BANGKOK (AP) — Asian stock markets were mostly higher on Tuesday, with big technology shares clawing back some of their recent steep losses after U.S. stocks closed broadly higher.
U.S. futures were down slightly, while crude oil prices were little changed.
In Tokyo, the Nikkei stock average recovered from an early decline, rising 0.1% to 39,621.28.
Chinese markets fell, with Hong Kong’s Hang Seng Index down 0.1% to 17,620.16 and the Shanghai Composite Index down 0.6% to 2,946.63.
The People’s Bank of China on Monday cut two key interest rates by 10 basis points to ease credit and stimulate the economy following a major Communist Party policy meeting focused on long-term reforms. But so far both policies have done little to stimulate markets, with investors calling for more ambitious short-term measures to boost growth.
“Size matters, and clearly, a 10 (basis point) rate cut is not particularly stimulating – it falls well short of the ‘big shot’ stimulus that the economy needs,” Mizuho Bank said in a commentary.
South Korea’s KOSPI rose 0.5% to 2,777.98 and the S&P/ASX 200 added 0.7% to 7,987.90.
Taiwan’s Taiex rose 2.3%, while Taiwan Semiconductor Manufacturing Co. (TSMC) recovered from recent losses to rise 3.4%.
In Bangkok, the SET fell 0.7%.
Reports on corporate profits and U.S. economic growth may dominate market attention this week, with analysts expecting S&P 500 companies’ profit growth in the latest quarter to be their strongest since the end of 2021, according to FactSet.
Besides Alphabet and Tesla, dozens of other major U.S. companies, including Coca-Cola, Ford and American Airlines, are also due to report their latest quarterly results this week.
On Monday, the S&P 500 rose 1.1% to 5,564.41, snapping a three-day losing streak. It was the benchmark index’s first gain since hitting an all-time high on July 16.
The Dow Jones Industrial Average rose 0.3%, to 40,415.44, and the Nasdaq Composite rose 1.6%, to 18,007.57.
The rally was broad-based, with more than three-quarters of the S&P 500 index closing higher, but most of the gains were driven by technology stocks.
NVIDIA It rose 4.8%, helping other big tech stocks rise too. Fly very high The stock market is driving stock prices to records on Wall Street. Two big test cases will come on Tuesday, when Alphabet and Tesla report how much profit they made in the spring. Alphabet rose 2.3%, while Tesla rose 5.1%.
Following the inauguration of US President Joe Trump, government bond yields have risen. Biden says he won’t run for reelectionThe move could help unwind some of the market’s “Trump trade” that began after Biden’s weak performance in last month’s debate raised hopes of a victory for former President Donald Trump.
Delays at airports continued on Monday, causing widespread disruption. Global tech shutdown Over the weekend, the issue appeared to be largely resolved.
Due to a faulty software update Chaos The pandemic has spread worldwide, leading to the suspension of many flights by almost every airline. Monday morning cancellation The flight was on Delta Airlines. Delta’s shares fell 3.5%.
Cybersecurity firm CrowdStrike said the issue it believes caused the outage was not a security incident or cyberattack, and that it had deployed a fix for a faulty update that had been sent to computers running Microsoft Windows.
CrowdStrike The stock fell 11.1% on Friday before dropping a further 13.5% on Monday.
The yield on the 10-year Treasury note rose to 4.26% from Friday’s close of 4.24%. Yields on shorter-term Treasury bills were relatively stable. The yield on the two-year note was unchanged from Friday’s close at 4.52%.
Other parts of the market, which could be highly volatile due to uncertainty surrounding the November election after President Joe Biden dropped out of the race and endorsed Vice President Kamala Harris, were mostly quiet.
The U.S. dollar was relatively stable, falling to 156.33 yen early Tuesday from Monday’s close of 157.04 yen. The euro rose to $1.0895 from $1.0891.
In energy trading, benchmark U.S. crude oil fell 1 cent to $78.39 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, rose 3 cents to $82.43 a barrel.
___
AP Business Writer Stan Cho contributed.
