Stock market today: Asian shares mostly advance after Wall St comeback from worst loss since 2022

BANGKOK (AP) — Shares were mostly higher in Asia on Friday, with major markets apart from Shanghai and Taiwan logging modest gains.

U.S. futures and oil prices rose.

That followed a split Thursday on Wall Street, where general stocks and other formerly downtrodden areas of the market rose while superstar Big Tech stocks gave back more of their stellar gains.

Early Friday, Tokyo's Nikkei 225 index was up 0.3% at 37,977.30, after sinking 3.3% the day before amid heavy sell-offs in many markets.

Tokyo's core consumer price index rose 2.2% in July, rising for the third straight month to its highest level in four months, adding to expectations that the Bank of Japan may raise its near-zero benchmark interest rate at a policy meeting next week.

Hong Kong's Hang Seng edged 0.2% higher, to 17,033.91, while the Shanghai Composite index slipped 0.2% to 2,881.23.

Australia's S&P/ASX 200 surged 0.9% to 7,929.70, while the Kospi in Seoul added 0.7% to 2,730.53.

Taiwan's Taiex sank 3.4% as it reopened after markets there were closed Thursday due to a typhoon. It was catching up with the retreat Wednesday, which was the S&P 500's worst loss since 2022. Taiwan Semiconductor Manufacturing Corp. plunged 5.6%, tracking declines in Big Tech companies.

In Bangkok, the SET rose 0.5%, while India's Sensex gained 0.3%.

On Thursday, the S&P 500 lost 0.5% following its slide from the day before, closing at 5,399.22. The Dow Jones Industrial Average rose 0.2% to 39,935.07, while the Nasdaq composite sank 0.9% to 17,181.72.

The Russell 2000 index of smaller stocks jumped 1.3%. It’s up 8.6% this month, versus a loss of 1.1% for the big stocks in the S&P 500.

Continued losses for Nvidia and most of the handful of Big Tech stocks that have been primarily responsible for the S&P 500's run to records this year weighed on the market. They had tumbled a day earlier after profit reports from Tesla and Alphabet underwhelmed investors, raising concerns that the market’s frenzy around artificial-intelligence technology had sent prices too high.

Whether the handful of stocks known as the “Magnificent Seven” are rising or falling makes a huge impact on Wall Street because they’ve grown so mammoth in market value. That gives their stock movements extra sway on the S&P 500 and other indexes.

Still, the majority of U.S. stocks rallied Thursday after a surprisingly strong report on the U.S. economy raised hopes for profits of smaller companies' other formerly unloved areas of the market.

The economy’s growth accelerated to an estimated 2.8% annual rate from April through June, double the rate from the prior quarter but not so hot that it fanned worries about upward pressure on inflation.

An update is due later Friday about the Federal Reserve’s preferred measure of inflation, but since it has largely resumed its slowdown, the widespread expectation is for the Federal Reserve to begin cutting its main interest rate from the highest level in more than two decades. Following Thursday’s report, traders still saw a 100% probability that the Fed will begin doing so in September, according to data from CME Group.

Cuts to rates would release pressure that’s built up on both the economy and financial markets, and investors are thinking it would be a big boost for stocks whose profits are more closely tied to the strength of the economy than Big Tech's.

Airline stocks flew higher Thursday after American Airlines Group and Southwest Airlines both reported profits for the spring that topped analysts’ expectations. Southwest also announced a break from a tradition of 50 years: It will start assigning seats and selling premium seating for customers who want more legroom.

American Airlines climbed 4.2%, and Southwest Airlines rose 5.5%.

On the losing side of Wall Street was Ford Motor, which tumbled 18.4% after reporting profit that fell short of expectations. Its net income fell in part on rising warranty and recall costs.

In other dealings early Friday, U.S. benchmark crude oil rose 15 cents to $78.43 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, also was up 15 cents, at $81.54 per barrel.

The U.S. dollar fell to 153.79 Japanese yen from 153.93 yen. The euro rose to $1.0859 from $1.0847.

AP Business Writer Stan Choe contributed.

Currency traders watch monitors 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 the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, July 26, 2024. (AP Photo/Ahn Young-joon)

Currency traders watch monitors near the screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, July 26, 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, July 26, 2024. (AP Photo/Ahn Young-joon)

A currency trader passes by the screen showing the Korea Composite Stock Price Index (KOSPI), top center left, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, July 26, 2024. (AP Photo/Ahn Young-joon)

FILE - An entrance to the New York Stock Exchange is shown on June 26, 2024, in New York. (AP Photo/Peter Morgan, File)

A person walks below an electronic stock board in Tokyo Thursday, July 25, 2024. Global shares retreated on Thursday, with Tokyo's benchmark losing more than 1,300 points at one point and closing down more than 3%, as pessimism set in over a nose-dive on Wall Street. (Kyodo News via AP)

A person walks by an electronic stock board in Tokyo Thursday, July 25, 2024. Japan's benchmark Nikkei 225 lost 3.3% to 37,869.51, its lowest close since April. (Kyodo News via AP)

