Asian markets rose on Tuesday following daily gains on Wall Street despite weakness in Hong Kong indexes.
U.S. futures were almost flat, and crude oil prices rose slightly.
Tokyo’s Nikkei Stock Average, which reopened after the holiday, rose 1.6% to 38,835.10 yen. Semiconductor companies such as Tokyo Electron led the gains, closing 4.8% higher, while Advantest rose 2.2%.
South Korea’s Kospi rose 2.1% to 2,731.83, as big tech companies such as Samsung Electronics rose 4.5% and smaller rival SK Hynix rose 3.7%.
Hong Kong’s Hang Seng fell 0.5% to 18,470.90. However, the Shanghai Composite Index recovered from an early decline and rose 0.3% to 3,148.56.
Australia’s S&P/ASX 200 index rose 1.3% to 7,781.70 after trading. Central Bank It was decided to keep the interest rate unchanged at 4.35%.
The Reserve Bank of Australia is likely setting the bar high for rate hikes, but says it “will probably need to see a few more months of soft data before we can be confident we can ease policy settings.” It is likely that a rate cut will take longer than most expected to materialize,” Capital Economics’ Abhijit Surya said in a commentary.
Taiwan’s ThaiEx rose 0.6%, while India’s Sensex fell 0.7% as the third phase of the weeks-long economic crisis began. National election process.
On Monday, the S&P 500 rose 1% to 5,180.74. The Dow Jones Industrial Average rose 0.5% to $38,852.27, and the Nasdaq Composite rose 1.2% to $16,349.25.
Tech stocks were at the forefront, with familiar masterminds Nvidia and Supermicrocomputers once again driving the market higher. Despite some recent hiccups, enthusiasm around artificial intelligence technology has pushed Nvidia up 86.1% year-to-date, following Monday’s 3.8% gain. Super Micro rose 192.1% after rising 6.1%.
berkshire hathaway Add 1% after Warren Buffett’s The company released its latest quarterly results over the weekend.
That helped offset a 9.7% decline in Spirit Airlines, which reported a slightly worse-than-expected loss. The company said it faces increased competition in many markets, particularly in the United States and Latin America.
Apple fell 0.9% after Berkshire Hathaway said it was cutting its stake in the tech giant.
The US stock market has been volatile ever since it set a record at the end of March.I was worried about this for several weeks. stubbornly high inflation That would prevent, or at least delay, the Federal Reserve from cutting the interest rates that Wall Street so desperately desires.
But over the weekend, the market exploded with optimism. Employment report cooler than expected. it is, us economy The tightrope of remaining strong enough to avoid a deep recession may be successful, but not so strong that there is too much upward pressure on inflation.
Traders expect a nearly 89% chance that the Fed will cut key interest rates at least once before the end of the year, according to CME Group data. This is up from 81.6% probability a week ago. Lowering interest rates would help ease pressure on the economy and financial system.
Goldman Sachs economist David Mericle said he still expects two rate cuts this year, in July and November. Jerome Powell Fed Chairman At a press conference last week, he “strongly objected to the possibility of further interest rate hikes.”
This week has been relatively quiet. The majority of S&P 500 companies have already reported earnings for the first three months of the year, with more than three-quarters beating profit expectations, according to FactSet.
But several more big companies, including Walt Disney Co. and Uber Technologies, are still in the planning stages.
Corporate profit reports beat expectations not only in the United States but also in Europe and Japan, Deutsche Bank strategists said. Global profit growth is on track to increase for the second consecutive quarter after four consecutive quarters of decline.
In other trading, benchmark U.S. crude oil rose 24 cents to $78.72 a barrel in electronic trading on the New York Mercantile Exchange. It rose 37 cents on Monday.
Brent crude, the international standard crude, also rose 24 cents to $83.57 per barrel.
The dollar rose to 154.49 yen from 153.90 yen. The euro was almost unchanged at $1.0769.
