Asia stocks rise as Wall Street mixed

by Jonathan Adams

Nikkei 225 advanced 0.5% to 39,001.39, the Hang Seng was up 0.5% to 18,121.78, S&P/ASX 200 added 0.9% to 7,799.20, the Kospi jumped 0.5% to 2,777.69, while the SET rose 0.1%

Asian stocks rose Tuesday after another decline for Wall Street heavyweight Nvidia kept U.S. indexes mixed Monday, even as the majority of stocks gained.

U.S. futures gained while oil prices were little changed.

Japan’s benchmark Nikkei 225 advanced 0.5% to 39,001.39 after data from the BoJ Tuesday showed the services producer price index in May was 2.5% higher compared to the same period in 2023, a decline from the 2.7% gains seen in April.

The Japanese yen remains a focus of attention, with the US dollar to Japanese yen exchange rate still trading near its lowest level in nearly 34 years. The yen rose to 159.37 to the dollar in Tuesday morning trading. The dollar closed at 159.59 yen on Monday.

The Hang Seng in Hong Kong was up 0.5% to 18,121.78 and the Shanghai Composite index slipped 0.3% to 2,954.51.

Australia’s S&P/ASX 200 added 0.9% to 7,799.20. In South Korea, the Kospi jumped 0.5% to 2,777.69.

Elsewhere, Taiwan’s Taiex shed 0.3%, while the SET in Bangkok rose 0.1%.

The S&P 500 slid 0.3% to 5,447.87. The drops for Nvidia and other winners of Wall Street’s AI boom pulled the Nasdaq composite down 1.1% to 17,496.82, while the DJIA added 0.7% to 39,411.21.

Stocks of oil and gas companies were among the market’s strongest, as seven out of every 10 stocks in the S&P 500 gained. Exxon Mobil jumped 3%, and oilfield services provider SLB added 4% as oil prices stayed near their highest levels since April.

Financial firms were also strong. JPMorgan Chase gained 1.3%, and Wells Fargo jumped 1.6% ahead of results coming later in the week for tests by the Fed of how big banks would fare in a recession.

But declines for a handful of high-profile stocks offset all of those gains, and the spotlight was on Nvidia’s 6.7% decline. It was a third consecutive decline for the chip firm, which had surged 1,000% since the autumn of 2022.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Trading and Investment News. The information provided on Trading and Investment News is intended for informational purposes only. Trading and Investment News is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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