Stock market today: Asian shares rise after tech stocks pull Wall Street to another record

TOKYO — Asian shares rose mainly on Tuesday, following technology shares Wall Street drawn to a new record finish.

The S&P500 rose 0.2% on Monday from the previous session highest ever to set a record for the 54th time this year. The Dow Jones Industrial Average fell 128 points, or 0.3%, while the Nasdaq composite gained 1%.

Some analysts think Japanese emissions could benefit Donald Trump’s latest threat regarding tariffs on China and other countries. The president-elect threatened on Saturday 100% rates against a group of developing economies, including China and Brazil, if they take action to undermine the US dollar.

The Japanese benchmark Nikkei 225 rose 1.8% to 39,215.99 in morning trading. Tokyo Electron’s emissions rose 4.4%.

The Australian S&The P/ASX 200 rose 0.7% to 8,504.00. South Korea’s Kospi rose 1.7% to 2,495.80 after inflation data showed a recovery but remained low enough to keep thoughts of interest rate cuts alive before early 2025.

Hong Kong’s Hang Seng rose 0.2% to 19,595.53, while the Shanghai Composite rose 0.2% to 3,370.74.

On Wall Street, Super Micro Computer, a stock that has been on an AI-powered rollercoaster, rose 28.7% to lead the market.

After allegations of misconduct and the dismissal of his public accountantThe maker of servers used in artificial intelligence technology said an investigation found no evidence of wrongdoing by the company’s management or board of directors.

Big Tech stocks also helped support the market. Gains of 1.8% for Microsoft and 3.2% for Meta Platforms were the two strongest forces moving up on the S&P500.

Intel was another boost in the morning, but lost an early gain and fell 0.5% after the chip company said CEO Pat Gelsinger has retired and resigned from the board. Intel is looking for Gelsinger’s replacement and the chairman said it is “committed to restoring investor confidence.”

Recently Intel lost its place in the Dow Jones Industrial Average to Nvidia, which has soared in Wall Street’s AI frenzy.

Stellantis meanwhile slipped and followed the announcement of the CEO’s departure. Carlos Tavares is stepping down after nearly four years at the top spot of the automaker, which owns car brands such as Jeep, Citroen and Ram, amid an ongoing are struggling with declining sales and an inventory backlog at dealers. Shares of the world’s fourth-largest carmaker fell 6.3% in Milan.

The majority of the shares in the S&P500 also fell, including California utility PG&E. It fell 5% after it said it would sell $2.4 billion of stock and preferred stock to raise cash.

All in all, the S&P500 added 14.77 points to 6,047.15. The Dow Jones fell 128.65 to 44,782.00 and the Nasdaq index climbed 185.78 to 19,403.95.

In the bond market, government bond yields gave up early gains and remained relatively stable. The yield on the 10-year government bond climbed above 4.23% during the morning, before falling again to 4.19%. That was just above the level of 4.18% at the end of Friday.

The coming week will see several major updates on the U.S. labor market, including the October jobs report, the weekly unemployment benefits data and the all-important November jobs report. They could direct the next moves Federal Reserve, which recently started lowering interest rates to support the economy.

Economists expect Friday’s headline report to show that US employers accelerated their hiring in November, helping them get off the ground October’s moderate growth that was hampered by damaging hurricanes and strikes.

“We are now in the middle of this Goldilocks zone, where economic health supports earnings growth but remains weak enough to warrant potential Fed rate cuts,” said Mark Hackett, head of investment research at Nationwide.

In energy trading, benchmark U.S. crude lost 9 cents to $68.01 a barrel. Brent crude, the international standard, fell 3 cents to $71.80 a barrel.

In currency trading, the US dollar rose from 149.51 yen to 149.91 Japanese yen. The euro cost $1.0493, up from $1.0502.

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AP Business Writer Stan Choe contributed.