Stock market today: Asian stocks are mixed after Dow sets a new record

Asian stocks were mixed on Tuesday as investors grappled with the weak economic data from China and waited to see the outcome of a top Communist Party policy meeting in Beijing.

U.S. futures rose while oil prices fell.

Japan’s benchmark Nikkei 225 rose 0.6% to 41,399.72 after reopening from a holiday.

Hong Kong’s Hang Seng index declined 1.5% to 17,747.65 and the Shanghai Composite index fell 0.4% to 2,963.25.

Markets were still digesting the set of weaker economic data of China released Monday, when the government reported that annual economic growth had fallen from 5.3% in the first quarter to 4.7% in the April to June quarter.

This led some economists to cut their growth forecasts. Goldman Sachs revised its forecast for China’s annual economic growth to 4.9% from a previous estimate of 5.0%. JP Morgan cut their full-year outlook for China’s 2024 GDP growth to 4.7% from an earlier projection of 5.2%.

Further policies were expected to be released during this week’s four-day economic meeting, a closed-door plenary meeting of the ruling Communist Party. It is expected to set strategies and policies for the coming decade, in line with leader Xi Jinping's push to pursue advances in future technologies.

South Korea’s Kospi added 0.3% to 2,869.15 and Australia’s S&P/ASX 200 edged 0.1% lower to 8,011.10.

On Monday, Wall Street’s momentum kept driving it upward.

The S&P 500 rose 0.3% to 5,631.22, finishing just shy of its all-time high set last week. It’s coming off its 10th winning week in the last 12, lifted in large part by expectations that inflation is slowing enough to convince the Federal Reserve to ease interest rates soon.

The Dow Jones Industrial Average climbed 0.5% to 40,211.72 and set its own record, while the Nasdaq composite added 0.4% to 18,472.57 and ended a bit short of its high.

Some of the market’s best performing areas were ones that do best when former President Donald Trump’s chances for election look better. Trump Media & Technology Group, the company behind Trump’s Truth Social platform, leaped 31.4%. Bitcoin rose above $64,000 after Trump, who has painted himself as a crypto-friendly candidate, survived an assassination attempt over the weekend.

Trump could get an immediate bump in his support in polls, as President Ronald Regan did in 1981, according to Isaac Boltanksy, director of policy research at BTIG, and “Trump’s defiance following the attack could be the defining image of this election cycle.”

Yields for longer-term Treasurys also pushed higher than shorter-term ones, and the 10-year Treasury yield climbed to 4.22% from 4.19% late Friday. Something similar happened after last month’s debate between Trump and President Joe Biden, when traders maneuvered in anticipation of a Republican sweep in November that could ultimately mean policies that would raise the U.S. government’s debt.

Stocks of big financial companies, which could benefit from a lighter regulatory touch from a Republican administration, also helped lead the market. JPMorgan Chase climbed 2.5% and was one of the strongest forces pushing the S&P 500 higher.

Investment bank Goldman Sachs rose 2.6% after reporting stronger profit and revenue for the latest quarter than analysts expected. BlackRock, the asset manager behind the iShares exchange-traded funds, slipped 0.6% after topping forecasts for profit but coming up a bit shy for revenue.

For roughly a year, the Fed has been keeping its main interest rate at the highest level in more than two decades. Lower rates would release pressure that’s built up on the economy because of how expensive it’s become to borrow money to buy houses, cars, or anything on credit cards. Fed officials, though, have been saying they want to see “more good data” on inflation before making a move.

In remarks before the Economic Club of Washington, Federal Reserve Chair Jerome Powell said again on Monday he won’t send any signals about when the Fed may cut interest rates. But he also said Fed officials understand the risks of waiting both too long and not long enough. Too-late cuts could push the U.S. economy into a recession, while too-aggressive cuts could allow inflation to reaccelerate.

In other dealings, U.S. benchmark crude oil lost 23 cents to $81.68 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, gave up 21 cents to $84.64 per barrel.

The U.S. dollar rose to 158.56 Japanese yen from 158.01 yen. The euro fell to $1.0891 from $1.0894.

AP Business Writer Stan Choe contributed.

