At:12:00

BANGKOK (AP) — Asian shares are mixed after a rebound for Nvidia propped up a weakened Wall Street.

Japan’s Nikkei jumped 1.4% to 39,726.39, buoyed by strong demand for technology shares driven by the enthusiasm over Nvidia and artificial intelligence.

Tokyo Electron gained 3.2% and Advantest Corp. soared 6.6%. Shin-Etsu Chemical Co. added 1.3%.

The Kospi in Seoul was up 0.2% at 2,781.15.

Chinese shares retreated. Hong Kong's Hang Seng edged 0.1% lower to 18,052.55 and the Shanghai Composite index slipped 0.5% to 2,936.71.

Australia's S&P/ASX 200 declined 0.9% to 7,765.40.

Shares rose in Taiwan and India and edged higher in Thailand.

On Tuesday, the S&P 500 rose 0.4% and neared its all-time high set a week earlier, closing at 5,469.30. The Dow Jones Industrial Average, which does not include Nvidia, dropped 0.8% to 39,112.16, and the Nasdaq composite jumped 1.3% to 17,717.65.

Most stocks outside Wall Street’s frenzy around artificial-intelligence technology fell. Nvidia climbed 6.8%, and without that gain, the S&P 500 would have dropped to a loss for the day. The chip company’s shares snapped a three-day losing streak where they had shed nearly 13% for their worst such stretch since 2022.

Nvidia has the power to swing the S&P 500 around because it’s grown to become one of Wall Street’s largest and most influential companies.

Voracious demand for its chips to power artificial-intelligence applications has been a big reason for the U.S. stock market’s run to records recently, even as the economy’s growth slows under the weight of high interest rates. But the AI boom has been so frenzied that it’s raised worries about a possible bubble in the stock market and too-high expectations among investors.

SolarEdge Technologies dropped 20.6% after it said a customer that owes it $11.4 million filed for Chapter 7 bankruptcy, which raises questions about how much the solar-power company can collect and when. The smaller companies in the Russell 2000 index also fell 0.4%.

Broadly, sales at retailers across the country have been up and down recently as companies highlight how lower-income customers are struggling to keep up with still-rising prices. The job market, though, still looks mostly solid. A report on Tuesday also showed confidence among U.S. consumers fell this month, but not by quite as much as economists expected.

Upper-income households seem to be doing better, and they’re booking trips on cruise ships. Carnival steamed 8.7% higher after it raised its profit forecast for 2024. The cruise company said bookings for the rest of the year are the best on record in terms of both price and occupancy. And bookings for next year may end up even better.

All told, the S&P 500 rose 21.43 points to 5,469.30. The Dow dropped 299.05 to 39,112.16, and the Nasdaq composite jumped 220.84 to 17,717.65.

It’s been mostly falling since topping 4.70% in late April, which has relaxed the pressure on the stock market. Yields have sunk on hopes that inflation is slowing enough to convince the Federal Reserve to cut its main interest rate later this year.

The Fed has been keeping the federal funds rate at the highest level in more than 20 years, hoping to grind down on the economy just enough to get inflation under control. The hope on Wall Street is that the Fed will cut interest rates at the exact right time. If it waits too long, the economy’s slowdown could careen into a recession. If it’s too early, inflation could reaccelerate.

In other dealings early Wednesday, U.S. benchmark crude oil picked up 29 cents to $81.12 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, was up 31 cents at $85.32 per barrel.

The dollar rose to 159.79 Japanese yen from 159.63 yen. The euro was nearly unchanged at $1.0715.

AP Business Writer Stan Choe contributed.

