Asian stocks rise as tech rallies before key earnings
- Investing.com
- |
- Published: 24.4.2024. 0:00:00
Tech stocks also benefited from bargain hunting after clocking steep losses so far in April, following underwhelming earnings from major chipmakers and increased fears of higher-for-longer interest rates.
This was especially prevalent in Wall Street over the past two sessions, which saw U.S. stock benchmarks surge tracking a rebound in tech. U.S. stock index futures rose in Asian trade on Wednesday.
Asian tech rebounds, key US earnings awaited
Tech-heavy bourses were the best performers in Asia on Wednesday, with Japan’s index up 2%, while South Korea’s rallied 1.9%.
Gains in major internet stocks also put Hong Kong’s up 1.1%, helping it avoid broader weakness in Chinese markets.
Chinese electric vehicle stocks were marginally positive, tracking a bounce in Tesla Inc (NASDAQ:) even as the carmaker clocked disappointing earnings and flagged accelerated plans to develop cheaper EV models- a trend that heralds more competition in the sector.
Regional tech stocks tracked a rebound in their U.S. peers ahead of earnings from some of the world’s biggest tech firms due in the coming days. Facebook owner Meta Platforms Inc (NASDAQ:) will report its first-quarter earnings on Wednesday, while giants Microsoft Corporation (NASDAQ:) and Alphabet Inc (NASDAQ:) will report their earnings on Thursday.
Buying into tech was fueled by growing hopes that positive earnings from the sector will justify the massive melt-up in valuations seen over the first quarter of 2024.
Source: Investing.com
Tags: Capital markets Exchange rates Commodities Funds Indexes Money markets Stock exchanges
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