Stock Market Update: Asian Shares Struggle as Nvidia Rally Boosts Wall Street Performance
Money | June 26, 2024, 4:54 a.m.
Asian shares were mixed after Nvidia’s rebound lifted Wall Street. Japan’s Nikkei surged 1.4%, driven by demand for tech shares on the back of Nvidia’s success in artificial intelligence. Seoul’s Kospi rose 0.2%, but Chinese shares fell. Australia’s S&P/ASX 200 declined 0.9%. The S&P 500 hit a new high while the Dow Jones fell and the Nasdaq rose. Nvidia’s 6.8% increase prevented S&P 500 losses. SolarEdge fell 20.6% due to bankruptcy concerns. Retail sales fluctuate with lower-income struggles and high prices. Carnival's profit forecast rose for 2024 due to strong bookings. Yields have eased, reducing stock market pressure. The hope is the Fed will cut interest rates at the right time to avoid recession. Crude oil prices rose, while the dollar gained against the yen and was stable against the euro.