Asian Stocks Rise in Line with Wall Street, but Nvidia Falls Amid Cooling AI Mania: Stock Market Update

Money | June 25, 2024, 3:14 a.m.

Asian stocks saw a rise on Tuesday despite Wall Street heavyweight Nvidia experiencing a slide, leading to mixed results for U.S. indexes. Japan's Nikkei 225 surged 1% following data showing a slowdown in service producer prices. The Japanese yen remained a focus, with the US dollar trading near its weakest level in 34 years. Hong Kong's Hang Seng was up 0.5%, while Australia's S&P/ASX 200 gained 1.2%. The S&P 500 slipped 0.3%, with Nvidia's decline contributing to the drop. Oil and financial companies remained strong, but concerns about a possible bubble in the stock market arose due to the AI boom led by Nvidia. The bond market saw easing Treasury yields, while U.S. crude oil prices rose slightly. Overall, market watchers are cautiously optimistic as the market experiences rotations among stocks.