Wall Street opens higher ahead of tech-heavy earnings week

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NEW YORK — Stocks are opening mostly higher on Wall Street ahead of a heavy week of earnings from major technology companies. Alphabet, Amazon, Apple and Facebook parent Meta all report their latest quarterly results this week, as do Coca-Cola and General Motors. The S&P 500 was up 0.4% at the start of the month and the Nasdaq was down 0.4%. The Dow Jones Industrial Average rose 0.8%. UK government bonds rallied as Treasury chief Rishi Sunak became certain to become prime minister, replacing Liz Truss, who resigned last week after his economic austerity package taxes caused turmoil in the financial markets.

THIS IS A HATE NEWS UPDATE. AP’s previous story follows below.

Wall Street looks higher ahead of a week full of earnings reports from major tech companies.

Dow Jones industrial average futures rose 0.9% on Monday, while S&P futures rose 0.8%.

Investors focused on corporate earnings as they looked for clues about how inflation and rising interest rates are shaping global economies. Among the many companies reporting earnings this week are Alphabet, Amazon, Apple and meta parent Facebook, as well as Coca-Cola, General Motors.

Big tech and other high-growth companies have been hit by a series of aggressive interest rate hikes by the Federal Reserve as it seeks to slow the economy and control inflation. The Fed is expected to raise interest rates by another three-quarters of a percentage point at its November meeting. That’s more than three times the typical hike and would be the fourth 0.75 percent increase in a row.

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In Asia, Hong Kong’s benchmark index fell 6.4 percent on Monday as dismay over the lack of new policy initiatives from a Chinese Communist Party congress overshadowed a report that the No. 2 economy grew in a faster pace in the last quarter.

The dollar rose to nearly 150 yen before settling, a day after Japan’s central bank moved again to stem the yen’s decline.

Britain’s FTSE 100 rose 0.6 percent after former Prime Minister Boris Johnson announced he would not run for the leadership of the Conservative Party. Former Treasury chief Rishi Sunak is now the front-runner to replace Liz Truss, who resigned last week after her economic tax cut package sent financial markets into turmoil.

France’s CAC 40 rose 1.9 percent in early trade and Germany’s DAX climbed 2 percent.

Beijing’s report that China’s economy gained momentum in the latest quarter was better than expected and up from 0.4 percent in the previous quarter, but it was among the slowest expansions in decades as the country has struggled with repeated city shutdowns to fight virus outbreaks.

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There were no new market-stimulating initiatives from the Communist Party congress, where Xi Jinping, the most powerful leader in decades, has gained a free hand in setting policy. The ruling party appointed a seven-member standing committee made up of Xi’s allies and ditched free enterprise advocates such as Premier Li Keqiang, the party’s No. 2, ahead of the party’s once-every-five-year congress.

Xi wants a bigger role for the Communist Party in business and technology development. This prompted warnings that tighter control over job- and wealth-generating entrepreneurs would depress growth that was already in decline over the long term.

Hong Kong’s Hang Seng fell 6.4 percent to 15,180.69, its lowest level since 2006.

Shares of prominent Chinese companies Tencent, Baidu and JD.com fell by more than 10%.

The Shanghai Composite fell 2.0 percent to 2,977.56.

Xi has given no sign of plans to change the harsh “zero-COVID” strategy that has hurt business and trade. He indicated no change in policies straining relations with Washington and its Asian neighbors.

Japan’s benchmark Nikkei 225 added 0.3 percent to finish at 26,974.90. Australia’s S&P/ASX 200 gained 1.5 percent to 6,779.40. South Korea’s Kospi gained 1.0% to 2,236.16.

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Wall Street ended last week with a broad rally, with technology stocks, retailers and health care companies fueling much of the gains.

The S&P 500 rose 2.4 percent for a weekly gain of 4.7 percent, its biggest such gain since June. The Dow rose 2.5% and the Nasdaq composite added 2.3%. The Russell 2000 index rose 2.2%.

In currency trading, the US dollar rose to 148.97 Japanese yen from 147.65 yen. The Bank of Japan was reported to have stepped in to support the yen on Friday after the greenback rose above the 150 yen level. The dollar fell after the reported intervention, but has rebounded.

The euro was at 98.31 cents, down from 98.62 cents.

The dollar gained strength as the US Federal Reserve raised interest rates to fight inflation. Its growing strength against the yen and other currencies added to inflationary pressures in these countries by increasing the cost of imports and debt repayment.

In energy trading, benchmark U.S. crude fell $1.08 to $84.03 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, fell $2.99 ​​to $90.51 a barrel.

Kageyama reported from Tokyo; Ott reported from Washington.

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