3 weeks ago
World Shares Gain as Wall Street Scales Fresh Peak
On Wednesday, stock markets around the world mostly went up.
The reason is that markets in the United States hit record-high prices the day before, thanks to companies reporting big profits.
Computer chip and artificial-intelligence companies were the biggest winners in Asia, including TSMC, Samsung and SK Hynix.
A company called Palantir went up almost 30% because its sales grew by 93%.
Meanwhile, the restaurant chain Chipotle lost value because people worried about a salmonella outbreak tied to jalapenos.
Oil prices also went up again after falling earlier.
Oil has been bouncing between $72 and $102 per barrel in July because of the war in Iran.
Iran and Oman are talking about a deal that could reopen the Strait of Hormuz so oil tankers can sail freely again.
The US government said employers had about 7.4 million job openings at the end of June, which shows the economy is still strong.
Overall, investors are feeling more hopeful, though some risks remain.
Global shares advanced in Europe and Asia on Wednesday after Wall Street rallied to record highs on robust corporate earnings.
The S&P 500 jumped 1.8% on Tuesday to top its prior all-time high, while the Dow added 1.7% and the Nasdaq rose 2.6%.
AI and semiconductor stocks led Asian gains: Japan's Nikkei 225 climbed 3.7% and South Korea's Kospi surged 3.8%, with Advantest and SK Hynix among the biggest advancers.
Palantir Technologies surged 29.5% after CEO Alex Karp reported a 93% leap in revenue in an 'otherworldly' quarter.
Oil prices resumed their climb, with Brent crude up 1.4% at $80.45 a barrel, as Iran and Oman edged toward a deal to reopen the Strait of Hormuz.
- Who
- Global stock investors, companies including Palantir Technologies, TSMC, Samsung and SK Hynix, and the Reserve Bank of India.
- What
- World shares rallied to records on strong corporate earnings and AI optimism, while oil prices rose on hopes of a Strait of Hormuz deal.
- Where
- New York, Tokyo, Seoul, Taipei, Shanghai, Hong Kong, Sydney, Mumbai, London, Paris and Frankfurt.
- When
- Wednesday, following Tuesday's record-setting rally on Wall Street.
- Why
- Robust earnings, surging AI and semiconductor stocks, and hopes for a deal to reopen the Strait of Hormuz and ease concerns over the Iran war.
Key facts
- S&P 500 (Tuesday)
- +1.8%, topping all-time high set in June
- Nikkei 225
- +3.7% to 66,300.44
- Kospi
- +3.8% to 6,598.26
- Brent crude
- +1.4% to $80.45 per barrel
- Palantir revenue growth
- +93% in the quarter
- Chipotle shares
- -9.7% on salmonella-related concerns
- US job openings (end of June)
- Nearly 7.4 million
- Reserve Bank of India repo rate
- Held unchanged at 5.25%
Quotes
Neil Newman
Head of strategy for Astris Advisory Japan
“"Clearly, today the market is rallying on the back of AI stocks. You look across the other sectors, there’s a bit of activity here and there, but really the focus has been back on semiconductors, technology and AI."”
thehansindia.com
“"Our overall revenue leapt 93 percent in what I called an ‘otherworldly’ quarter."”
thehansindia.com
Sources
Related news
World Markets Mostly Gain as Nvidia Propels US Stocks Higher
Global Shares Mixed as Tech Giants Slump on Wall Street
Asian Stocks Edge Higher on US Jobs Data; Oil Climbs
Stocks open mixed as tech drags Nasdaq, Dow near record
Asian Stocks Mixed as Nvidia Boosts AI Market Optimism
AI Week: Chip Breakthroughs, Brain Surgery and Quantum Campus
South Korean Investors Shift $7 Billion Into U.S. Stocks
Sensex, Nifty Face Cautious Monday Outlook Amid Global Cues
Mock-Trading Rules Cool South Korea’s Leveraged Chip ETF Frenzy
Netlist Stock Surges 650% as AI Demand Boosts Memory Business