People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, July 16, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person stands in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, July 16, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person in traditional Japanese "kimono" walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, July 16, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

People walk near an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, July 16, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person in traditional Japanese "kimono" walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Tuesday, July 16, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

FILE - People pass the New York Stock Exchange July 10, 2024, in New York. World shares began trading mixed on Monday, July 15, 2024, after China reported that its economy expanded at a lower-than-forecast 4.7% annual pace in the last quarter. (AP Photo/Peter Morgan, File)

A currency trader walks near the screen showing the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Monday, July 15, 2024. Asian shares began the week trading mixed as China reported that its economy expanded at a slower-than-forecast 4.7% annual pace in the last quarter. (AP Photo/Lee Jin-man)

FILE - The Fearless Girl statues faces the New York Stock Exchange on July 2, 2024, in New York. Global stocks are mixed on Friday, July 12, 2024, with the Japanese yen losing some of its gains after the latest U.S. update on inflation bolstered Wall Street's belief that relief on interest rates may come as soon as September. (AP Photo/Peter Morgan, File)

A currency trader walks near 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 a foreign exchange dealing room in Seoul, South Korea, Monday, July 15, 2024. Asian shares began the week trading mixed as China reported that its economy expanded at a slower-than-forecast 4.7% annual pace in the last quarter. (AP Photo/Lee Jin-man)

Currency traders watch computer monitors near the screens showing the Korea Composite Stock Price Index (KOSPI), center, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Monday, July 15, 2024. Asian shares began the week trading mixed as China reported that its economy expanded at a slower-than-forecast 4.7% annual pace in the last quarter. (AP Photo/Lee Jin-man)

The FBI said former President Donald Trump was the target of “what appears to be an attempted assassination ” at his golf club in West Palm Beach, Florida, on Sunday, just nine weeks after the Republican presidential nominee survived another attempt on his life.

Trump was shot during an assassination attempt at a July rally in Pennsylvania, and a bullet grazed his ear.

U.S. Secret Service agents opened fire on Sunday after seeing a person with a firearm near Trump’s West Palm Beach golf club in Florida while he was golfing. No injuries were reported. Officials say the person fled in an SUV and was later apprehended by local law enforcement.

He was identified as Ryan Wesley Routh, three law enforcement officials told The Associated Press. The officials spoke on the condition of anonymity because they were not authorized to discuss the ongoing investigation.

Here is the Latest:

House Speaker Mike Johnson said the House will be demanding more Secret Service protection for Trump, saying he needs more attention than any other protectee.

“He’s the most attacked. He’s the most threatened, even probably more than when he was in the Oval Office,” Johnson, R-La., said on “Fox & Friends.” “We are demanding in the House that he have every asset available.”

The Republican speaker was on his way to visit Trump on Sunday when the former president was targeted while golfing. The suspect is now in custody.

Johnson and his wife, Kelly, visited with Trump afterward for about three hours, and the speaker said he was in “good spirits.”

The House’s bipartisan task force on the July assassination attempt on Trump in Pennsylvania is monitoring the situation and has requested a briefing. Johnson said the panel was scheduled to hold a hearing later this month as it investigates the political violence.

“There’s going to be reports and recommendations coming forward, and Congress will act swiftly,” Johnson said. “We need accountability.”

Johnson said he has “no faith” in Homeland Security Secretary Alejandro Mayorkas. The House impeached Mayorkas earlier this year over the department’s handling of immigration, but the Senate declined to consider the charges in a trial.

Ryan Wesley Routh briefly entered a Florida courtroom Monday morning for his initial appearance, wearing a dark blue jail jumpsuit and his arms and legs shackled. He sat quietly for about five minutes with no visible signs of nervousness before marshals led him back out to await his hearing.

The Associated Press filmed Ryan Wesley Routh in April 2022 at a demonstration in Kyiv’s Independence Square two months after Russia invaded Ukraine.

A placard he was holding said: “We cannot tolerate corruption and evil for another 50+ years. End Russia for our kids.” He wore a blue vest with the American flag on the back, along with a scarf and T-shirt in the colors of his national flag, while participating in a small rally.

Other participants held posters drawing attention to Mariupol, which was under siege at the time and is now occupied by Russia. That same day, Routh also paid tribute to foreign citizens killed during the war near a makeshift memorial sign reading “Foreigners killed by Putin.”

Ryan Wesley Routh has never served in the Ukrainian army nor collaborated with the military in any capacity, according to Oleksandr Shahuri, a representative officer of the Foreigners Coordination Department of the Ukrainian Ground Forces Command.

Over the past two-and-a-half years, Routh has periodically contacted the international legion with what Shahuri described as “nonsensical ideas.” His plans and ideas can best be described as delusional.”

Shahuri, speaking to The Associated Press, firmly denied any connection to Routh. The International Legion of Ukraine was created shortly after the outbreak of the war by Ukraine’s President Volodymyr Zelenskyy. It consists of foreign citizens “wishing to join the resistance against the Russian occupants and fight for global security,” according to Ukraine’s Foreign Ministry.

Zelenskyy released a statement on X regarding the apparent assassination attempt: “I am glad to hear that Donald Trump is safe and unharmed. My best wishes to him and his family. It’s good that the suspect in the assassination attempt was apprehended quickly. This is our principle: the rule of law is paramount and political violence has no place anywhere in the world. We sincerely hope that everyone remains safe.”

Trump campaign leaders are crediting the Secret Service with keeping the former president safe following an apparent assassination attempt in Florida.