The New York Stock Exchange is shown on Tuesday, June 25, 2024 in New York. World stocks are mixed after another slide for Wall Street heavyweight Nvidia kept U.S. indexes mixed Monday, even as the majority of stocks rallied. (AP Photo/Peter Morgan)

The New York Stock Exchange is shown on Tuesday, June 25, 2024 in New York. World stocks are mixed after another slide for Wall Street heavyweight Nvidia kept U.S. indexes mixed Monday, even as the majority of stocks rallied. (AP Photo/Peter Morgan)

FILE - The New York Stock Exchange is shown on June 11, 2024 in New York. European markets have opened with gains on Monday, June 24, 2024, and Asian benchmarks retreated after U.S. stocks coasted to the close of their latest winning week. (AP Photo/Peter Morgan, File)

FILE - The New York Stock Exchange is shown on June 11, 2024 in New York. European markets have opened with gains on Monday, June 24, 2024, and Asian benchmarks retreated after U.S. stocks coasted to the close of their latest winning week. (AP Photo/Peter Morgan, File)

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Biden's campaign chair acknowledges support 'slippage' but says he's staying in the race

2024-07-19 23:57 Last Updated At:07-20 00:00

WASHINGTON (AP) — President Joe Biden's campaign is insisting anew that he is not stepping aside as he faces the stark reality that many Democrats at the highest levels want him to bow out of the 2024 election to make way for a new nominee and try to prevent widespread party losses in November.

Meanwhile, six more members of Congress called for him to drop out, making the total now more than two dozen.

Isolated as he battles a COVID-19 infection at his beach house in Delaware, Biden’s already small circle of confidants before his debate fumbling has shrunk further. The president, who has insisted he can beat Republican Donald Trump, is with family and relying on a few longtime aides as he weighs whether to bow to the mounting pressure.

Biden campaign chair Jen O'Malley Dillion acknowledged “slippage” in support for the president, but insisted he is “absolutely” remaining in the race and that the campaign sees “multiple paths" to beating Trump.

“We have a lot of work to do to reassure the American people that yes he’s old, but he can win," she told MSNBC's “Morning Joe” show. But she said voters concerned about Biden's fitness to lead aren't switching to vote for Trump. “They have questions, but they are staying with Joe Biden," she said.

At the same time, the Democratic National Committee ’s rulemaking arm opened its meeting Friday, pressing ahead with plans for a virtual roll call before Aug. 7 to nominate the presidential pick, ahead of the party’s convention later in the month in Chicago.

“President Biden deserves the respect to have important family conversations with members of the caucus and colleagues in the House and Senate and Democratic leadership and not be battling leaks and press statements,” Sen. Chris Coons of Delaware, Biden’s closest friend in Congress and his campaign co-chair, told The Associated Press.

It's a pivotal few days for the president and his party: Trump has wrapped up an enthusiastic Republican National Convention in Milwaukee. And Democrats, racing time, are considering the extraordinary possibility of Biden stepping aside for a new presidential nominee before their own convention.

Amid the turmoil, a majority of Democrats think Vice President Kamala Harris would make a good president herself.

A poll from the AP-NORC Center for Public Affairs Research found that about 6 in 10 Democrats believe Harris would do a good job in the top slot. About 2 in 10 Democrats don’t believe she would, and another 2 in 10 say they don’t know enough to say.

Democrats at the highest levels have been making a critical push for Biden to rethink his election bid, with former President Barack Obama expressing concerns to allies and Speaker Emerita Nancy Pelosi privately telling Biden the party could lose the ability to seize control of the House if he doesn’t step away from the 2024 race.

New Mexico Sen. Martin Heinrich on Friday called on Biden to exit the race, making him the third Senate Democrat to do so.

“By passing the torch, he would secure his legacy as one of our nation’s greatest leaders and allow us to unite behind a candidate who can best defeat Donald Trump and safeguard the future of our democracy,” said Heinrich, who is up for reelection this fall.

And Friday, Reps. Jared Huffman, Mark Veasey, Chuy Garcia and Mark Pocan __ representing a wide swath of the caucus __together called on Biden to step aside.

“We must defeat Donald Trump to save our democracy," they wrote.

Separately, Rep. Sean Casten of Illinois wrote in an op-ed that with “a heavy heart and much personal reflection” he, too, was calling on Biden to “pass the torch to a new generation.”

Campaign officials said Biden was even more committed to staying in the race despite the calls for him to go. And senior West Wing aides have had no internal discussions or conversations with the president about Biden dropping out.

