Stock market today: Asian stocks mostly down, Tokyo hitting new all-time highs

TOKYO — Asian stocks were mostly lower on Monday, but Tokyo’s benchmark Nikkei 225 index hit another record high.

The Nikkei Stock Average rose 0.4% to end at 39,233.71. Trading in the Tokyo market was closed on Friday due to the holiday. The benchmark also rose to a record high on Thursday.

In foreign exchange trading, the dollar depreciated slightly from 150.47 yen to 150.37 yen. The euro rose to $1.0835 from $1.0823.

Stephen Innes of SPI Asset Management pointed out that the weak yen is one of the factors attracting many foreign investors to Japanese stocks.

He said investors were selling to lock in profits from the recent rally in China’s market, which has rebounded slightly after months of weakness.

Hong Kong’s Hang Seng Index fell 0.5% to 16,641.68, and the Shanghai Composite Index fell 0.9% to 2,977.02.

Elsewhere in Asia, Australia’s S&P/ASX 200 index rose 0.1% to 7,652.80. South Korea’s Kospi fell 0.8% to 2,647.08.

On Friday, Wall Street ended the week at a record high, driven largely by strength in the technology sector. But the stock prices of some technology companies, such as Nvidia, fell or remained largely unchanged.

The S&P 500 rose less than 0.1% to 5,088.80. This is a new record high for the benchmark index and the sixth winning week out of the last seven.

The Dow Jones Industrial Average rose 0.2% to $39,131.53. The Nasdaq fell 0.3% to 15,996.82.

Earnings remain a big focus this week as a key indicator of where the U.S. and global economy is heading. U.S. companies reporting results include home improvement retailer Lowe’s, discount retailer Dollar Tree, computer maker HP, and electronics retailer Best Buy.

Further economic data on consumer sentiment, inflation and the U.S. economy will also be released. An update on the pace of U.S. growth in the October-December period is expected on Wednesday.

The Fed is trying to get inflation back to its 2% target. Earlier data on consumer and wholesale prices beat Wall Street expectations. Traders now expect the Fed to cut rates in June rather than March.

In energy trading, benchmark U.S. crude oil fell 22 cents to $76.27 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard crude, fell 14 cents to $81.48 per barrel.