Stock market today: Asian shares mostly rise after Wall Street climbs on Big Tech gains
Asian shares mostly rose after U.S. stocks closed broadly higher with gains in Big Tech companies offsetting a skid in oil-and-gas stocks
TOKYO — Asian shares mostly rose Tuesday after U.S. stocks closed broadly higher with gains in Big Tech companies offsetting a skid in oil-and-gas stocks.
Japan's benchmark Nikkei 225 added 0.5% in early trading to 38,819.51. Australia's S&P/ASX 200 gained 0.6% to 8,270.20. South Korea's Kospi lost 0.2% to 2,606.70. Hong Kong's Hang Seng edged up 0.4% to 20,690.07, while the Shanghai Composite slipped 0.4% to 3,308.46.
In Japan, the government reported that unemployment stood at 2.4% last month, marking an improvement of 0.1 percentage point, and the second straight month of recovery. The continuing weak yen is helping hold up Japanese stocks. In currency trading, the U.S. dollar slipped to 152.96 Japanese yen from 153.23 yen. The euro cost $1.0815, inching down from $1.0817.
On Wall Street, the S&P 500 rose 0.3%. The main measure of the U.S. stock market was coming off its first losing week in the last seven, but it’s still near its all-time high set earlier this month.
The Dow Jones Industrial Average rose 0.6%, while the Nasdaq composite finished 0.3% higher. It’s now within 0.4% of its all-time high set in July.
Several Big Tech stocks, including Apple and Meta Platforms, helped lead the way. Five of the behemoths known as the “Magnificent Seven” are on this week’s schedule to report their latest profits. These high-flying stocks have been at the forefront of Wall Street for years and have grown so big that their movements can singlehandedly shift the S&P 500.
After suffering a summertime swoon on worries that their stock prices had risen too quickly when compared with their
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