SHANGHAI, CHINA – MARCH 1: A skyscraper goes up in the Pudong Lujiazui financial district in Shanghai, China on March 1, 2022.
Xiaoyan | Visual China Group | Getty Images
Asia-Pacific markets opened higher on Tuesday as Wall Street tech stocks rallied on gains in Google’s parent company and hopes of a Fed interest rate cut.
Optimism about Alphabet’s position in the AI race began last week when the company announced an upgraded AI model, Gemini 3. The stock closed 6.31% higher on Monday. Other AI-related stocks, broadcom and micron technologystocks also soared, building on a broad rebound that began Friday when the New York Fed president left the door open to a December interest rate cut.
Japanese benchmark Nikkei Stock Average The index rose 1.14% in early trading, while the TOPIX index rose 0.7%.
AI-related stocks are among the top gainers on the Nikkei Stock Average, as are semiconductor inspection equipment suppliers Advantest Chip equipment maker trades 4.8% higher laser tech Add 2.75%. Tokyo Electron, which provides essential chip manufacturing equipment to the foundries that make Nvidia’s chips, rose 2.39%.
South Korea’s Kospi index rose 2.39%, and the small-cap Kosdaq rose 1.7%. Index weighting SK Hynix and samsung electronics They rose by 5% and 4%, respectively.
Australia’s ASX/S&P 200 index pared early gains and moved above flatline.
hong kong futures Hang Seng Index The index had a higher opening price trading at 25,874 as against the previous close of 25,716.5.
US stock futures were little changed in the first half of Asian trading.
Overnight, the S&P 500 Index rose 1.55% to close at 6,705.12, and the Nasdaq Composite Index rose 2.69% to close at 22,872.01. It was the tech index’s best day since May 12, when it rose 4.35%. The Dow Jones Industrial Average rose 202.86 points, or 0.44%, to end at 46,448.27.
—CNBC’s Sean Conlon and Yun Li contributed to this report.
