Stock market today: Asian shares are mixed after Wall Street drifts ahead of US Election Day

NEW YORK -- Shares were mixed successful Asia early Tuesday aft U.S. banal indexes drifted little a time up of nan U.S. statesmanlike election.

This week will bring various imaginable flashpoints, among them Election Day successful nan United States. But nan results whitethorn not beryllium known for immoderate clip arsenic officials count each nan votes, and that could bring crisp swings since markets dislike uncertainty.

U.S. futures were virtually unchanged early Tuesday.

Adding to nan imaginable for volatility, nan Federal Reserve will besides beryllium gathering connected liking rates later this week. The wide anticipation is for it to trim its main liking complaint for a 2nd consecutive time.

Investors besides dream nan Chinese authorities whitethorn denote stimulus for nan world’s second-largest economy.

Japan's Nikkei 225 scale gained 1.3% to 38,552.67, reopening aft a vacation connected Monday.

South Korea's Kospi fell 0.7% to 2,569.75, while nan S&P/ASX 200 successful Australia dropped 0.6% to 8,117.30.

The Standing Committee of China’s National People’s Congress is gathering this week, and analysts opportunity nan authorities whitethorn endorse awesome spending initiatives to boost economic growth amid troubles for nan country’s real-estate industry.

The charismatic Xinhua News Agency reported that nan lawmakers had reviewed authorities to raise ceilings connected section authorities indebtedness to switch existing hidden debts, portion of a process to put indebtedness swaps to thief resoluteness nan financial woes brought connected by nan pandemic and by a illness successful nan spot marketplace successful caller years.

Hong Kong's Hang Seng was up 0.1% astatine 20,597.30 and nan Shanghai Composite scale picked up 0.4% to 3,323.26.

On Monday, nan S&P 500 slipped 0.3% to 5,712.69, remaining adjacent its grounds group past month. The Dow Jones Industrial Average fell 0.6% to 41,794.60, while nan Nasdaq composite slipped 0.3% to 18,179.98.

Intel fell 2.9%, and chemic shaper Dow sank 2.1% successful their first trading since getting notified they’ll nary longer beryllium included successful nan Dow Jones Industrial Average. Warren Buffett’s Berkshire Hathaway dropped 2.2% and was 1 of nan heaviest weights connected nan marketplace aft reporting a driblet successful operating profit for nan latest quarter.

But nan mostly of stocks wrong nan S&P 500 rose, including a 2.8% summation for Fox aft it reported a stronger profit than expected.

The dream that’s propelled U.S. banal indexes to records precocious is that nan U.S. system tin stay resilient and debar a long-feared recession, successful portion because of nan coming cuts to rates expected from nan Fed.

The wide U.S. banal marketplace has historically risen regardless of which statement wins nan White House. And successful 2020, U.S. stocks climbed instantly aft Election Day and kept going moreover aft erstwhile President Donald Trump refused to concede and challenged nan results, creating plentifulness of uncertainty. A ample portion of that rally was owed to excitement astir nan imaginable for a vaccine for COVID-19, which had conscionable unopen down nan world economy.

A Trump triumph would beryllium little of a astonishment to markets this clip astir than successful 2016, erstwhile Treasury yields soared connected expectations for taxation cuts that could further inflate nan nation’s indebtedness aliases substance a stronger U.S economy. Treasury yields person already climbed successful caller weeks, successful portion owed to rising expectations among immoderate for a Trump win.

On Monday, Treasury yields gave backmost a chunk of those gains. The output connected nan 10-year Treasury fell to 4.29% from 4.38% precocious Friday.

Another finance that’s go a barometer successful nan marketplace for Trump’s perceived chances of triumph swung sharply done nan day. After veering betwixt losses and gains done nan morning, Trump Media & Technology Group ended up rising 12.4%.

In nan lipid marketplace early Tuesday, nan value for a tube of U.S. crude fell 7 cents to $71.40. On Monday, it roseate 2.8% aft Saudi Arabia and different lipid producers said they would hold plans to summation nan magnitude of crude they produced.

Brent crude, nan world standard, added 12 cents to $75.20. It roseate 2.7% a tube connected Monday. The value of Brent is still down for nan twelvemonth truthful far, successful portion because of worries astir really overmuch request will travel from China fixed its economical challenges.

In rate dealings, nan dollar roseate to 152.33 Japanese yen from 152.10 yen. The euro fell to $1.0876 from $1.0880.

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AP Business Writer Stan Choe contributed.