Asia-Pacific markets mostly rise after tech rally pushes Wall Street higher
Asia-Pacific markets mostly rose Tuesday after all three key Wall Street benchmarks advanced overnight on a tech rally.
Japan’s benchmark Nikkei 225 climbed 0.84% to end the day at 34,267.54 while the broader Topix index advanced 1% to 2,513.35.
In South Korea, the Kospi index added 0.88% to close at 2,477.41 while the small-cap Kosdaq moved up 0.41% to 711.92.
Australia’s S&P/ASX 200 moved up 0.17% to close at 7,761.70.
India’s benchmark Nifty 50 surged 2.18% while the broader BSE Sensex rose 2.19% as at 1.50 p.m. Indian Standard Time.
Hong Kong‘s Hang Seng Index closed 0.23% higher at 21,466.27 to while Mainland China’s CSI 300 ended the day flat at 3,761.23.
— Amala Balakrishner
Investors need to practice patience amid a ‘very much intact bull market,’ says Oppenheimer
It is essential for investors to practice patience and not got swept up in trepidation amid this period of heightened uncertainty, according to Oppenheimer.
In a Monday note, Oppenheimer chief investment strategist John Stoltzfus reiterated his bullish stance on equities.
“We remain positive on stocks and consider near-term volatility tied to the uncertainties surrounding the tariff regime structure — which for now remains in our view very much ‘a work in progress’ — as not atypical of a period in market history which is laden with watershed caliber developments in technological innovation and changes likely to the global trade landscape that seek to create a fairer and likely more competitive global venue,” he wrote.
Stoltzfus added: “Pullbacks earlier this year have mostly looked like ‘trims’ and ‘haircuts’ for the S&P 500 whenever bears, skeptics, and nervous investors have found a catalyst to take near-term profits without FOMO (fear of missing out) amid what appears to us in fundamentals that persist in showing resilience like a very much intact bull market.”
Specifically, Stoltzfus listed his favorite sectors as information technology, communications services, consumer discretionary, financials and industrials — sectors that have all sold off this year.
— Lisa Kailai Han
ON Semiconductor stock rises 3% after withdrawing offer to buy Allegro MicroSystems
ON/ALGM 5-day chart
In a press release, ON Semiconductor said it had “determined there is no actionable path forward,” but that the company would focus its efforts on other opportunities to enhance shareholder value.
— Lisa Kailai Han
