Stock Market Live Updates: Asian shares surge as Nvidia’s triumph boosts global markets

Wall Street end sharply higher

U.S. stocks experienced significant gains on Wednesday, with all major indices closing higher. Nvidia, a prominent technology company, saw its shares surge by nearly 10% after the trading session, reaching an all-time high. This increase was fueled by Nvidia’s optimistic projection of third-quarter revenue, which exceeded expectations set by Wall Street analysts. On Wall Street, the Dow Jones Industrial Average recorded a 0.54% increase, the S&P 500 rose by 1.10%, and the Nasdaq Composite saw a substantial gain of 1.59%.

In the realm of U.S. Treasuries, the yield on the benchmark 10-year Treasury notes slightly decreased to 4.1879% compared to the previous day’s close of 4.198%. This decline came after reaching near 16-year highs, prompted by disappointing business activity data from both the United States and the euro zone. The yield on two-year Treasury notes, indicative of expectations for higher Fed fund rates, reached 4.971%, up from the prior day’s closing of 4.952%. – Reuters

Asia stocks track Wall Street rally as treasury yields retreat

Asian shares rallied on Thursday after blockbuster results from tech darling Nvidia boosted Wall Street and a retreat in U.S. bond yields eased pressure on borrowing costs globally.

A round of soft surveys on manufacturing had also revived hopes central banks were done tightening, though that might change depending on what clues about interest rates Federal Reserve Chairman Jerome Powell gives at an annual central bank summit in Jackson Hole, Wyoming, on Friday.

“Equities rallied and bond yields retreated as flash PMI data for August signalled weaker economic activity in the U.S., euro area and UK, fuelling market expectations that central banks may not have to raise rates again,” said analysts at ANZ in a note. – Reuters