Asian Shares Mixed as Wall Street Tech Stocks Reach New Highs

Bassyonni

ago 2 hours

Asian Shares Mixed as Wall Street Tech Stocks Reach New Highs

Global markets exhibited mixed movements on Friday, as U.S. technology stocks reached new highs, leading to a rise in world shares. This surge in stock prices was underpinned by enthusiastic buying in the technology sector.

Market Overview

S&P 500: Up over 0.2% in futures trading.
Dow Jones Industrial Average: Also increased by more than 0.2%.

European Markets

European indices reflected positive sentiment:

Germany’s DAX: Gained 0.1%, closing at 24,451.76.
FTSE 100 (UK): Rose more than 0.5%, at 9,478.57.
CAC 40 (France): Advanced by 0.3%, reaching 8,080.91.

Asian Markets

In Asia, market responses varied:

Nikkei 225 (Japan): Closed at 45,769.50, up nearly 1.9%, despite a rising unemployment rate that hit 2.6% in August.
Hang Seng (Hong Kong): Ended 0.5% lower at 27,140.92, following profit-taking after previous gains.
S&P/ASX 200 (Australia): Increased by nearly 0.5%, reaching 8,987.40.
BSE Sensex (India): Rose slightly by less than 0.1%.
Taiex (Taiwan): Edged up 0.9%.

Noteworthy Developments in Technology

The surge in technology stocks was significantly influenced by several factors:

Hitachi: Stocks jumped 10.3% after it announced a partnership with OpenAI for data center cooling systems.
OpenAI Partnerships: Collaborations with South Korean firms aim to develop the $500 billion Stargate AI infrastructure project.

Wall Street Gains

On Wall Street, the following gains were recorded:

S&P 500: Increased by 0.1%, reaching an all-time high of 6,715.35.
Dow Jones Industrial Average: Rose 0.2% to 46,519.72.
Nasdaq Composite: Climbed 0.4% to 22,844.05.

Economic Sentiment Amidst Job Reports

Concerns emerged regarding an impending government shutdown affecting job data reports. Despite delays in jobless claims and crucial economic figures, investors appeared optimistic, focusing on corporate announcements and the ongoing AI boom.

While the current growth in the AI sector has not been detrimental to the overall stock market, there are increasing worries about a potential bubble.