On Friday, Biden picked up a key endorsement from the political arm of the Congressional Hispanic Caucus. CHC BOLD PAC said the Biden administration has shown “unwavering commitment” to Latinos and “the stakes couldn’t be higher” in this election. “President Joe Biden and Vice President Kamala Harris have delivered for the Latino community,” the group said.

But there is also time to reconsider. Biden has been told the campaign is having trouble raising money, and key Democrats see an opportunity as he is away from the campaign for a few days to encourage his exit. Among his Cabinet, some are resigned to the likelihood of him losing in November.

The reporting in this story is based in part on information from almost a dozen people who insisted on anonymity to discuss sensitive private deliberations. The Washington Post first reported on Obama’s involvement.

Biden, 81, tested positive for COVID-19 while traveling in Las Vegas earlier this week and is experiencing “mild symptoms” including “general malaise” from the infection, the White House said.

The president himself, in a radio interview taped just before he tested positive, dismissed the idea it was too late for him to recover politically, telling Univision’s Luis Sandoval that many people don’t focus on the November election until September.

“All the talk about who’s leading and where and how, is kind of, you know — everything so far between Trump and me has been basically even,” he said in an excerpt of the interview released Thursday.

But in Congress, Democratic lawmakers have begun having private conversations about lining up behind Harris as an alternative. One lawmaker said Biden’s own advisers are unable to reach a unanimous recommendation about what he should do. More in Congress are considering joining the others who have called for Biden to drop out. Some prefer an open process for choosing a new presidential nominee.

“It’s clear the issue won’t go away,” said Vermont Sen. Peter Welch, the other Senate Democrat who has publicly said Biden should exit the race. Welch said the current state of party angst — with lawmakers panicking and donors revolting — was “not sustainable.”

However, influential Democrats including Senate Majority Leader Chuck Schumer and House Democratic Leader Hakeem Jeffries are sending signals of strong concern.

To be sure, many want Biden to stay in the race. But among Democrats nationwide, nearly two-thirds say Biden should step aside and let his party nominate a different candidate, according to an AP-NORC Center for Public Affairs Research poll. That sharply undercuts Biden's post-debate claim that “average Democrats” are still with him.

Associated Press writers Joey Cappelletti in Lansing, Michigan, Ellen Knickmeyer in Aspen, Colorado, Steve Peoples in Milwaukee, and Josh Boak, Will Weissert, Mary Clare Jalonick, Seung Min Kim and Stephen Groves in Washington contributed to this report.

President Joe Biden takes the stage to speak at the 115th NAACP National Convention in Las Vegas, Tuesday, July 16, 2024. Biden tested positive for COVID-19 on Wednesday. (AP Photo/Susan Walsh)

President Joe Biden takes the stage to speak at the 115th NAACP National Convention in Las Vegas, Tuesday, July 16, 2024. Biden tested positive for COVID-19 on Wednesday. (AP Photo/Susan Walsh)

President Joe Biden walks to his car after stepping off of Air Force One at Dover Air Force Base in Delaware, Wednesday, July 17, 2024. Biden is returning to his home in Rehoboth Beach, Del., to self-isolate after testing positive for COVID-19. (AP Photo/Susan Walsh)

President Joe Biden walks to his car after stepping off of Air Force One at Dover Air Force Base in Delaware, Wednesday, July 17, 2024. Biden is returning to his home in Rehoboth Beach, Del., to self-isolate after testing positive for COVID-19. (AP Photo/Susan Walsh)

President Joe Biden walks down the steps of Air Force One at Dover Air Force Base in Delaware, Wednesday, July 17, 2024. Biden is returning to his home in Rehoboth Beach, Del., to self-isolate after testing positive for COVID-19. (AP Photo/Susan Walsh)

President Joe Biden walks down the steps of Air Force One at Dover Air Force Base in Delaware, Wednesday, July 17, 2024. Biden is returning to his home in Rehoboth Beach, Del., to self-isolate after testing positive for COVID-19. (AP Photo/Susan Walsh)

