Asian stocks mixed after Wall Street's losing streak ends

Stocks were mixed in Asia on Tuesday after U.S. stocks closed higher as big tech shares recovered some of their recent sharp declines.

U.S. futures were down slightly and oil prices were little changed.

Tokyo's Nikkei 225 closed almost unchanged at 39,594.39.

Chinese markets were lower, with Hong Kong's Hang Seng Index down 0.9% at 17,471.79 points. The Shanghai Composite Index lost 1.7% to 2,915.37 points.

China's central bank cut two key interest rates by 10 basis points on Monday, aimed at easing credit and boosting the economy, following a key policy meeting of the ruling Communist Party focused on longer-term reforms.

The People's Bank of China also reduced the collateral required by its medium-term lending facility and also cut the interest rate on its standing lending facility by 10 basis points to 2.7 percent for its seven-day loans and 3.05 percent for its one-month loans.

But recent measures have not yet prompted markets to take more ambitious steps in the short term to stimulate faster growth.

The size of the economy is large. And obviously, a 10 basis point cut is not particularly encouraging. It certainly doesn’t measure up to a massive stimulus, which is what the economy probably needs, Mizuho Bank said in a commentary.

South Korea's Kospi rose 0.4% to 2,774.29, while the S&P/ASX 200 jumped 0.5% to 7,971.10.

Taiwanese shares Taiex jumped 2.8% while Taiwan Semiconductor Manufacturing Co., the world's largest computer chipmaker, gained 4.3%, rebounding from recent losses on renewed optimism about the promise of artificial intelligence.

In Bangkok, the SET fell 1%.

Corporate earnings reports and U.S. economic growth could be in focus for markets this week. Analysts expect S&P 500 companies to post the strongest earnings growth in the latest quarter since late 2021, according to FactSet.

In addition to Alphabet and Tesla, dozens of other major U.S. companies will also release their latest quarterly results next week, including Coca-Cola, Ford and American Airlines.

On Monday, the S&P 500 index rose 1.1% to 5,564.41 points, ending a three-day losing streak. It was the benchmark index's first gain since hitting an all-time high on July 16.

The Dow Jones Industrial Average gained 0.3% to 40,415.44, and the Nasdaq Composite climbed 1.6% to 18,007.57.

The gains were strong, with more than three-quarters of S&P 500 stocks closing higher, although technology stocks accounted for much of the gain.

Nvidia rose 4.8%, and other Big Tech stocks advanced. They had faltered amid criticism that they had become too expensive after climb so high and propels Wall Street to record highs. Two of them, Alphabet and Tesla, will announce their spring profits on Tuesday, a major test. Alphabet rose 2.3% and Tesla 5.1%.

Treasury yields have mostly risen in the bond market following the election of President Joe Biden says he won't run for re-electionThe move could unwind some markets that have seen Trump soar after Biden's weak performance in a debate last month raised expectations for a victory for former President Donald Trump.

Some airport delays continued on Monday after massive disruptions due to a global technology failure This appears to have been largely resolved over the weekend.

Cybersecurity firm CrowdStrike said the issue suspected of causing the outage was not a security incident or cyberattack and that it had deployed a patch for a faulty update sent to computers running Microsoft Windows.

Crowd strikes The stock fell 13.5% on Monday after falling 11.1% on Friday.

The yield on the 10-year Treasury note fell to 4.26% from 4.24% late Friday. Short-term yields were relatively flat. The two-year yield was unchanged at 4.52%, where it was late Friday.

Other segments of the market that could have swung sharply on uncertainty surrounding the November election after Biden withdrew from the race, endorsing Vice President Kamala Harris, also remained mostly calm.

The U.S. dollar was relatively stable, falling to 156.49 yen on Tuesday morning from 157.04 yen on Monday evening. The euro fell to $1.0878 from $1.0891.

In the energy sector, benchmark U.S. crude oil gained 1 cent to $78.41 a barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international benchmark, gained 7 cents to $82.47 a barrel.