Stock market today: World stocks are mixed after Wall St snaps out of its holiday-season funk

[January 06, 2025]  By ZIMO ZHONG

HONG KONG (AP) — Global stocks were mixed on Monday after Wall Street snapped out of a spell of holiday season blues.

Germany’s DAX added 0.4% lower, to 19,984.85, and the CAC 40 in Paris was up 0.6% to 7,324.36. Britain’s FTSE 100 fell 0.2% to 8,212.70.

The future for the S&P 500 was 0.3% higher and that for the Dow Jones Industrial Average rose 0.1%.

Japan’s finance minister rang in the New Year as Tokyo’s market resumed trading after the long traditional holiday, as staff in suits and kimonos clapped for good fortune in 2025.

“The Japanese government will act to secure economic growth led by wage increases and investment," the finance minister, Katsunobu Kato said, vowing to “grasp signs of recovery” and to ensure that "every single citizen can feel the improvement in their salaries.”

The prevailing sentiment in much of Asia has been caution over potential changes by President-elect Donald Trump, who has vowed to sharply raise tariffs on imports from China and other countries, potentially denting growth for a region heavily reliant on trade.

Nippon Steel was expected to sue after U.S. President Joe Biden rejected its nearly $15 billion bid to acquire Pittsburgh-based U.S. Steel Corp, citing national security concerns. Nippon Steel’s shares fell 0.8% in Tokyo on Monday. U.S. Steel’s shares sank 6.5% on Friday.

“It is an unfortunate fact that Japanese industry has voiced concerns about future investment between the U.S. and Japan," Prime Minister Shigeru Ishiba said Monday, without referring directly to the steelmakers. "We have to take this very seriously.”

“We strongly urge the U.S. government to take action to dispel such concerns. We need to have a clear statement as to why there are security concerns, otherwise we will not be able to talk about it in the future. No matter how much we are an ally, I believe that the points I have just made are extremely important for our future relations,” Ishiba said.

Tokyo’s benchmark Nikkei 225 index lost 1.5% to 39,307.05, while the Hang Seng in Hong Kong declined 0.4% to 19,677.37.

The Shanghai Composite index slipped 0.1% to 3,206.92.

Markets shrugged off a report that China’s services economy grew at its fastest pace in seven months in December, while export businesses declined, according to a private sector survey. The index rose to 52.2 in December, surpassing the 50 level that separates expansion from contraction.

Kimono-clad employees of the Tokyo Stock Exchange and guests leave the venue after a ceremony marking the start of this year's trading Monday, Jan. 6, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

Elsewhere in Asia, the mood was lighter. Australia's S&P/ASX 200 gained 0.1% to 8,257.40 and Taiwan's Taiex jumped 2.8%.

In South Korea, the Kospi jumped 1.9% to 2,488.64, driven by a 9.8% increase in computer chip maker SK Hynix Inc. and a 2.8% jump in shares in Samsung Electronics, the country's biggest company.

South Korea’s anti-corruption agency asked the police to take over efforts to detain impeached President Yoon Suk Yeol after its investigators failed to take him into custody following a standoff with the presidential security service last week.

On Friday, the S&P 500 rallied 1.3% to 5,942.47, reaching its first gain since Christmas and its best day in nearly two months. Strength for Big Tech stocks helped it break a five-day losing streak, its longest since April, and trim its loss for the week to 0.5%.

The Dow Jones Industrial Average rose 0.8% to 42,732.13, and the Nasdaq composite leaped 1.8% to 19,621.68.

U.S. stock indexes have vaulted to records after the U.S. economy kept growing despite high interest rates that have helped push inflation nearly all the way down to the Federal Reserve’s 2% target.

But even though the economy and job market still look solid, the path ahead is not assured. Part of the reason the S&P 500 set more than 50 all-time highs last year was because of the expectation that the Fed would keep cutting interest rates through 2025, after it began easing them in September.

In other dealings, U.S. benchmark crude oil lost 29 cents to $73.67 per barrel. Brent crude, the international standard, dropped 35 cents to $76.16 per barrel.

The U.S. dollar rose to 157.70 Japanese yen from 157.22 yen. The euro cost $1.0338, up from $1.0306.

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Associated Press writer Mari Yamaguchi contributed.

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