Asian stocks rise, Nvidia falls again

From Yahoo Finance: 2024-06-25 02:38:18

Asian stocks surged after U.S. indexes were mixed due to Nvidia’s slide, with futures higher and oil prices unchanged. Japan’s Nikkei 225 jumped 1% following data showing a slowdown in the services producer price index. The yen remains weak against the dollar. In Hong Kong, the Hang Seng rose 0.5%, while the Shanghai Composite dipped 0.3%. Australia’s S&P/ASX 200 gained 1.2%. Taiwan’s Taiex was up 0.3%, and the SET in Bangkok advanced 0.4%. Despite market gains, Nvidia’s stock fell 6.7% for the third consecutive day, raising concerns about a possible bubble in the stock market.

Exxon Mobil and JPMorgan Chase rose, but Nvidia’s decline offset market gains. The Fed is expected to test big banks’ resilience in a recession. Treasury yields eased slightly, raising hopes of a cut in interest rates. U.S. benchmark crude oil rose to $81.69 per barrel. The euro rose to $1.0736. The market rotation could signify a healthier market, with more stocks participating in gains. Investors are anxious about Nvidia’s influence, pushing for a diverse market among AI beneficiaries. Market watchers hope for a sustainable market close to record highs.



Read more at Yahoo Finance: Asian stocks follow Wall Street rise, but Nvidia tumbles again as AI mania cools