This is CNBC’s live blog covering Asia-Pacific markets.
Asia-Pacific stock markets were set for a mixed session Monday as Japan returns from a long weekend and China shares look to extend their winning streak.
Investors will focus on a slew of economic data expected this week including China’s manufacturing purchasing managers’ index and the U.S. personal consumption expenditures price index data, which is the Federal Reserve’s preferred inflation gauge.
China’s CSI 300 index locked in nine straight days of gains on Friday. On Thursday, Japan‘s Nikkei 225 closed at a new all-time high of 39,098.68, surpassing the previous record of 38,915.87 set in 1989.
Japan’s Nikkei 225 looked set for gains Monday, with the futures contract in Chicago at 39,490 and its counterpart in Osaka at 39,470 against the index’s last close.
Futures for Hong Kong’s Hang Seng index stood at 16,728, relatively unchanged from the HSI’s close of 16,725.86.
In Australia, the S&P/ASX 200 rose 0.41%.
Wall Street’s main indexes hit record highs Friday as investors closed out the week on an upbeat note.
The S&P 500 inched higher by 0.03% to close at 5,088.8, breaking above 5,100 for the first time earlier in the session.
The Dow Jones Industrial Average added 0.16% by close, also reaching a fresh record closing high. The Nasdaq Composite closed 0.28% lower but had notched a fresh all-time high earlier in the session.
— CNBC’s Pia Singh and Brian Evans contributed to this report.
S&P 500 is little changed Friday, but ends the week higher
Here’s how the major indexes closed on Friday:
— Pia Singh
Jamie Dimon sells $150 million of JPMorgan Chase stock
JPMorgan Chase & Co CEO Jamie Dimon arrives for a Senate Banking, Housing, and Urban Affairs Committee hearing on Capitol Hill September 22, 2022 in Washington, DC.
JPMorgan Chase CEO Jamie Dimon sold about 800,000 shares of the bank on Thursday, generating about $150 million, according to a securities filing and VerityData.
The move appeared to be part of 10b5 plan for corporate executives to sell their stock.
Dimon still owns about 7.7 million shares of JPMorgan, according to VerityData.
— Jesse Pound
Investors should ‘buy the dip’ in big tech, wealth manager says
AI-adjacent big tech stocks have propelled the equity market to new highs, but there could still be more room ahead for gains.
In fact, UBS Private Wealth Management’s Greg Marcus believes that investors should take advantage of market volatility to buy into big tech.
“There will likely be pullbacks and volatility over the next few months and we are supportive of the buy the dip mentality when it comes to big tech,” he said.
Besides being beneficiaries of the artificial intelligence theme, Marcus also pointed out that many big tech firms have strong balance sheets and earnings growth potential, characteristics that can weather a higher interest rate environment.
However, the wealth manager also underscored that the market rally is likely to broaden in 2024.
“While we expect a continued resilience in tech stocks, we also expect a less dramatic, albeit still heavy, focus on the Magnificent 7,” he said.
— Lisa Kailai Han