Asian stocks track Wall Street gains ahead of earnings reports

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Stock markets in Asia mostly rose on Tuesday after U.S. stocks recovered some of their losses from the previous week. Japan’s Nikkei 225 went up by 0.3%, despite manufacturing activity in the country contracting for the 11th month in a row. The Hang Seng in Hong Kong rose by 1.6%, but the Shanghai Composite index fell by 0.8%. In Australia, the S&P/ASX 200 climbed by 0.4%, while South Korea’s Kospi dropped by 0.2%.

On Monday, the S&P 500, Dow Jones Industrial Average, and Nasdaq composite all gained. Technology stocks led the rebound after a rough week, with Nvidia and Alphabet showing notable increases. Bank stocks also performed well following positive profit reports. However, Tesla’s stock fell by 3.4% after announcing price cuts over the weekend. The company is set to report its first-quarter results later in the day.

This week will see many companies reporting their earnings for the first quarter, including those known as the “Magnificent Seven.” Verizon Communications kicked off the reports by revealing a smaller drop in profit than expected, but its stock dipped after reporting weaker revenue for the first quarter.

Stock prices are also affected by interest rates, which are expected to remain high for some time according to Federal Reserve officials. This dampened hopes for rate cuts despite concerns about inflation staying above the Fed’s target of 2%.

In oil trading, U.S. benchmark crude and Brent crude both saw modest gains. The U.S. dollar weakened slightly against the Japanese yen and the euro.

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