Asian shares are mixed after Wall Street suffers worst loss since Election Day

BANGKOK (AP) — Shares started out the week mixed in Asia after U.S. stocks fell to their worst loss since Election Day.

Japan’s Nikkei 225 index dropped 1% to 38,255.65 as the yen regained some strength against the U.S. dollar after the central bank governor, Kazuo Ueda, indicated that the Bank of Japan will continue to raise interest rates as conditions permit.

The dollar fell to 154.46 Japanese yen from 154.54 yen late Friday. It had been trading above 156 yen last week.

South Korea’s Kospi jumped 2% to 2,465.60 after Samsung Electronics, the country’s biggest company, announced a share buyback plan. Samsung’s shares jumped 6%.

Chinese markets advanced, with the Hang Seng in Hong Kong adding 1.2% to 19,655.58. The Shanghai Composite index gained 1.2% to 3,372.18. Recent data showed improvements in retail spending that economists say suggest government stimulus policies are giving the stagnant economy a boost.

Elsewhere in Asia, Australia’s S&P/ASX 200 edged 0.1% higher, to 8,295.40. Taiwan’s Taiex lost 0.8% and the SET in Bangkok picked up 0.6%.

On Friday, U.S. stocks tumbled Friday with the waning of the “Trump bump” that Wall Street got from last week’s presidential election, along with a cut to interest rates by the Federal Reserve.

The S&P 500 dropped 1.3% to 5,870.62, for its worst day since before Election Day to close out a losing week. The Dow Jones Industrial Average fell 0.7% to 43,444.99, and the Nasdaq composite sank 2.2% to 18,680.12.

Vaccine manufacturers helped drag the market down after President-elect Donald Trump said he wants Robert F. Kennedy Jr., a prominent anti-vaccine activist, to lead the Department of Health and Human Services. Moderna tumbled 7.3%, and Pfizer fell 4.7% amid concerns about a possible hit to profits.

Kennedy still needs confirmation from the Senate to get the job, and some analysts are skeptical about his chances.

Biotech stocks broadly sank to some of the market’s worst losses, but the sharpest drop in the S&P 500 came from Applied Materials. It fell 9.2% as it forecast a range of future revenue below analysts’ expectations, even though it reported a stronger-than-anticipated profit for the latest quarter.

Companies face pressure to deliver big growth since their stock prices have been rising so much faster than their earnings. That’s made the stock market look pricey by a range of measures. The S&P 500 is still up 23% for the year and not far from its all-time high set on Monday, despite last week’s weakness.

Stocks had been broadly roaring since Election Day, when Trump’s victory sent a jolt through financial markets worldwide. Investors immediately began sending up stocks of banks, smaller U.S. companies and cryptocurrencies as they laid bets on the winners coming out of Trump’s preference for higher tariffs, lower tax rates and lighter regulation.

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