Asian shares mostly fall amid investors’ worries about possible policy changes

TOKYO —

Asian stocks were mostly lower on Thursday, as the region’s main stock exchange in Tokyo remained closed for the New Year holiday.

Investors remained cautious on concerns about what US President-elect Donald Trump might mean for policy changes, while political uncertainty in South Korea added to a wait-and-see mood.

Australia’s S&P/ASx 200 rose 0.4% in early trade to 8,193.90. South Korea’s Kospi fell almost 0.1% to 2,397.54. Hong Kong’s Hang Seng fell 1.3% to 19,807.19, while the Shanghai Composite lost 0.8% to 3,325.56.

Wall Street trading was closed on Wednesday for the New Year holiday.

On Thursday, investors will get an updated snapshot of US construction spending for November, while US manufacturing data for December will be released on Friday.

Markets pause to mourn Carter

The New York Stock Exchange and Nasdaq will close their stock and options markets on Jan. 9 for a National Day of Mourning for former President Jimmy Carter, continuing a longstanding Wall Street tradition of mourning national leaders. The 39th US president and global humanitarian died Sunday at his home in Plains, Georgia. He was 100 years old.

U.S. stock indexes closed mostly lower on Tuesday as the market posted a negative finish on the final day of another milestone year on Wall Street.

The S&P 500 gave up early gains to end down 0.4%. The benchmark index, which set 57 record values ​​in 2024, recorded a growth of 23.3% during the year. This was the second consecutive year with a gain of more than 20%. The last time the index had such a large annual increase was in 1998.

The Dow Jones Industrial Average slipped 0.1% and the Nasdaq composite lost 0.9%.

Big tech stocks have led this year’s rise, pushing the Nasdaq to a 28.6% annual gain. The Dow, which is far less tech-heavy, is up 12.9% for the year.

Overall, the S&P 500 fell 25.31 points to 5,881.63 on Tuesday. The Dow lost 29.51 points to close at 42,544.22, and the Nasdaq fell 175.99 points to end at 19,310.79.

Growth helps drive the US market

The stellar U.S. stock markets have been boosted by a growing economy, solid consumer spending and a strong labor market.

Soaring prices for AI companies such as Nvidia and Super Micro Computer have helped propel the market to new heights.

After three rate cuts in 2024, the Fed has signaled a more cautious approach in 2025 with inflation remaining sticky as the country prepares for Trump’s transition to the White House. Trump’s threats to raise tariffs on imported goods have raised concerns that inflation could reignite as businesses pass on the costs of the tariffs.

In energy trade, benchmark US crude rose 36 cents to $72.08 a barrel. Brent crude, the international benchmark, added 34 cents to $74.98 a barrel.

In currency trade, the US dollar fell to 157.28 Japanese yen from 157.24 yen. The euro cost $1.0373, compared to $1.0361.