Asian Stocks Follow Wall Street Rise, But Nvidia Tumbles Again

Asian stocks rose Tuesday after another slide for Wall Street heavyweight Nvidia kept US indices subdued Monday, even as the majority of stocks rallied. US futures were higher while oil prices were little changed, Zimo Zhong reported for the Associated Press (AP).

The PSE index was one of the Asian markets that finished Tuesday in the green. I Photo: PSE Academy

Japan’s benchmark Nikkei 225 added 0.5% to 39,001.39 after data from the Bank of Japan Tuesday showed the services producer price index in May was up 2.5% compared to the same period last year, a slowdown from the 2.7% increase seen in April.

The Japanese yen remains a focus of attention, with the US dollar to Japanese yen exchange rate still trading near its weakest level in approximately 34 years.

The yen rose to 159.37 to the dollar in Tuesday morning trading. The dollar closed at 159.59 yen on Monday.

The Hang Seng in Hong Kong was 0.5% higher at 18,121.78, and the Shanghai Composite index dipped 0.3% to 2,954.51. Australia’s S&P/ASX 200 gained 0.9% to 7,799.20. In South Korea, the Kospi climbed 0.5% to 2,777.69.

Elsewhere, Taiwan’s Taiex lost 0.3%, while the SET in Bangkok edged 0.1% higher. The S&P 500 slipped 0.3% to 5,447.87.

The drops for Nvidia and other winners of Wall Street’s artificial intelligence boom pulled the Nasdaq composite down 1.1% to 17,496.82, while the Dow Jones Industrial Average rose 0.7% to 39,411.21.