SHANGHAI, CHINA – MARCH 1: A skyscraper goes up in the Pudong Lujiazui financial district in Shanghai, China on March 1, 2022.
Xiaoyan | Visual China Group | Getty Images
Asia-Pacific markets traded mixed on Tuesday as Wall Street tech stocks rallied on Google’s parent company’s rise and hopes of a Fed rate cut.
Optimism about Alphabet’s position in the AI race began last week when the company announced an upgraded AI model, Gemini 3. The stock closed 6.31% higher on Monday. Other AI-related stocks, broadcom and micron technologystocks also soared, building on a broad rebound that began Friday when the New York Fed president left the door open to a December interest rate cut.
Japanese benchmark Nikkei Stock Average The index ended flat at 48,659.52, while the TOPIX index fell 0.21% to end at 3,290.89.
AI-related stocks are among the top gainers on the Nikkei Stock Average, as are semiconductor inspection equipment suppliers Advantest Trading rose 4.18%, while Tokyo Electron, which provides essential chip-making equipment to the foundries that make Nvidia’s chips, rose 3.05%. However, chip equipment manufacturers laser tech The stock gave up on its early rise and closed flat.
South Korea’s Kospi Index rose 0.3% to close at 3,857.78, while the small-cap Kosdaq pared its earlier gains and closed flat at 856.03. Index weighting SK Hynix down 0.19%, samsung electronics It rose by 2.69%.
Australia’s ASX/S&P 200 index ended 0.14% higher at 8,537 in volatile trading.
hong kong Hang Seng Index and Hang Seng Tech Index The gains decreased to 0.22% and 0.42%, respectively. The mainland’s CSI 300 rose by 0.99%.
India’s Nifty 50 index was flat in early trade, while the BSE Sensex index pared its gains to stay above the flat line.
US stock futures were little changed in the first half of Asian trading.
Overnight, the S&P 500 Index rose 1.55% to close at 6,705.12, and the Nasdaq Composite Index rose 2.69% to close at 22,872.01. It was the tech index’s best day since May 12, when it rose 4.35%. The Dow Jones Industrial Average rose 202.86 points, or 0.44%, to end at 46,448.27.
—CNBC’s Sean Conlon and Yun Li contributed to this report.