Currency traders pass by the screen showing the Korea Composite Stock Price Index (KOSPI), top 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, Thursday, July 25, 2024. (AP Photo/Ahn Young-joon)

FILE - The New York Stock Exchange is shown on June 18, 2024 in New York. (AP Photo/Peter Morgan, File)

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, Thursday, July 25, 2024. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near the screen showing the Korea Composite Stock Price Index (KOSPI), top 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, Thursday, July 25, 2024. (AP Photo/Ahn Young-joon)

Currency traders watch monitors near a screen showing U.S. President Joe Biden at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, July 25, 2024. (AP Photo/Ahn Young-joon)

PHOENIX (AP) — Aaron Judge is mashing homers at an astounding pace for the New York Yankees. Shohei Ohtani provides the same type of thump for the Los Angeles Dodgers.

But it’s the Arizona Diamondbacks who have the best offense in the big leagues — by quite a bit.

The Diamondbacks came into Sunday’s games averaging 5.48 runs per game, a full half run better than the second place team, which is the Yankees at 4.98. Arizona was at it again on Sunday, pulling off a 11-10 win in 10 innings against the Milwaukee Brewers.

Arizona took a 5-0 lead, then trailed 8-5, then tied it up at 8-8, fell behind 10-8 in the 10th and then rallied for three runs in the bottom of the inning for the win. Eugenio Suárez provided the walk-off moment with a bases loaded single to deep right. It was a much-needed win for a franchise fighting with the Padres, Mets and Braves for the three NL wild cards.

The D-backs have a deep, speedy lineup led by Ketel Marte, Christian Walker, Corbin Carroll, Joc Pederson, Jake McCarthy and Suárez. As Sunday proved, no lead is safe when Arizona is at the plate.

“We’re really executing at a high level and it’s not just the slug,” manager Torey Lovullo said after a 14-4 win against the Rangers last week. “It’s patient at-bats waiting for our pitch, putting down the bat, handing it off to the next guy.”

Suarez has been one of MLB’s best players in the second half of the season, batting .320 with 18 homers and 44 RBIs over 51 games coming into Sunday’s games.

The Los Angeles Dodgers boast one of the best lineups in baseball, led by superstars like Ohtani, Mookie Betts and Freddie Freeman.

The problem is they also have to pitch.

A rash of injuries to the pitching staff — including front-line starters like Tyler Glasnow and Clayton Kershaw — have left manager Dave Roberts scrambling as his team reaches the most important part of the season. The Dodgers are so thin on the mound that Roberts acknowledged earlier in the week that Ohtani could return to the mound in October after having offseason elbow surgery.

“Anything is possible,” Roberts said. “I hope that’s on his mind as far as motivation for his rehab. The odds of it coming to pass are very slim, but they’re not zero.”

The Dodgers' roster conundrum isn't unique in baseball this season. As the playoffs approach, no team looks bulletproof. In fact, this will likely be the first season since 2014 that no team will reach the 100-win mark in the regular season.

The parity has allowed several teams to stay in the playoff race longer than expected, particularly in the American League. The Detroit Tigers (77-73), Seattle Mariners (77-73) and Boston Red Sox (75-75) still have hope despite hovering around .500.

The Tigers and Mariners are just 2 1/2 games behind the Minnesota Twins for the final AL wild card.

What is the worst regular-season record for a World Series winning team?

The Chicago White Sox are putting up a little bit of a fight to avoid being the worst baseball team in the modern era.

The White Sox won two straight games against the Oakland Athletics during the weekend, improving their record to 35-115. That might not seem like much, but it's the first time they won back-to-back games since June 27-29.

“If there’s one thing we’ve learned it’s you can’t take big league wins for granted,” outfielder Gavin Sheets said. “To get back-to-back wins and get a series win, it feels really good. We have to enjoy these times and keep it going.”

Chicago is trying to avoid the post-1900 record of 120 losses by the 1962 expansion New York Mets. The White Sox are 20-58 at home, one shy of the post-1900 mark for home losses shared by the 1939 St. Louis Browns and 2019 Detroit Tigers.

There are 12 games remaining. That means the White Sox have to go 8-4 to avoid 120 losses.

The 2006 St. Louis Cardinals won the World Series despite finishing just 83-78 in the regular season.

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Chicago White Sox's Bryan Ramos, left, celebrates with Gavin Sheets after the White Sox defeated the Oakland Athletics in a baseball game in Chicago, Sunday, Sept. 15, 2024. (AP Photo/Nam Y. Huh)

Los Angeles Dodgers' Shohei Ohtani awaits his turn to bat in the first inning of a baseball game against the Atlanta Braves, Sunday, Sept. 15, 2024, in Atlanta. (AP Photo/Jason Allen)

Arizona Diamondbacks' Christian Walker gets high fives from teammates after scoring their second run against the Milwaukee Brewers during the first inning of a baseball game, Sunday, Sept. 15, 2024, in Phoenix. (AP Photo/Darryl Webb)