Japan's Nikkei rises over 1% after Big Tech stocks push Nasdaq to record high

HONG KONG -- Asian markets were mixed connected Wednesday pinch Japan's benchmark scale gaining much than 1% aft a rally successful exertion stocks propelled nan Nasdaq composite to a grounds high.

Hong Kong’s Hang Seng was down 1.3% to 20,438.54 and nan Shanghai Composite scale dropped 0.6% to 3,267.42. In Tokyo, nan Nikkei 225 scale was up 1.3% astatine 39,390.49, arsenic nan Bank of Japan began a two-day argumentation gathering connected Wednesday.

Australia’s S&P/ASX 200 dipped 0.9% to 8,177.90 aft its ostentation complaint successful nan 3rd 4th came successful astatine 2.8%, nan lowest level successful much than 3 years, according to nan Australian Bureau of Statistics.

Elsewhere, South Korea’s Kospi was down 0.8% to 2,596.61 and Taiwan’s Taiex gained 0.1%.

U.S. futures and lipid prices rose.

The S&P 500 roseate 0.2% to 5,832.92 connected Tuesday. Gains for influential Big Tech stocks helped disguise weakness elsewhere, and they pushed nan Nasdaq composite up 0.8% to 18,712.75. The Dow Jones Industrial Average, meanwhile, fell 0.4% to 42,233.05.

Mortgage rates person been climbing precocious because nan 10-year Treasury output has been charging higher.

Yields person rallied arsenic study aft study has shown nan U.S. economy remains stronger than expected. On Tuesday, reports said confidence among U.S. consumers jumped much than economists expected, while nan number of occupation openings edged little successful September, but nan number of hires remained comparatively steady.

Such numbers person forced traders to ratchet backmost expectations for really overmuch nan Federal Reserve will trim liking rates, now that it’s conscionable arsenic focused connected keeping nan system humming arsenic getting ostentation down. Traders are moreover betting connected a slim chance nan Fed will support its main liking complaint dependable astatine its gathering adjacent week, according to information from CME Group.

That’s aft nan Fed kicked disconnected its rate-cutting run successful September pinch a larger-than-usual reduction. Just a period ago, galore traders were reasoning nan Fed would travel up successful November pinch different bigger-than-usual cut.

Yields person besides climbed arsenic investors person seen erstwhile President Donald Trump’s chances of re-election improving. Economists opportunity a Trump triumph could thief push ostentation higher successful nan agelong term, and worsening ostentation could lead to higher liking rates.

Trump Media & Technology Group, nan institution that tends to move much pinch Trump’s re-election likelihood than connected its ain profit prospects, climbed different 8.8% to $51.51 Tuesday. It moved truthful sharply during nan time that trading of its banal was concisely halted respective times. The genitor institution of Trump’s Truth Social level has been rallying since hitting a bottommost of astir $12 successful precocious September.

Treasury yields, for illustration stocks, person historically tended to beryllium shaky heading into an Election Day, only to calm afterward sloppy of which statement wins.

In different dealings early Thursday, U.S. benchmark crude lipid gained 36 cents to $67.57 per tube successful physics trading connected nan New York Mercantile Exchange.

Brent crude, nan world standard, surged 36 cents to $71.09 per barrel.

The dollar slipped to 153.31 Japanese yen from 153.36 yen. The euro fell to $1.0814 from $1.0819.

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AP Business Writer Stan Choe contributed.