Asian markets experienced a mixed performance on Friday following Nvidia’s impressive results that sparked a tech rally on Wall Street. Here is a snapshot of the market movements in the region:
– Hong Kong’s Hang Seng index fell by 0.2%, closing at 16,705.50, while the Shanghai Composite remained virtually unchanged at 2,983.10.
– Tokyo markets were closed for a holiday after reaching an all-time high the day before.
– Australia’s S&P/ASX 200 saw a 0.4% increase, closing at 7,642.30, and the Kospi in Seoul added 0.5% to reach 2,676.57.
– India’s Sensex gained 0.7%, and Bangkok’s SET edged up by 0.1%.
Following Nvidia’s stellar performance, the S&P 500 reached a new peak of 5,087.03, rising by 2.1%, while the Nasdaq surged by 3% to 16,041.62. The Dow Jones Industrial Average also closed above 39,000 for the first time, with a 1.2% increase to 39,069.11.
Nvidia’s stock price soared by 16.4% after reporting high demand for its semiconductors, contributing to the overall market rally. Other tech companies, including Advanced Micro Devices and Lam Research, also saw gains.
The strong performance of tech stocks is driving market momentum, with solid earnings from major players in the sector supporting the rally. Expectations for fourth-quarter earnings growth in the S&P 500 are around 4%, with communication services and information technology companies anticipated to report significant increases.
Analysts predict continued momentum in AI-related stocks, with a focus on upcoming earnings reports from companies like Lowe’s, Dollar Tree, and Best Buy.
Investors are closely monitoring inflation data, with expectations that the Federal Reserve may start adjusting interest rates in June. The upcoming release of the government’s report on personal consumption and expenditures will provide further clarity on inflation trends.
In the energy sector, U.S. benchmark crude oil prices fell slightly to $78.25 a barrel, while Brent crude dropped to $82.39 per barrel.
Overall, the market remains optimistic following Nvidia’s standout performance, with tech stocks leading the way in the current rally. Investors are keeping a close watch on economic indicators and earnings reports for further market insights.