In an email sent to staff Sunday evening, senior campaign advisers Chris LaCivita and Susie Wiles wrote, “Today, for the second time in two months, an evil monster attempted to take the life of President Trump.”

“Thankfully, no one was injured at the Golf Course. President Trump and everyone accompanying him are safe thanks to the great work of the United States Secret Service,” they wrote.

They added that campaign staffers’ safety is “always our top priority” and asked those receiving the email to “remain vigilant” and “observant and maintain a constant level of situational awareness."

The leaders of a bipartisan task force in Congress that has been investigating the assassination attempt on Trump at a Pennsylvania rally in July said it is monitoring the Florida situation and has requested a briefing by the Secret Service.

“We are thankful that the former President was not harmed, but remain deeply concerned about political violence and condemn it in all of its forms,” said Rep. Mike Kelly, R-Pa. and Rep. Jason Crow, D-Colo. “The Task Force will share updates as we learn more.”

It was not immediately clear whether the incident would affect Trump's campaign schedule.

On Monday night, he was set to speak from Florida about cryptocurrency live on the social media site X for the launch of his sons’ crypto platform. Trump planned a town hall Tuesday in Flint, Michigan, with his former press secretary, Arkansas Gov. Sarah Huckabee Sanders, followed by a rally Wednesday on New York’s Long Island.

Trump had returned to Florida this weekend from a West Coast swing that included a Friday night rally in Las Vegas and a Utah fundraiser. His campaign had not advised about any public plans for Trump on Sunday. He often spends the morning playing golf, before having lunch at the club, one of three he owns in the state.

The man who authorities say pointed a rifle with a scope into former President Donald Trump’s golf club and was arrested is Ryan Wesley Routh, three law enforcement officials told The Associated Press.

The officials identified the suspect to the AP but spoke on the condition of anonymity because they were not authorized to discuss the ongoing investigation.

Secret Service agents shot at the suspect, who was taken into custody after fleeing the scene of what the FBI is calling an apparent attempted assassination of the Republican presidential nominee. Authorities are working to determine a motive.

— By Associated Press reporters Colleen Long, Eric Tucker, Alanna Durkin Richer, Mike Balsamo and Michael R. Sisak

Police officers direct traffic near Trump International Golf Club after the apparent assassination attempt of Republican presidential nominee former President Donald Trump in West Palm Beach, Fla., Sunday, Sept. 15, 2024. (AP Photo/Terry Renna)

Republican presidential nominee former President Donald Trump waves as he boards a plane at Harry Reid International Airport after a campaign trip, Saturday, Sept.14, 2024, in Las Vegas. (AP Photo/Alex Brandon)

FILE - Security agents talk at the entrance to former President Donald Trump's Mar-a-Lago estate, March 31, 2023, in Palm Beach, Fla. (AP Photo/Rebecca Blackwell, File)

A police officer directs traffic near Trump International Golf Club after the apparent assassination attempt of Republican presidential nominee former President Donald Trump in West Palm Beach, Fla., Sunday, Sept. 15, 2024. (AP Photo/Terry Renna)

Sheriff vehicles are pictured near Trump International Golf Club, Sunday. Sept. 15, 2024, in West Palm Beach, Fla., after gunshots were reported in the vicinity of Republican presidential candidate former President Donald Trump. (AP Photo/Stephany Matat)

This photo provided by the Martin County Sheriff's Office shows Sheriff's vehicles surrounding an SUV on the northbound I-95 in Martin County on Sunday, Sept. 15, 2024. (Martin County Sheriff's Office via AP)

This photo provided by the Martin County Sheriff's Office shows Sheriff's vehicles surrounding an SUV on the northbound I-95 in Martin County on Sunday, Sept. 15, 2024. (Martin County Sheriff's Office via AP)

FILE - The motorcade for President Donald Trump arrives at Trump International Golf Club, Feb. 15, 2020, in West Palm Beach, Fla. (AP Photo/Alex Brandon, File)

Photos that show an AK-47 rifle, a backpack and a Go-Pro camera on a fence outside Trump International Golf Club taken after an apparent assassination attempt of Republican presidential candidate former President Donald Trump, are displayed during a news conference at the Palm Beach County Main Library, Sunday. Sept. 15, 2024, in West Palm Beach, Fla. (AP Photo/Stephany Matat)

Republican presidential nominee former President Donald Trump arrives at Harry Reid International Airport to board a plane after a campaign trip, Saturday, Sept.14, 2024, in Las Vegas. (AP Photo/Alex Brandon)

Ryan Wesley Routh pays tribute to foreign citizens killed during Russia-Ukraine war in a central square in Kyiv, Ukraine, Saturday, April 30, 2022. (AP Photo/Efrem Lukatsky)

Ryan Wesley Routh takes part in a rally in central Kyiv, Ukraine, Saturday, April 30, 2022. (AP Photo/Efrem Lukatsky)