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Asian Stocks were mostly higher and US futures advanced after Monday wall Street Last week ended on an upbeat note after a lot of drama.
Markets in Japan remained closed due to holidays.
Hong Kong’s benchmark Hang Seng rose 1.3% to 25,550.89. The e-commerce giant got a boost from its 4.7% gain alibabaWhich has reported strong demand for its new Kwan AI app. Alibaba is scheduled to report its earnings on Tuesday.
The Shanghai Composite Index, one of the few regional markets to decline, fell 0.3% to 3,821.68.
Australia’s S&P/ASX 200 rose 1.1% to 8,507.60
In South Korea, the Kospi rose as technology shares steadied after a few days of volatility on concerns over the artificial intelligence craze.
Taiwan’s Taiex rose 0.4% and India’s Sensex rose 0.1%.
S&P 500 futures rose 0.6% while the Dow Jones Industrial Average was up 0.3%.
This week, US markets will be closed on Thursday for the Thanksgiving holiday, followed by the Black Friday and Cyber Monday retail rush.
After volatility on AI and Nvidia last week, Stephen Innes of SPI Asset Management said in a comment that traders will focus more on “the backbone of US growth, the consumer, whose spending still drives two-thirds of GDP.”
Data on the US economy was scarce during the 6-week US government shutdown, leaving investors struggling to analyze trends in the economy.
“This makes any indication of holiday activity — foot traffic, depth of discounts, card authorization — disproportionately important. In the data desert, even a puddle looks like a lake,” he said.
On Friday, the S&P 500 rose 1% to 6,602.99 and the Dow rose 1.1% to 46,245.41. The Nasdaq Composite rose 0.9% to 22,273.08. Nearly 90% of stocks in the S&P 500 advanced.
It was a fitting finale to a week that left the S&P 500 just 4.2% below its record, but forced investors to endure the sharpest hour-by-hour swings since the sell-off in April. The troubling moves after a month-long and remarkably smooth rise in the stock are testing investors, and they come down to two fundamental yet unanswered questions.
The prices are up for Nvidia, Bitcoin and other stars wall Street Too high a shot? And has the Federal Reserve cut interest rates, thereby boosting the economy and investment prices?
The market was encouraged by the speech of the Chairman of the Federal Reserve Bank of New York, john williamsWho told a conference in Chile that he sees “room for further adjustment” in interest rates.
Other Fed officials have argued against a cut in December, saying inflation is still too high.
In the bond market, Treasury yields edged lower on Friday on expectations of a Fed cut. Traders are now betting on a nearly 72% chance of a cut in December, up from 39% a day earlier, according to CME Group data. That pushed the yield on the 10-year Treasury to 4.06% from 4.10% late Thursday.
In other deals early Monday, U.S. benchmark crude oil fell 6 cents to $58.00 a barrel. Brent crude, the international benchmark, fell 4 cents to $61.90 a barrel.
The US dollar rose to 156.65 JPY from 156.47 yen. The euro rose to $1.1519 from $1.1516.
Bitcoin was up 3.2% at $87,350. On Friday, it briefly dropped below $81,000 before rising back toward $85,000. That’s down from about $125,000 last month and back to where it was in April, when President Donald Trump’s higher tariffs were roiling markets.