AI and Semiconductor-Powered Global Rally Shows No Signs of Losing Steam

Wall Street indexes hovered near recent record highs on Monday as investors reassessed the uncertain situation in the Persian Gulf. 

The S&P 500 Index decreased 0.1%, and the tech-heavy Nasdaq Composite declined 0.2% amid a rebound in crude oil prices. 

West Intermediate Texas crude oil price increased 2.5% to $97.78 a barrel, and Brent crude oil price advanced 2.4% to $103.82 a barrel after the U.S. and Iran exchanged proposals, leaving the Strait of Hormuz effectively closed.

Despite the elevated energy and commodity prices, benchmark indexes in New York soared to new record highs in the previous week, and the S&P 500 index and the Nasdaq Composite extended their winning streak to the sixth consecutive week. 

The six-week-long market rebound has been powered by a strong earnings season and resurgent AI- and semiconductor-linked stocks following better-than-expected earnings from Nvidia, AMD, Alphabet, Apple Inc., Amazon, and General Electric. 

On the economic front, the U.S. economy added net new 115,000 jobs in April, following March's revised 185,000 increase. 

The jobs market expanded back-to-back for two months for the first time in a year, driven by gains in healthcare, transportation and warehousing, and retail trade.

The average hourly earnings for all employees rose 3.6%, the jobless rate held at 4.3%, and the participation rate in the labor force changed little at 61.8% in April.

Global Semiconductor Rally Supports Historic Highs In Broader Indexes

Benchmark indexes in the U.S., Japan, South Korea, and mainland China traded at new historic highs driven by the sustained gains in AI- and semiconductor-linked stocks.  

Benchmark indexes in mainland China and Hong Kong erased morning gains and closed near the flatline, and investors reviewed the latest updates on inflation and international trade data. 

China's Exports and Inflation Data Signal Economic Resiliency

China's annual inflation accelerated in April, fueled by a surge in the price of imported energy products and commodities, and producer price inflation increased for the second month in a row. 

China's overall exports surged 14.3% in April, despite ongoing tensions in the Middle East, and customers rushed with new orders to avoid future price hikes and supply disruptions. 

China's trade surplus narrowed to $84.8 billion in April from $95.9 billion a year ago, and the trade surplus with the U.S. stood at $23.1 billion, driven by an 11.3% rise in exports to $36.8 billion.

China's exports and trade surplus with the U.S. rose despite the Trump administration's tariffs, as businesses continued to source electrical and mechanical intermediate products from the world's second-largest economy.

Moreover, indirect shipments through the ASEAN region, including Vietnam, and Mexico to the U.S. showed no signs of easing. 

U.S. Movers 

AMD, Nvidia, Broadcom, Corning, Microchip Technology, and Micron Technology advanced in Monday's trading, extending the previous week's gains. 

Alphabet, Apple, Amazon, Meta Platforms, Microsoft, and Tesla edged slightly lower in choppy trading on Monday.

AI and Semiconductor-Powered Global Rally Shows No Signs of Losing Steam

Wall Street indexes hovered near recent record highs on Monday as investors reassessed the uncertain situation in the Persian Gulf. 

The S&P 500 Index decreased 0.1%, and the tech-heavy Nasdaq Composite declined 0.2% amid a rebound in crude oil prices. 

West Intermediate Texas crude oil price increased 2.5% to $97.78 a barrel, and Brent crude oil price advanced 2.4% to $103.82 a barrel after the U.S. and Iran exchanged proposals, leaving the Strait of Hormuz effectively closed.

Despite the elevated energy and commodity prices, benchmark indexes in New York soared to new record highs in the previous week, and the S&P 500 index and the Nasdaq Composite extended their winning streak to the sixth consecutive week. 

The six-week-long market rebound has been powered by a strong earnings season and resurgent AI- and semiconductor-linked stocks following better-than-expected earnings from Nvidia, AMD, Alphabet, Apple Inc., Amazon, and General Electric. 

On the economic front, the U.S. economy added net new 115,000 jobs in April, following March's revised 185,000 increase. 

The jobs market expanded back-to-back for two months for the first time in a year, driven by gains in healthcare, transportation and warehousing, and retail trade.

The average hourly earnings for all employees rose 3.6%, the jobless rate held at 4.3%, and the participation rate in the labor force changed little at 61.8% in April.

Global Semiconductor Rally Supports Historic Highs In Broader Indexes

Benchmark indexes in the U.S., Japan, South Korea, and mainland China traded at new historic highs driven by the sustained gains in AI- and semiconductor-linked stocks.  

Benchmark indexes in mainland China and Hong Kong erased morning gains and closed near the flatline, and investors reviewed the latest updates on inflation and international trade data. 

