HONG KONG (AP) — Global stocks were mixed Friday, with the Japanese yen losing some of its gains after the latest U.S. update on inflation bolstered Wall Street’s belief that relief on interest rates may come as soon as September.

The futures for the S&P 500 and the Dow Jones Industrial Average edged 0.1% higher.

The U.S. dollar lost 2.1% against the yen overnight and traded as low as 157.43 yen, fueling speculation that Japanese authorities may have intervened to amplify the impact of the milder U.S. inflation data. It regained some of its losses on Friday, rising to 159.12 yen from 158.80 yen.

Another key data release coming up is the U.S. producer price index, which will be published later in the day, while inflation readings for Germany, France, and Italy will also be released.

European markets started the day with gains. Germany’s DAX was up 0.3% to 18,591.54 and the CAC 40 in Paris was 0.8% higher at 7,689.42. In London, the FTSE 100 added 0.4% to 8,254.06.

In Asia, Tokyo’s Nikkei 225 index lost 2.5% to 41,190.68.

Hong Kong’s Hang Seng index climbed 2.6% to 18,293.38 and the Shanghai Composite index was nearly unchanged at 2,971.29 after data showed that China’s exports increased by 8.6% in June, better than market expectations.

RELATED COVERAGE Higher costs and low base fares send Delta’s profit down 29%. The airline still earned $1.31 billion PepsiCo’s second quarter profits jump but customers slow their purchases after years of price hikes Stock market today: Asian stocks mixed amid volatile yen after Wall St climbs on inflation report

Australia’s S&P/ASX 200 was up 0.9% at 7,959.30. South Korea’s Kospi slipped 1.2% to 2,857.00.

Elsewhere, Bangkok’s SET edged 0.1% higher. Taiwan’s Taiex declined 2%, with Taiwan Semiconductor losing 3.7%. The company earlier rose after announcing that its revenue climbed nearly 33% in June compared with the same period last year, but followed Wall Street tech giants lower.

On Wall Street overnight, four out of every five stocks in the S&P 500 index climbed, though pullbacks for Nvidia, Microsoft and a handful of other highly influential companies masked that underlying strength. Those giants have been the market’s biggest winners amid a frenzy around artificial intelligence technology, causing critics to say they had become too pricey, and they helped drag the S&P 500 down 0.9% from its all-time high set a day before.

The drops for Big Tech stocks also pulled the Nasdaq composite down 2% from its own record. The drops broke seven-day winning streaks for both the S&P 500 and Nasdaq composite. The Dow Jones Industrial Average, which has less of an emphasis on tech, rose 32 points, or 0.1%.

The direction was decidedly upward for the majority of stocks on Wall Street, particularly housing-related companies, real-estate owners and others that benefit from easier interest rates. SBA Communications, which owns towers and other sites used for wireless communications infrastructure, jumped 7.5%, the biggest gain in the S&P 500.

The day’s action was even stronger in the bond market, where yields tumbled as traders built bets for the Federal Reserve to soon begin lowering its main interest rate. It’s been sitting for nearly a year at its highest level in more than two decades.

Wall Street wants lower interest rates to release the 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.

Wall Street saw Thursday’s report, which showed milder price increases than expected from a year earlier for gasoline, cars and other things U.S. consumers bought during June, as providing just that.

Following the report’s release, Treasury yields tumbled immediately. The yield on the 10-year Treasury dropped to 4.20% from 4.28% late Wednesday and from 4.70% in April. That’s a major move for the bond market and provides a big lift for stock prices.

All told, the S&P 500 fell 0.9% to 5,584.54. The Dow rose 0.1% to 39,753.75, and the Nasdaq composite dropped 2% to 18,283.41.

In other dealings, U.S. benchmark crude oil gained $1.03 to $83.65 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, picked up 73 cents to $86.13 per barrel.

The euro rose to $1.0887 from $1.0865.