Stock market today: Asian stocks advance ahead of the Fed's rate decision as panic over AI fades
Asian stocks have advanced in thin Lunar New Year trading following a rebound on Wall Street driven by tech stocks as the panic over Chinese AI company DeepSeek faded
HONG KONG — Asian stocks advanced Wednesday in thin Lunar New Year trading following a rebound on Wall Street driven by tech stocks as the panic over Chinese AI company DeepSeek faded.
Most markets in Asia were closed for holidays. Investors were focusing on the Federal Reserve’s rate decision due later in the day. U.S. futures were flat and oil prices fell.
In Tokyo, the Nikkei 225 index recovered from Tuesday's losses, gaining 0.7% to 39,273.49.
Australia’s S&P/ASX 200 rose 0.7% to 8,455.70 after data from the Australian Bureau of Statistics showed the Consumer Price Index increased by 0.2% in the December 2024 quarter, marking the smallest rise since the June 2020 quarter, when inflation declined during the COVID-19 outbreak.
India's Sensex was up 0.5%, while the SET in Bangkok shed 0.2%.
On Tuesday, tech stocks bounced back after tumbling Monday on doubts over whether the artificial-intelligence frenzy really needs all the dollars being poured into it.
The S&P 500 climbed 0.9% to 6,067.70, clawing back more than half of its earlier drop. The Dow Jones Industrial Average added 0.3% to 44,850.35, and the Nasdaq composite rallied 2% to 19,733.59 after sliding 3.1 % the day before.
The spotlight remained on Nvidia, whose chips are powering much of the move into AI and whose stock has become a symbol of the surrounding frenzy. It rose 8.8% after plunging nearly 17% on Monday, which was its worst drop since the 2020 COVID crash.
Other AI-related companies also held steadier, including chip company Broadcom, which rose 2.6%. Constellation Energy picked
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