Asian Markets Climb as Wall Street Hits Record Highs, Driven by Tech Gains
The S&P 500 posts its 54th record close of the year, fueled by AI-linked stocks and optimism over Federal Reserve rate cuts.
- Asian markets rose on Tuesday, with Japan's Nikkei 225 jumping 1.8% and South Korea's Kospi gaining 1.7%, as Wall Street closed at record highs on Monday.
- The S&P 500 set its 54th record close of the year, climbing 0.2%, while the Nasdaq Composite gained 1%, driven by strong performances from AI-related companies like Super Micro Computer, which surged 28.7%.
- Big Tech stocks, including Microsoft and Meta, led gains on Wall Street, though Intel saw a 0.5% dip following the retirement of CEO Pat Gelsinger.
- Economists expect upcoming U.S. labor market reports to influence the Federal Reserve's next moves, with a potential rate cut being widely anticipated in December.
- Despite bullish forecasts for 2025, analysts caution about stretched market valuations, geopolitical risks, and potential headwinds from inflation or higher tariffs.
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