HONG KONG (AP) โ Asian stocks were mixed on Friday after a steady Thursday on Wall Street, as markets anticipated key U.S. employment data due later in the day.
US oil and futures prices rose.
Japan's benchmark Nikkei 225 index fell 0.1% to 38,661.04 after data on Friday showed household spending figures in April rose 0.5% year-on-year. This is the first increase since February 2023, a key indicator in assessing the country's economy as central bank officials prepare to hold the monetary policy meeting next week.
Hong Kong's Hang Seng Index fell 0.6% to 18,367.73, and the Shanghai Composite Index fell 0.4% to 3,036.08, as China trade data showed exports in May rose more faster than expected, 7.6% compared to the previous year, while imports were weaker than the market. forecasts.
Australia's S&P/ASX 200 rose 0.4% to 7,853.40. South Korea's Kospi added 0.8% to 2,709.63.
On Thursday, the S&P 500 barely moved a day after hitting an all-time high for the 25th time this year. It fell less than 0.1% to 5,352.96. The Dow Jones Industrial Average added 0.2% to 38,886.17, while the Nasdaq composite fell 0.1% to 17,173.12 after hitting its own record.
Big Lots fell 18.2% after reporting a larger-than-expected loss for the latest quarter. The retailer said it missed its sales targets because its customers continue to cut back on spending, particularly on non-essential items.
Shares of another retailer, Five Below, fell 10.6%. Its earnings and revenue last quarter fell short of analyst expectations, and CEO Joel Anderson said difficulties for the company's main low-income customers hurt results, even as it saw strong growth in its higher income clients.
Many retailers and other businesses have highlighted a divide between their lowest- and highest-income customers. Inflation is particularly hurting those at the lower end, who are struggling to keep up with a cost of living that continues to rise, even if inflation is not as rapid as before. That threatens to break a lynchpin that has kept the U.S. economy out of a recession despite high interest rates: strong spending by American households.
Another factor that has helped American consumer spending remain so strong has been a remarkably strong labor market. A report on Thursday showed possible weakening there as well.
More American workers filed for unemployment benefits last week than the week before, when economists expected to see a slight decline. The numbers are still low compared to history, but could suggest some slowdown in the labor market.
In a potentially discouraging sign for markets, a separate report on Thursday said the productivity of American workers was not as strong in the first three months of the year as economists thought. This is key because strong productivity gains could allow American workers' wages to continue rising without adding as much upward pressure on inflation.
Trading could get more exciting later in the day when the US government delivers its latest monthly update on the labor market. Economists expect it to show slight accelerations in hiring and increases in average hourly wages from the previous month.
"Policymakers have reason to start feeling cautiously optimistic on the labor market front, as wage growth is returning to a sustainable range while labor turnover is easing," according to Roger Aliaga-Dรญaz, economist head of the Americas at Vanguard.
In other trading, U.S. benchmark crude oil gained 11 cents to $75.66 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, rose 3 cents to $79.90 a barrel.
The US dollar rose to 155.77 Japanese yen from 155.68 yen. The euro rose to $1.0896 from $1.0888.
