Asian shares track Wall Street higher; Treasury yields near multi-decade highs
SPY•Asian shares rose after a tech-fuelled rally took the Nasdaq to a record close, while U.S. 10- and 30-year Treasury yields reached fresh 24-year highs. Japan’s Nikkei gained 1.1%, and Nasdaq futures rose 0.2%.
1. Asian markets advance
Most Asian markets rose on Tuesday after the Nasdaq closed at a record overnight. Japan’s Nikkei gained 1.1% and Hong Kong’s Hang Seng rose 0.7%, while South Korean shares fell nearly 1% and an Asia-Pacific regional index excluding Japan was flat.
2. Treasury yields climb
U.S. 10- and 30-year Treasury yields reached fresh 24-year highs overnight. The 10-year yield was 5.3154% in Asia after touching 5.3493%, its highest since 2002; the 30-year yield held at 5.6749% after briefly reaching 5.7029%.
3. Tech lifts Nasdaq
The Nasdaq’s record close followed softer-than-expected jobs data, which reduced expectations of a Federal Reserve rate hike this month. Nvidia rose 2.1% to a record-high close, putting its market value at $5.76 trillion. Goldman Sachs estimated forecasts pointed to 27% growth in S&P 500 earnings in the third quarter, with more than half of the growth coming from companies benefiting from AI infrastructure spending.
