Asian markets are mostly higher after another day of gains on Wall Street led by technology stocks.
A person walks in the rain near an electronic stock board showing Japan's Nikkei 225 index at a securities firm Tuesday, May 7, 2024, in Tokyo.
Hong Kong's Hang Seng shed 0.5% to 18,470.90. But the Shanghai Composite index recovered from early losses, gaining 0.3% to 3,148.56.While the Reserve Bank of Australia has likely set the bar high for any rate hikes, it “will probably need to see several more months of soft data before it is confident that it can loosen policy settings. All told, rate cuts will likely take longer to materialize than most are anticipating," Abhijit Surya of Capital Economics said in a commentary.
Tech stocks were at the forefront, with familiar ringleaders Nvidia and Super Micro Computer again pulling the market higher. They’ve had a couple hiccups recently, but a frenzy around artificial-intelligence technology has Nvidia up 86.1% for the year so far after Monday’s 3.8% gain. Super Micro is up 192.1% after its gain of 6.1%.
Goldman Sachs economist David Mericle said he still expects two cuts to rates this year, in July and November, afterThis week is relatively quiet. The bulk of companies in the S&P 500 have already reported their earnings for the first three months of the year, with more than three-quarters topping profit expectations, according to FactSet.
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