Stock market today: Global shares rise after tech stocks pull Wall Street to another record

[December 03, 2024]  By YURI KAGEYAMA

TOKYO (AP) — Global shares were mostly higher on Tuesday after technology stocks pulled Wall Street to another record finish.

France's CAC 40 added nearly 0.9% in early trading to 7,298.06. Germany's DAX rose 0.7% to 20,041.15, while Britain's FTSE 100 rose 0.6% to 8,360.63. U.S. shares were set to drift higher with Dow futures rising less than 0.1% to 44,921.00. S&P 500 futures rose nearly 0.1% to 6,065.50.

Japan’s benchmark Nikkei 225 jumped 1.9% to finish at 39,248.86. Shares in Tokyo Electron surged 4.3% after the U.S. Commerce Department expanded the list of Chinese computer chip-related companies subject to export controls.

Some analysts think Japanese stocks could end up benefiting from President-elect Donald Trump’s latest threats to raise tariffs on China and other countries. During the weekend, Trump threatened 100% tariffs against a group of developing economies, including China and Brazil, if they act to undermine the U.S. dollar.

Taiwan's Taiex gained 1.3% and the Sensex in India was up 0.8%.

Australia’s S&P/ASX 200 gained 0.6% to 8,495.20. South Korea’s Kospi jumped 1.9% to 2,500.10, after inflation data showed a rebound but remained low enough to keep rate-cut hopes alive for early 2025.

Hong Kong’s Hang Seng added 1.0% to 19,746.32, while the Shanghai Composite edged up 0.4% to 3,378.81. Unconfirmed reports said Chinese leaders would meet next week to discuss planning for the coming year, an annual economic work meeting that investors are hoping to bring fresh stimulus to help spur growth in the world's second-largest economy.

Currency traders work near a 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, Tuesday, Dec. 3, 2024. (AP Photo/Ahn Young-joon)

This week also brings several big updates on the U.S. job market, including the October job openings report, weekly unemployment benefits data and the all-important November jobs report. They could steer the next moves for Federal Reserve, which recently began pulling interest rates lower to give support to the economy.

Economists expect Friday’s headliner report to show U.S. employers accelerated their hiring in November, coming off October’s lackluster growth that was hampered by damaging hurricanes and strikes.

On Monday, the S&P 500 rose 0.2% from the previous session’s all-time high to post a record for the 54th time this year, closing at 6,047.15. The Dow Jones Industrial Average fell 0.3% to 44,782.00, while the Nasdaq composite gained 1% to 19,403.95.

In energy trading early Tuesday, benchmark U.S. crude gained 50 cents to $68.60 a barrel. Brent crude, the international standard, rose 55 cents to $72.38 a barrel.

In currency trading, the U.S. dollar rose to 149.90 Japanese yen from 149.59 yen. The euro inched up to $1.0525 from $1.0500.

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