Current:Home > InvestStock market today: Asian stocks rise after Wall Street barrels to records -WealthGrow Network
Stock market today: Asian stocks rise after Wall Street barrels to records
View
Date:2025-04-13 13:09:41
HONG KONG (AP) — Asian markets rose Thursday after Wall Street barreled to records Wednesday as the frenzy around artificial-intelligence technology keeps sending stocks higher.
U.S. futures were lower while oil prices gained.
In Tokyo, the Nikkei 225 index climbed 0.6% to 38,703.51. The Hang Seng in Hong Kong edged 0.1% higher to 18,437.17 and the Shanghai Composite index dropped 0.2% at 3,059.31.
Australia’s S&P/ASX 200 gained 0.7% to 7,822.00 after data from the Australian Bureau of Statistics showed the country’s trading surplus rebounded in April, with exports falling 2.5% and imports dropping 7.2%.
Taiwan’s Taiex surged 1.9%, with contract electronics maker Foxconn’s shares losing 1.6% despite the company reporting its revenue rose 22.1% year-on-year in May, a record high for the month.
In India, the Sensex added 0.8% after Wednesday Prime Minister Narendra Modi’s coalition won a majority in parliament in the country’s national elections. In Bangkok, the SET lost 0.2%.
South Korea’s markets were closed for a holiday.
On Wednesday, the S&P 500 climbed 1.2% to 5,354.03, hitting the top of its all-time high set two weeks ago. The Nasdaq composite jumped 2% to 17,187.90 and likewise set a record. The Dow Jones Industrial Average, which has less of an emphasis on tech, lagged the market with a gain of 0.2% to 38,807.33.
The rally sent the total market value of Nvidia, which has become the poster child of the AI boom, above $3 trillion for the first time.
Nvidia is leading the way because its chips are powering much of the rush into AI, and it rose another 5.2% to bring its gain for the year to more than 147%.
The chip company also joined Microsoft and Apple as the only U.S. stocks to ever top $3 trillion in total value. Apple regained that milestone valuation after rising 0.8% Wednesday.
The gains for tech stocks helped offset a 4.9% drop for Dollar Tree, which matched analysts’ expectations for profit but fell just shy for revenue. The retailer also said it’s considering selling or spinning off its Family Dollar business.
The broad retail industry has been highlighting challenges for lower-income U.S. households, which are trying to keep up with still-high inflation.
Treasury yields fell in the bond market following some mixed data on the economy. One report said real estate, health care and other businesses in the U.S. services sector returned to growth last month and beat economists’ forecasts. Perhaps more importantly for Wall Street, the report from the Institute for Supply Management also said prices rose at a slower pace in May than a month before.
Another report suggested hiring slowed last month by more than expected at U.S. employers outside the government.
Stocks had been shaky recently after reports suggested the U.S. economy’s growth is fading under the weight of high interest rates. Wall Street has actually been hoping for such a slowdown because it can drive down inflation and convince the Federal Reserve to deliver much-desired cuts to interest rates.
But it also raises the possibility of overshooting and sending the economy into a recession, which would ultimately hurt stock prices.
Treasury yields sank after the weaker-than-expected economic reports raised expectations for coming cuts to rates by the Federal Reserve. The yield on the 10-year Treasury fell to 4.29% from 4.33% late Tuesday and from 4.60% a week ago.
The next big move for Treasury yields and Wall Street overall could come Friday, when the U.S. government releases its monthly jobs report. That report is much more comprehensive than Wednesday’s from ADP, and economists expect Friday’s data to show a slight pickup in overall hiring. The hope continues to be that the job market slows its growth but not by so much that it devolves into widespread layoffs.
In other dealings, U.S. benchmark crude oil gained 34 cents to $74.41 per barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, was up 34 cents to $78.75 per barrel.
The U.S. dollar rose to 156.14 Japanese yen from 156.10 yen. The euro climbed to $1.0877 from $1.0868.
veryGood! (94)
Related
- Average rate on 30
- Ariana Grande and Dalton Gomez Officially File for Divorce After 2 Years of Marriage
- In Miami, It’s No Coincidence Marginalized Neighborhoods Are Hotter
- Fire engulfs an 18-story tower block in Sudan’s capital as rival forces battle for the 6th month
- The city of Chicago is ordered to pay nearly $80M for a police chase that killed a 10
- ‘Spring tide’ ocean waves crash into buildings in South Africa, leaving 2 dead and injuring several
- Praise be! 'The Nun 2' holds box office top spot in second week with $14.7M
- Teyana Taylor and Iman Shumpert split after 7 years of marriage, deny infidelity rumors
- Tree trimmer dead after getting caught in wood chipper at Florida town hall
- Authorities search for F-35 jet after 'mishap' near South Carolina base; pilot safely ejected
Ranking
- The FBI should have done more to collect intelligence before the Capitol riot, watchdog finds
- Do air purifiers work? Here's what they do, and an analysis of risks versus benefits
- Senators to meet with Zelenskyy on Thursday
- North Carolina Republicans seek control over state and local election boards ahead of 2024
- Friday the 13th luck? 13 past Mega Millions jackpot wins in December. See top 10 lottery prizes
- Retrial delayed for man whose conviction in the death of former NFL player Will Smith was overturned
- Is Below Deck Down Under's Luka Breaking Up a Boatmance? See Him Flirt With a Co-Worker's Girl
- Here's what not to do when you open a 401(k)
Recommendation
Moving abroad can be expensive: These 5 countries will 'pay' you to move there
Two facing murder charges in death of 1-year-old after possible opioid exposure while in daycare in Bronx
Clinton Global Initiative will launch network to provide new humanitarian aid to Ukrainians
‘Spring tide’ ocean waves crash into buildings in South Africa, leaving 2 dead and injuring several
US wholesale inflation accelerated in November in sign that some price pressures remain elevated
'Person of interest' detained in murder of Los Angeles deputy: Live updates
House Democrats press for cameras in federal courts, as Trump trials and Supreme Court session loom
Hurricane Lee fades, but 'life-threatening' surf persists for thousands of miles: Updates