Stock market today: Asian stocks are mixed after Dow sets a new record

Asian stocks were mixed on Tuesday as investors grappled with the weak economic data from China and waited to see the outcome of a top Communist Party policy meeting in Beijing.

U.S. futures rose while oil prices fell.

Japan's benchmark Nikkei 225 rose 0.6% to 41,399.72 after reopening from a holiday.

Hong Kong's Hang Seng index declined 1.5% to 17,747.65 and the Shanghai Composite index fell 0.4% to 2,963.25.

Markets were still digesting the set of weaker economic data of China released Monday, when the government reported that annual economic growth had fallen from 5.3% in the first quarter to 4.7% in the April to June quarter.

This led some economists to cut their growth forecasts. Goldman Sachs revised its forecast for China's annual economic growth to 4.9% from a previous estimate of 5.0%. JP Morgan cut their full-year outlook for China's 2024 GDP growth to 4.7% from an earlier projection of 5.2%.

Further policies were expected to be released during this week's four-day economic meeting, a closed-door plenary meeting of the ruling Communist Party. It is expected to set strategies and policies for the coming decade, in line with leader Xi Jinping's push to pursue advances in future technologies.

On Monday, Wall Street's momentum kept driving it upward.

The S&P 500 rose 0.3% to 5,631.22, finishing just shy of its all-time high set last week. It's coming off its 10th winning week in the last 12, lifted in large part by expectations that inflation is slowing enough to convince the Federal Reserve to ease interest rates soon.

The Dow Jones Industrial Average climbed 0.5% to 40,211.72 and set its own record, while the Nasdaq composite added 0.4% to 18,472.57 and ended a bit short of its high.

Some of the market's best performing areas were ones that do best when former President Donald Trump's chances for election look better. Trump Media & Technology Group, the company behind Trump's Truth Social platform, leaped 31.4%. Bitcoin rose above $64,000 after Trump, who has painted himself as a crypto-friendly candidate, survived an assassination attempt over the weekend.

Trump could get an immediate bump in his support in polls, as President Ronald Regan did in 1981, according to Isaac Boltanksy, director of policy research at BTIG, and ''Trump's defiance following the attack could be the defining image of this election cycle.''

Stocks of big financial companies, which could benefit from a lighter regulatory touch from a Republican administration, also helped lead the market. JPMorgan Chase climbed 2.5% and was one of the strongest forces pushing the S&P 500 higher.

Investment bank Goldman Sachs rose 2.6% after reporting stronger profit and revenue for the latest quarter than analysts expected. BlackRock, the asset manager behind the iShares exchange-traded funds, slipped 0.6% after topping forecasts for profit but coming up a bit shy for revenue.

For roughly a year, the Fed has been keeping its main interest rate at the highest level in more than two decades. Lower rates would release pressure that's built up on the economy because of how expensive it's become to borrow money to buy houses, cars, or anything on credit cards. Fed officials, though, have been saying they want to see ''more good data'' on inflation before making a move.

In remarks before the Economic Club of Washington, Federal Reserve Chair Jerome Powell said again on Monday he won't send any signals about when the Fed may cut interest rates. But he also said Fed officials understand the risks of waiting both too long and not long enough. Too-late cuts could push the U.S. economy into a recession, while too-aggressive cuts could allow inflation to reaccelerate.

In other dealings, U.S. benchmark crude oil lost 23 cents to $81.68 per barrel in electronic trading on the New York Mercantile Exchange.

The U.S. dollar rose to 158.56 Japanese yen from 158.01 yen. The euro fell to $1.0891 from $1.0894.

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