Stock market today: Asian shares mostly higher after rebound on Wall St

Asian stocks mostly rose on Monday after U.S. stocks rebounded from Wall Street's worst day since April to finish the week higher.

US futures fell while oil prices rose.

Tokyo's Nikkei 225 added 0.7% to 38,900.02 and Seoul's Kospi jumped 1.2% to 2,717.71.

Australia's S&P/ASX 200 rose 0.8% to 2,785.60 and the Shanghai Composite gained 0.6% to 3,105.72, as the government reported corporate profits rose 4.3% year-on-year in January-April.

Hong Kong's Hang Seng reversed early losses, gaining 0.7% to 18,736.34.

In Taiwan and South Korea, heavy buying in computer chip-related stocks pushed benchmark indices higher. The Taiex closed up 1.1% after reaching a new record. MediaTek, a semiconductor company that provides chips for wireless communications, high-definition television and handheld mobile devices, rose 7.5%.

Taiwan Semiconductor Manufacturing Corp. posted a more modest 0.2% gain.

"The strong global semiconductor cycle is positive for Taiwan's growth prospects," ANZ's Raymond Yeung and Bansi Madhavani wrote in a research note. "The global semiconductor cycle is strong thanks to advances in artificial intelligence applications, cloud computing and 5G telecommunications technology," he said.

On Friday, the S&P 500 gained 0.7% to 5,304.72, recovering all of its losses from the previous two days. He made a small gain during the week, extending his weekly winning streak to five, and sits just shy of his record set on Tuesday.

The Dow Jones Industrial Average rose less than 0.1% to 39,069.59, and the Nasdaq composite gained 1.1% to 16,920.79, surpassing a record high set earlier in the week.

Nvidia rose another 2.6% on Friday, making it the biggest force driving the S&P 500 higher.

This week's ups and downs for stocks came despite another Nvidia's spectacular earnings report, which has skyrocketed to become one of the most influential stocks on Wall Street amid a frenzy around artificial intelligence technology. The fervor around AI had driven some stocks to heights that critics called exaggerated, but Nvidia's amazing growth and forecasts further suggest that it could continue.

The broader U.S. economy has been showing continued strength in American household spending, but the numbers are below the surface. It may not be so encouraging.

The market got a small boost on Friday from a report that showed overall confidence among U.S. consumers weakened less in May than preliminary data had suggested. Perhaps more importantly, the University of Michigan report also said American consumers' inflation expectations for next year rose less in May than previously feared.

That could help avoid a vicious cycle in which high inflation expectations among American households lead them to behave in ways that only make inflation worse.

Concerns about persistently high inflation were behind this week's difficult trading after the indexes settled. records recently. The weakness began after the Federal Reserve on Wednesday released the minutes of his last political meeting. He showed some officials talking about the possibility of raising rates if inflation worsens.

Stocks fell further after reports on thursday indicated that the US economy is stronger than expected. Similar strength In fact, it may scare Wall Street because it could keep upward pressure on inflation.

That, in turn, could delay a cut in the Federal Reserve's main interest rate, which is at the highest level in more than 20 years. The Federal Reserve is trying to accomplish the difficult feat of slowing the economy enough through high interest rates to quell high inflation, but not enough to bring down the labor market.

Treasury yields rose last week on these concerns, but were broadly flat on Friday following the consumer confidence report. The 10-year Treasury yield fell to 4.46% from 4.48% late Thursday. The two-year yield, which more closely tracks expectations for Federal Reserve action, was steady at 4.94%.

Benchmark U.S. crude oil gained 25 cents to $77.97 a barrel in electronic trading on the New York Mercantile Exchange. On Friday he earned 85 cents.

Brent crude, the international standard, added 24 cents to $82.08 a barrel.

In currency trading, the US dollar fell to 156.74 Japanese yen from 156.99 yen.

The euro rose to $1.0851 from $1.0844.

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