Supporters cheer during the Republican National Convention Thursday, July 18, 2024, in Milwaukee. (AP Photo/Charles Rex Arbogast)

Supporters cheer during the Republican National Convention Thursday, July 18, 2024, in Milwaukee. (AP Photo/Charles Rex Arbogast)

FILE - Rep. Nancy Pelosi, D-Calif., speaks during an event in Washington, June 23, 2023. Democrats at the highest levels are making a critical push for President Joe Biden to reconsider his election bid. Speaker Emerita Pelosi privately warned Biden that Democrats could lose the ability to seize control in the House if he didn’t step away from the race and that polls showed he likely can’t defeat Donald Trump. And former President Barack Obama has privately expressed concerns to Democrats about Biden’s candidacy. (AP Photo/Susan Walsh, File)

FILE - Rep. Nancy Pelosi, D-Calif., speaks during an event in Washington, June 23, 2023. Democrats at the highest levels are making a critical push for President Joe Biden to reconsider his election bid. Speaker Emerita Pelosi privately warned Biden that Democrats could lose the ability to seize control in the House if he didn’t step away from the race and that polls showed he likely can’t defeat Donald Trump. And former President Barack Obama has privately expressed concerns to Democrats about Biden’s candidacy. (AP Photo/Susan Walsh, File)

FILE - Chairman Sen. Jon Tester, D-Mont., speaks during a hearing on Capitol Hill in Washington, May 2, 2023. Jittery Democrats seeking to hold onto Senate seats are watching the drama over Biden nervously. Even candidates who seem to be in a strong position are walking a fine line between loyalty to the president and their own political survival. Tester has offered little public support for the president since the debate. (AP Photo/Andrew Harnik, File)

FILE - Chairman Sen. Jon Tester, D-Mont., speaks during a hearing on Capitol Hill in Washington, May 2, 2023. Jittery Democrats seeking to hold onto Senate seats are watching the drama over Biden nervously. Even candidates who seem to be in a strong position are walking a fine line between loyalty to the president and their own political survival. Tester has offered little public support for the president since the debate. (AP Photo/Andrew Harnik, File)

FILE - Former President Barack Obama speaks in Athens, Greece, June 21, 2023. Democrats at the highest levels are making a critical push for President Joe Biden to reconsider his election bid. Obama has privately expressed concerns to Democrats about Biden’s candidacy. And Speaker Emerita Nancy Pelosi privately warned Biden that Democrats could lose the ability to seize control in the House if he didn’t step away from the race and that polls showed he likely can’t defeat Donald Trump. (AP Photo/Petros Giannakouris, File)

FILE - Former President Barack Obama speaks in Athens, Greece, June 21, 2023. Democrats at the highest levels are making a critical push for President Joe Biden to reconsider his election bid. Obama has privately expressed concerns to Democrats about Biden’s candidacy. And Speaker Emerita Nancy Pelosi privately warned Biden that Democrats could lose the ability to seize control in the House if he didn’t step away from the race and that polls showed he likely can’t defeat Donald Trump. (AP Photo/Petros Giannakouris, File)

FILE - President Joe Biden speaks at the 115th NAACP National Convention in Las Vegas, July 16, 2024. Democrats at the highest levels are making a critical push for Biden to reconsider his election bid. Former President Barack Obama has privately expressed concerns to Democrats about Biden's candidacy. And Speaker Emerita Nancy Pelosi privately warned Biden that Democrats could lose the ability to seize control in the House if he didn't step away from the race. Biden says he's not dropping out believing he's best to beat the Republican Trump. (AP Photo/Susan Walsh, File)

FILE - President Joe Biden speaks at the 115th NAACP National Convention in Las Vegas, July 16, 2024. Democrats at the highest levels are making a critical push for Biden to reconsider his election bid. Former President Barack Obama has privately expressed concerns to Democrats about Biden's candidacy. And Speaker Emerita Nancy Pelosi privately warned Biden that Democrats could lose the ability to seize control in the House if he didn't step away from the race. Biden says he's not dropping out believing he's best to beat the Republican Trump. (AP Photo/Susan Walsh, File)

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