Stock Market Today: Asian Stocks Gain Mainly After Wall St Hits New Record Highs

BANGKOK– Stocks were mostly higher in Asia on Tuesday after U.S. stocks hit new record highs, with gains in technology companies pushing benchmarks higher.

US futures remained stable and oil prices fell.

There are few major economic reports this week, except for an update Tuesday on U.S. shoppers' spending at U.S. retailers and a preliminary look Friday at the state of activity commercial in the United States. US markets will be closed on Wednesday for the June 19 holiday.

Tokyo's Nikkei 225 index gained 0.9% to 38,441.90. Toyota engine Corp., a market heavyweight, gained 0.6% after its shareholders rejected a proposal to force Akio Toyoda, grandson of the automaker's founder, from his post as chairman of the board.

Hong Kong's Hang Seng lost 0.2% to 17,903.06 and the Shanghai Composite index gained 0.4% to 3,026.61.

In South Korea, the Kospi advanced 0.8% to 2,766.22.

In Sydney, the S&The P/ASX 200 jumped 1% to 7,776.20 after the Reserve Bank of Australia kept its key interest rate unchanged.

While the Bank at its May meeting noted that inflation had fallen more gradually than expected, it today described it as persistent, emphasizing that headline inflation as well as inflation excluding volatile items and travel had not fallen further between April and December, Capital Economics said. in a comment.

Certainly, the Bank noted that the dynamics of economic activity are weak, with the statement reporting slow GDP growth, an increase in the unemployment rate and slower-than-expected wage growth. she indicated.

India's Sensex rose 0.4% to 77,291.77.

U.S. stocks hit record highs on Monday as gains from technology companies continue to push the market higher.

THE&The P 500 rose 0.8%, breaking an all-time high set on Thursday. It closed at 5,473.23. The Dow gained 0.5% to 38,778.10 and the Nasdaq composite jumped 1% to 17,857.02.

Autodesk jumped 6.5%, one of the biggest gains in the market, after an investment firm said it would try to delay the software maker's annual meeting so it could appoint new directors to the board of directors.

Just behind Autodesk is chip company Broadcom, which rose 5.4% to add to last week's gains after reporting better-than-expected profit and announcing it would undergo a 10-for-one stock split. to make its price more affordable. Broadcom followed Nvidiathe company that became the epitome of Wall Street's frenzy around artificial intelligence technology and which has just made a similar split.

Apple gained 2% and Microsoft climbed 1.2%.

Super Micro Computer, which sells servers and storage systems used in artificial intelligence and other computing systems, jumped 5.1% to take its gain for the year so far to a staggering 212,000. 2%.

Gains in the technology sector helped offset pressure on the stock market caused by rising Treasury yields in the bond market. The rise in yields erased some of the slowdown created last week when results were better than expected. reports on inflation raises hopes that the Federal Reserve lower interest rates Later this year.

The yield on the 10-year Treasury rose to 4.28% from 4.22% Friday evening. The two-year Treasury yield, which more closely tracks Fed expectations, rose to 4.76% from 4.71%.

The Fed is trying to keep rates high long enough to slow the economy and quell high inflation, but it wants to cut rates and reverse the momentum before the slowdown turns into a painful recession.

High interest rate These measures harm all types of investments and tend to hit certain areas particularly hard. Utilities in the S&The P 500 fell 1.1%, the largest loss on Monday among the 11 sectors that make up the index. They are often hurt when bonds pay higher interest and attract income-seeking investors who would otherwise turn to dividend-paying utility stocks.

Stoppage of play was another laggard and fell 12.1% after its annual shareholder meeting. The stock soared and sank as it went waves of enthusiasm by investors with more modest pockets. At the meeting, CEO Ryan Cohen said the struggling video game retailer would focus on cutting costs, which would involve a smaller store network.

In other trading, benchmark U.S. crude oil lost 17 cents to $80.19 a barrel in electronic trading on the New York Mercantile Exchange.

Brent crude fell 30 cents, above $84.19 a barrel.

The dollar fell from 156.38 Japanese yen to 157.59 yen. The euro was trading at $1.0724 from $1.0702.

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AP Business Editor Stan Choe contributed.