Stock Market Today: Asian Stocks Rise After Tech Stocks Push Wall Street To Another Record
TOKYO– Asian stocks mostly rose on Tuesday, after technology stocks pulled Wall Street to another record.
THE&The P 500 rose 0.2% on Monday from the previous session record level to post a record for the 54th time this year. The Dow Jones Industrial Average fell 128 points, or 0.3%, while the Nasdaq composite gained 1%.
Some analysts believe that Japanese issues could end up benefiting from the that of Donald Trump latest threat on tariffs against China and other countries. The president-elect threatened on Saturday 100% rates against a group of developing economies, including China and Brazil, if they act to weaken the U.S. dollar.
Japan’s benchmark Nikkei 225 index jumped 1.8% in morning trading to 39,215.99. Tokyo Electron emissions jumped 4.4%.
Australia S&The P/ASX 200 gained 0.7% to 8,504.00. South Korea’s Kospi jumped 1.7% to 2,495.80 after inflation data showed a rebound, but remained weak enough to keep thoughts of an interest rate cut alive for the start of 2025.
Hong Kong’s Hang Seng added 0.2% to 19,595.53, while the Shanghai Composite edged up 0.2% to 3,370.74.
On Wall Street, Super Micro Computer, a stock that has had a rollercoaster ride thanks to AI, soared 28.7% to lead the market.
Following allegations of misconduct and resignation of its auditorThe maker of servers used in artificial intelligence technology said an investigation found no evidence of misconduct by its management or the company’s board of directors.
Shares of big tech companies also helped support the market. Gains of 1.8% for Microsoft and 3.2% for Meta Platforms were the two strongest upward forces on the S.&500 P.
Intel was another mover during the morning, but it lost an early gain to fall 0.5% after the chip company said CEO Pat Gelsinger has retired and resigned from the board of directors. Intel is looking for Gelsinger’s replacement and its chairman said he was “committed to restoring investor confidence.”
Intel recently lost its place in the Dow Jones Industrial Average to Nvidia, which has soared in the Wall Street frenzy around AI.
Stellantis, for its part, slipped following the announcement of the departure of its CEO. Carlos Tavares is resigning after nearly four years at the helm of the automaker, which owns auto brands including Jeep, Citroën and Ram, amid ongoing conflict. fight against declining sales and a backlog of inventory at dealerships. Shares of the world’s fourth-largest automaker fell 6.3% in Milan.
The majority of shares of the S&The P 500 also fell, including California utility PG&E. It fell 5% after announcing it would sell $2.4 billion worth of stocks and preferred shares to raise cash.
All things considered, the S&The P 500 added 14.77 points to 6,047.15. The Dow fell 128.65 to 44,782.00 and the Nasdaq composite rose 185.78 to 19,403.95.
In the bond market, Treasury yields have given up their initial gains to remain relatively stable. The 10-year Treasury yield climbed above 4.23% in the morning before falling back to 4.19%. This was just above its level of 4.18% on Friday evening.
Next week will bring several important updates to the U.S. labor market, including the October job openings report, weekly unemployment benefits data, and the all-important November jobs report. They could guide the next actions to Federal Reserve, which recently started lower interest rates to provide support to the economy.
Economists expect Friday’s flagship report to show that U.S. employers accelerated their hiring in November. Sluggish growth in October this was hampered by devastating hurricanes and strikes.
“We now find ourselves in the middle of this Goldilocks zone, where economic health supports earnings growth while remaining weak enough to justify potential Fed rate cuts,” according to Mark Hackett, head of research. in investment at Nationwide.
In energy trading, benchmark U.S. crude lost 9 cents to $68.01 a barrel. Brent crude, the international standard, fell 3 cents to $71.80 a barrel.
In currency trading, the U.S. dollar rose to 149.91 Japanese yen from 149.51 yen. The euro cost $1.0493, up from $1.0502.
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AP Business Editor Stan Choe contributed.
