Stock market today: Asian shares rise after tech stocks pull Wall Street to another record

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TOKYO (AP) — Asian shares were mostly higher on Tuesday after technology stocks pulled Wall Street to another record finish.

Japan’s benchmark Nikkei 225 jumped 1.7% to 39,183.12 in afternoon trading. Shares in Tokyo Electron surged 4.2% after the U.S. Commerce Department expanded the list of Chinese computer chip-related companies subject to export controls.

Some analysts think Japanese stocks could end up benefiting from President-elect Donald Trump’s latest threats to raise tariffs on China and other countries. During the weekend, Trump threatened 100% tariffs against a group of developing economies, including China and Brazil, if they act to undermine the U.S. dollar.

Taiwan’s Taiex gained 1.3% and the Sensex in India was up 0.6%.

Australia’s S&P/ASX 200 gained 0.6% to 8,495.20. South Korea’s Kospi jumped 1.8% to 2,497.36, after inflation data showed a rebound but remained low enough to keep rate-cut thoughts alive for early 2025.

Hong Kong’s Hang Seng added 0.8% to 19,708.01, while the Shanghai Composite edged up 0.5% to 3,381.05. Reports said Chinese leaders would meet next week to discuss planning for the coming year, an annual economic work meeting that investors are hoping to bring fresh stimulus to help spur growth in the world’s second-largest economy.

On Monday, the S&P 500 rose 0.2% from the previous session’s all-time high to post a record for the 54th time this year, closing at 6,047.15. The Dow Jones Industrial Average fell 0.3% to 44,782.00, while the Nasdaq composite gained 1% to 19,403.95.

Super Micro Computer, a stock that’s been on an AI-driven roller coaster, soared 28.7% to lead the market after it said an investigation into allegations of misconduct and the resignation of its public auditor found no evidence of misconduct by its management or by the company’s board.

Big Tech stocks also helped prop up the market. Gains of 1.8% for Microsoft and 3.2% for Meta Platforms were the two strongest forces pushing upward on the S&P 500.

Intel was another propellant during the morning, but it lost an early gain to fall 0.5% after the chip company said CEO Pat Gelsinger has retired and stepped down from the board. Intel is looking for Gelsinger’s replacement, and its chair said it’s “committed to restoring investor confidence.”

Intel recently lost its spot in the Dow Jones Industrial Average to Nvidia, which has skyrocketed in Wall Street’s frenzy around AI.

Stellantis, meanwhile, skidded following the announcement of its CEO’s departure. Carlos Tavares steps down after nearly four years in the top spot of the automaker, which owns car brands like Jeep, Citroën and Ram, amid an ongoing struggle with slumping sales and an inventory backlog at dealerships. The world’s fourth-largest automaker’s stock fell 6.3% in Milan.

The majority of stocks in the S&P 500 likewise fell, including California utility PG&E, which dropped 5% after saying it would sell $2.4 billion of stock and preferred shares to raise cash.

Treasury yields gave up early gains to hold relatively steady. The yield on the 10-year Treasury climbed above 4.23% during the morning before falling back to 4.19%. That was just above its level of 4.18% late Friday.

This week brings several big updates on the U.S. job market, including the October job openings report, weekly unemployment benefits data and the all-important November jobs report. They could steer the next moves for Federal Reserve, which recently began pulling interest rates lower to give support to the economy.

Economists expect Friday’s headliner report to show U.S. employers accelerated their hiring in November, coming off October’s lackluster growth that was hampered by damaging hurricanes and strikes.

In energy trading, benchmark U.S. crude gained 24 cents to $68.34 a barrel. Brent crude, the international standard, rose 31 cents to $72.14 a barrel.

In currency trading, the U.S. dollar rose to 149.95 Japanese yen from 149.59 yen. The euro was unchanged at $1.0500.