Business & Finance
Asian equities mostly rise following Wall Street rally led by technology earnings
Strong quarterly reports from major tech firms supported gains across most Asian markets while investors awaited a speech by the Federal Reserve chief.
The short version
- Most Asian stock benchmarks advanced on Friday following strong quarterly earnings from U.S. tech firms including Nvidia and Salesforce.
- Nvidia shares surged 8.7% after surpassing profit and revenue estimates, easing recent market skepticism around artificial intelligence investments.
- Investors are turning their focus to an upcoming address by Federal Reserve Chair Kevin Warsh for policy direction.
Key facts
- Tokyo's Nikkei 225 rose 0.8% and Taiwan's Taiex climbed 1%, while South Korea's Kospi dropped 1%.[Associated Press]
- Nvidia reported higher-than-expected quarterly profit and revenue alongside optimistic sales forecasts, triggering an 8.7% jump in its stock.[Associated Press]
- Salesforce shares climbed 22.6% after the company raised its full-year revenue outlook and announced a partnership involving Anthropic's Claude chatbot.[Associated Press]
- Brent crude oil prices dropped 0.3% to $88.24 per barrel, and U.S. benchmark crude declined 0.4% to $83.17 per barrel.[Associated Press]
What remains uncertain
- The timeline for when commercial oil tankers will be allowed to safely pass through the Strait of Hormuz remains unresolved amid ongoing geopolitical tensions involving Iran.[Associated Press]