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Asian Technology stocks rallied Monday as artificial intelligence-related stocks recovered from last week’s swing.
South Korean Kospi gained 3.5%. Computer chip maker SK Hynix, which is collaborating with Nvidia on artificial intelligence, rose 5.5%. Its bigger rival Samsung Electronics was up 2.4%.
Tokyo’s Nikkei 225 rose 1.2% to 50,897.20, boosted by big gains for AI-related stocks such as chip maker Tokyo Electron, which rose 4.7%.
The Hang Seng in Hong Kong rose 0.8% to 26,445.65 and the Shanghai Composite Index was little changed, at 2,630.42.
Australia’s S&P/ASX 200 was up 0.7% at 8,826.50.
Taiwan’s Taiex jumped 1.2%, while India’s Sensex rose 0.5%.
Stock indices closed with mixed trend on Friday wall StreetRecorded its first weekly loss in the last four. The S&P 500 rose 0.1% to 6,728.80. The Dow Jones Industrial Average rose 0.2% to 46,987.10.
technology-heavy Nasdaq fell as much as 2.1%, but recovered most of its losses to fall 0.2% to 23,004.54.
The major indexes faltered for much of the week, putting technology stocks under pressure, especially many of the big names with heavy valuations that give them outsized influence over market direction. Google’s parent company Alphabet fell 2.1% and Broadcom fell 1.7%.
Wall Street remains focused on the latest quarterly reports and forecasts from US companies.
Payments company Block, which operates the Square and Cash App businesses, fell 7.7% after reporting results that fell short of forecasts. exercise equipment manufacturer peloton It surged 14.2% after its results were better than expected.
Expedia Group rose 17.5% after beating analysts’ quarterly earnings forecasts.
More than 90% of the companies within the S&P 500 have reported earnings for their latest quarter. According to FactSet data, most companies reported growth that exceeded Wall Street expectations and the influential tech sector had the strongest growth.
Corporate profits and forecasts were already being scrutinized by Wall Street as investors tried to assess whether the market’s overall high valuations were justified. The results take on greater importance amid a lack of other data about the economy due to the US government shutdown, now the longest on record.
The shutdown is responsible for delays in key economic data on inflation and employment, which traders and the Federal Reserve rely on in making decisions about investment and policy. The lack of data on employment is particularly troubling as the job market continues to weaken.
The Fed has signaled a more cautious stance on interest rate cuts, which Wall Street hopes will help stimulate the economy by reducing borrowing costs.
The Fed has already cut its benchmark rate twice this year as it tries to counter the impact of a weak jobs market on economic growth. However, cutting rates could worsen inflation when levels are well above the central bank’s 2% target.
Wall Street is still mostly predicting that the Fed will cut interest rates at its December meeting.
In other deals early Monday, U.S. benchmark crude oil rose 54 cents to $60.29 a barrel. Brent crude, the international standard, rose 49 cents to $64.12 a barrel.
The US dollar rose to 153.94 JPY from 153.72 yen. The euro rose to $1.1564 from $1.1562.