Stock market today: Asian stocks follow Wall Street rise, but Nvidia tumbles again as AI mania cools
Asian stocks rise after another slide for Wall Street heavyweight Nvidia kept U.S. indexes mixed Monday, even as the majority of stocks rallied
HONG KONG — Asian stocks rose Tuesday after another slide for Wall Street heavyweight Nvidia kept U.S. indexes mixed Monday, even as the majority of stocks rallied.
U.S. futures were higher while oil prices were little changed.
Japan’s benchmark Nikkei 225 surged 1% to 39,190.97 after data from the Bank of Japan Tuesday showed the services producer price index in May was up 2.5% compared to the same period last year, a slowdown from the 2.7% increase seen in April.
The Japanese yen remains a focus of attention, with the US dollar to Japanese yen exchange rate still trading near its weakest level in approximately 34 years. The yen rose to 159.41 to the dollar in Tuesday trading. The dollar closed at 159.59 yen on Monday.
The Hang Seng in Hong Kong was 0.5% higher to 18,109.80 and the Shanghai Composite index dipped 0.3% to 2,953.95.
Australia’s S&P/ASX 200 gained 1.2% to 7,829.70. In South Korea, the Kospi climbed 0.4% to 2,774.54.
Elsewhere, Taiwan’s Taiex was up 0.3%, while the SET in Bangkok advanced 0.4%.
On Monday, the S&P 500 slipped 0.3% to 5,447.87. The drops for Nvidia and other winners of Wall Street’s artificial intelligence boom pulled the Nasdaq composite down 1.1% to 17,496.82, while the Dow Jones Industrial Average rose 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 rose. Exxon Mobil climbed 3%, and oilfield services provider SLB gained 4% as oil prices hung near their highest levels since April.
Financial companies were also strong. JPMorgan Chase added 1.3%, and Wells Fargo
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