Stock Markets
Daily Stock Markets News

Asia markets poised to largely rise, following tech-fueled gains on Wall Street

This is CNBC’s live blog covering Asia-Pacific markets.

Ed Jones | Afp | Getty Images

In a photo taken on November 4, 2019 a subway train crosses a rail bridge over the Han river, before the skyline of the Yeouido business district of Seoul.

Asia-Pacific markets are set to largely rise, mirroring similar moves on Wall Street after a tech-fueled rally.

Microsoft shares gained 2%, reaching a new 52-week high, after CEO Satya Nadella said former OpenAI chief Sam Altman will join the tech giant to lead a new AI research team.

Chipmaker Nvidia also added 2.3%, closing at an all-time high for the stock ahead of its earnings report Tuesday.

Investors in Asia will also assess South Korean producer prices for October, as well as New Zealand’s October trade figures.

In Australia, the S&P/ASX 200 extended gains from Monday, climbing 0.36% in early trade.

Japan’s Nikkei 225 is set for a weaker open despite briefly touching a 33-year high Monday. The futures contract in Chicago was at 33,445 and its counterpart in Osaka was at 33,380 against the index’s last close of 33,388.03.

Futures for Hong Kong’s Hang Seng index stood at 17,943, pointing to a stronger open compared with the HSI’s close of 17,778.07.

Overnight in the U.S., all three major indexes posted gains, with the the S&P 500 and Nasdaq Composite recording a fifth consecutive day of gains.

The tech-heavy Nasdaq led gains, rising 1.13%, while the Dow Jones Industrial Average climbed 0.58% and the S&P 500 added 0.74%.

— CNBC’s Hakyung Kim and Pia Singh contributed to this report.

Microsoft stock hits all-time high on Monday

Microsoft is trading at record high levels since its IPO in March 1986, hitting an all-time high of $378.81 on Monday. Shares are up 2.3%.

The moves were fueled by Microsoft’s announcement that former OpenAI CEO Sam Altman and president and board chair Greg Brockman will be joining the big tech giant to head a new artificial intelligence research team. Analysts and investors viewed this as a positive catalyst for Microsoft’s AI story in the long term.

— Pia Singh

Nvidia stock hits all-time high ahead of earnings report

Nvidia stock climbed more than 2% during Monday’s session, trading at its most-expensive level ever.

Monday’s record-breaking advance comes as investors prepare for the chip maker’s earnings report expected Tuesday after the bell. Analysts polled by FactSet expect the company to report $16.19 billion in revenue and $3.37 in earnings per share for the third quarter.

The high comes amid a banner year for the stock, with shares up more than 240% since the start of 2023.

— Alex Harring

Oil prices rise more than 2% as market anticipates OPEC cuts

Oil prices rose more than 2% on Monday amid anticipation that the Organization of Petroleum Exporting Countries could implement another production cut this weekend.

The global benchmark Brent crude contract for January rose $1.71, or 2.12%, to settle at $82.32 a barrel, while the West Texas Intermediate contract for December increased $1.71, or 2.25%, to settle at $77.60 a barrel.

Oil has gained for two sessions in a row now after rapid selloff late last week on supply and demand concerns.

Traders are now eying whether OPEC and its allies will implement additional production cuts at a meeting Sunday in response to the drop in oil prices.

— Spencer Kimball

Dow, S&P 500 headed for best month since October 2022

The S&P 500 and Dow Jones Industrial Average are up 8.01% and 6.05% in November. The two major averages are on pace for their best monthly performance since Oct. 2022, when the broad market index jumped about 8%, while the 30-stock Dow surged 13.95%.

Meanwhile, the Nasdaq Composite is headed toward its best month since January, when it gained 1.67%.

— Hakyung Kim

Read More: Asia markets poised to largely rise, following tech-fueled gains on Wall Street

Notify of
Inline Feedbacks
View all comments

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.