Five Things You Need to Know to Start Your Day: Asia

Good morning. US stocks seek direction. Bespoke cars help Rolls-Royce offset China slump. Micron surges. China plans cash handouts. Here’s what’s moving markets. —Isabelle Lee

US stocks were back and forth as investors pondered the Federal Reserve’s path of rate cuts and digested housing-market data. The S&P 500 snapped a two-day climb while the Nasdaq 100 closed modestly higher. The 10-year US Treasury yield rose to around 3.78%. Data showed sales of new homes in the US fell last month. A separate set of numbers indicated that mortgage rates have dropped for the eighth consecutive week. Traders are still seeking fresh catalysts after last week’s half-point rate cut by the Fed. China’s latest stimulus failed to ripple beyond Asian markets as investors look forward to a speech by Fed Chair Jerome Powell and price data later this week.