Stock market today: Asian shares mostly rise after Wall Street rally led by Nvidia
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Asian shares mostly rose Tuesday, deriving optimism from rising technology stocks on Wall Street, led by Nvidia. Japan's benchmark Nikkei 225 jumped 2.4% in morning trading to 40,248.68. Australia's S&P/ASX 200 edged up 0.3% to 8,279.30. South Korea's Kospi added nearly 1.0% to 2,513.39. Hong Kong's Hang Seng index slid 0.3% to 19,635.67, while the Shanghai Composite was little changed, inching down less than 0.1% to 3,205.55.
Nippon Steel, whose attempt to takeover U.S. Steel is being blocked by the Biden administration, slid 1.5% in Tokyo trading, shortly after its chief executive vowed to keep pushing the deal. U.S. Steel climbed 8.1% overnight after it and Japan’s Nippon Steel filed a federal lawsuit challenging President Joe Biden’s decision to block a proposed nearly $15 billion deal for Nippon to buy its Pittsburgh-based rival.
The suit, filed in the U.S. Court of Appeals for the District of Columbia, alleges it was a political decision. Japanese leaders have also said there is scant evidence the merger poses a security concern for the U.S. Investors are also watching for possible policy changes under incoming President Donald Trump, whose term is beginning soon, said Stephen Innes, managing partner at SPI Asset Management.
"The convergence of these financial indicators points to a heightened alert among traders, who carefully calibrate their strategies for potential shifts in policy and economic directives that the new administration may bring," he said. U.S. indexes recovered more of their holiday-season slide that bridged the new year. The S&P 500 added 0.6% for a second straight gain following five straight losses, its longest losing streak since April. The Dow Jones Industrial Average lost an early gain to slip 25 points, or 0.1%, and the Nasdaq composite gained 1.2%.
