Asia-Pacific stocks rose Thursday after Wall Street benchmarks closed at record highs on soft inflation data, while investors assessed Japan GDP data.0.3% in April, below the 0.4% rise predicted by the Dow Jones. U.S. CPI climbed 3.4% year over year, in line with market estimates.stood at 19,062, pointing to a marginally lower open compared with the HSI's close of 19,073.71. Markets in Hong Kong will also reopen after a holiday on Wednesday.
Overnight, Wall Street's main indexes closed at record highs on Wednesday after data showed CPI rose at a slower-than-expected pace in April.CNBC Pro: Citi names one under-the-radar stock to buy on an AI opportunity, giving it 22% upsideCiti noted that the company said its total addressable market has increased three times, thanks to its artificial intelligence opportunity.
The contrarian fund manager pointed to a mid-cap stock that's risen by 240% despite sales and earnings declining.The best-performing sector this quarter is the S&P 500 Utilities, up 9.9% and more than twice as much as second-ranked S&P 500 Communication Services, higher by 3.9%. S&P 500 Information Technology is also outperforming the S&P 500.
All the other eight S&P 500 sectors are lagging the entire benchmark this quarter, led by Real Estate, down 2.1%; Consumer Discretionary, off 2.0%; and Health Care, lower by 1.5%.in April, the"lack of a nasty surprise" was welcome, unlike March's disappointingly high readings, said Mark Hamrick, senior economist at Bankrate."With the 3.4% year-over-year headline increase and 3.6% in the core , these remain irritatingly high," Hamrick said.
Several clean energy stocks have rallied this week, in some cases with no company-specific news, leaving some investors to question what was behind the gains.The bounce yesterday"was simply a meme stock rally, with the most heavily shorted stocks gaining the most," the analyst told clients in a research note Wednesday."Yesterday clean tech investors got a reminder — if any were needed — of just how emotionally these stocks can move on a day-to-day basis," Molchanov said.
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