Asian markets closed mixed after Japan's economy contracted less than expected in the first quarter and industrial production rose. Resource and energy stocks lifted the Australian index 1%.
U.S. market indexes gained after three days of lackluster trading. Stocks in technology, resource, and consumer sectors drove the advance. Crude oil and U.S. benchmark bond yields increased. Home Depot and Walmart reported diverging quarterly results.
In choppy trading market indexes lacked direction as stock market battled inflation worries, crude oil advanced on higher demand expectations, and the bond market forecasted rising rates.
Asian markets traded in a tight range with negative bias after April sales declined more than expected and production contracted in China. Switzerland-based Holcim agreed to sell its stakes in India for $10 billion.
Rebound in tech stocks in New York spread to the energy patch and lifted market indexes in Europe trimming weekly losses. Germany led the market advance in Europe. Crude oil jumped 4% inching closer to a 10-year high.
U.S. stocks advanced in pre-market trading after bargain hunters returned searching for stock in the beaten down tech stocks. Energy gained on the sustained rise in crude oil prices. European industrial production falls in April. Asian markets react to local news.
April inflation data stoked worries that the Fed may have to act sooner and harsher than later and lighter in taming inflation. Stocks plunged in the afternoon after a failed attempt to rally and Apple, Microsoft, Tesla, and Meta dropped between 4% and 7%.
U.S. stocks turned positive after the latest inflation data showed elevated rate in April. European markets rose between 1% and 2% and German inflation reached record high in April. Asian markets closed mixed.
U.S. stocks closed higher after bargain hunters braved in search of bargains ahead of the inflation report tomorrow. Investors will be scrutinizing inflation data in search of strength and durability of price increases.