Asian Shares Rise Despite Wall Street's Tech-Led Decline

Asian shares showed resilience on Thursday, rebounding despite a downturn in technology stocks that pulled Wall Street lower, marking the S&P 500's worst losing streak since the beginning of the year.

Nvidia also fell by 3.9%, and Broadcom dropped by 3.5%, acting as the two main drags on the S&P 500. I Photo: Broadcom Facebook

While US futures dipped, oil prices saw gains, according to a report by Elaine Kurtenbach and Stan Choe for the Associated Press (AP).

The Nikkei 225 in Tokyo climbed 0.3% to 38,090.87, while the Hang Seng in Hong Kong saw a 1.5% increase to 16,489.59. The Shanghai Composite index also rose by 0.6% to 3,089.93.

South Korea's Kospi led the regional gains, surging 1.8% to 2,631.15. Meanwhile, in Australia, the S&P/ASX 500 saw a 0.6% rise to 7,651.30.

On Wednesday, the S&P 500 experienced a 0.6% decline, closing at 5,022.21. This marks a 4.4% decrease since reaching a record high at the end of last month. The Dow Jones Industrial Average slipped 0.1% to 37,753.31, while the Nasdaq composite sank 1.1% to 15,683.37.

The decline in tech stocks followed reports from ASML, a Dutch semiconductor supplier, indicating weaker orders at the beginning of 2024 than anticipated by analysts. ASML's US-traded stock plummeted by 7.1%.

Nvidia also fell by 3.9%, and Broadcom dropped by 3.5%, acting as the two main drags on the S&P 500.