China's Exports and Inflation Data Signal Economic Resiliency

China's annual inflation accelerated in April, fueled by a surge in the price of imported energy products and commodities, and producer price inflation increased for the second month in a row. 

China's overall exports surged 14.3% in April, despite ongoing tensions in the Middle East, and customers rushed with new orders to avoid future price hikes and supply disruptions. 

China's trade surplus narrowed to $84.8 billion in April from $95.9 billion a year ago, and the trade surplus with the U.S. stood at $23.1 billion, driven by an 11.3% rise in exports to $36.8 billion.

China's exports and trade surplus with the U.S. rose despite the Trump administration's tariffs, as businesses continued to source electrical and mechanical intermediate products from the world's second-largest economy.

Moreover, indirect shipments through the ASEAN region, including Vietnam, and Mexico to the U.S. showed no signs of easing. 

U.S. Movers 

AMD, Nvidia, Broadcom, Corning, Microchip Technology, and Micron Technology advanced in Monday's trading, extending the previous week's gains. 

Alphabet, Apple, Amazon, Meta Platforms, Microsoft, and Tesla edged slightly lower in choppy trading on Monday.

China's Exports Advanced and Inflation Accelerated In April

Stocks in mainland China and Hong Kong extended the previous week's gains, reflecting global gains in semiconductor stocks. 

The Hang Seng Index increased 0.3%, and the CSI 300 Index advanced 1.4% powered by a strong rally in AI- and semiconductor-related stocks. 

China's Vice Premier Ding Xuexiang visited the research and development center of Huawei Technologies in Shanghai, sending a signal that Beijing is committed to domestic chip development and self-sufficiency. 

China's Inflation Accelerated In April as Supply Disruptions In Hormuz Persisted 

China's annual inflation accelerated in April amid a surge in energy prices, according to the National Bureau of Statistics.

The consumer price index increased to 1.2% from 1.0% in March, fueled by higher commodity prices amid the Middle East conflict.

Food prices fell 1.6%, reversing a 0.6% rise in March; non-food inflation accelerated to 1.8% from 1.2%; and housing costs continued to decline at the same annual rate of 0.2% as in the previous month. 

China's producer price inflation accelerated to 2.8% in April from 0.5% in the prior month, a separate report from the NBS showed. 

The measure of wholesale prices rose at the fastest pace since July 2022, an increase for the second consecutive month fueled by surging commodity and energy prices amid supply disruptions in the Persian Gulf. 

China's Exports Defy Hormuz Shock with Record Shipments in April

China's exports continued to expand in April despite the ongoing U.S.-Iran war and supply disruptions in the Strait of Hormuz. 

Exports increased 14.1% to $359.4 billion, accelerating from 2.5% in March, according to the latest monthly report from the General Administration of Customs. 

Customers rushed to order products amid fears that the ongoing war in the Middle East could push prices even higher. 

Shipments to the U.S. advanced 11.3% to $36.8 billion, reversing a 26.5% decrease in the previous month, despite aggressive tariffs imposed by the Trump administration. 

Shipments to the ASEAN region advanced 15.2%, to the European Union rose 13.4%, and to Latin America gained 13.7%. 

For the first four months to April, exports increased 14.5% to $1.34 trillion; however, sales to the U.S. decreased 10.2% from a year ago, respectively. 

Overall imports increased 25.3% to $274.6 billion, and the trade surplus advanced to $84.8 billion from $51.1 billion in March but narrowed from $95.6 billion in the month a year ago. 

China's increase in import value was driven by an increase in commodity prices and a shift in volume mix, and the country imported 38.4 million tons of crude oil in April, reflecting an increase of 13.2% in value and a 20% decrease in volume.

China Indexes and Stocks 

The Hang Seng Index decreased 0.3% to 26,318.37, and the mainland-focused CSI 300 Index advanced 1.4% to 4,940.41. 

The global rally in semiconductor stocks extended to tech stocks for the third consecutive week, and support from Beijing leadership reinforced positive sentiment for the sector.

GigaDevice, Hua Hong Semiconductor, Nasino, and Montage Technology jumped between 5% and 15%.

China's Exports Advanced and Inflation Accelerated In April

Stocks in mainland China and Hong Kong extended the previous week's gains, reflecting global gains in semiconductor stocks. 

The Hang Seng Index increased 0.3%, and the CSI 300 Index advanced 1.4% powered by a strong rally in AI- and semiconductor-related stocks. 

China's Vice Premier Ding Xuexiang visited the research and development center of Huawei Technologies in Shanghai, sending a signal that Beijing is committed to domestic chip development and self-sufficiency. 

China's Inflation Accelerated In April as Supply Disruptions In Hormuz Persisted 

China's annual inflation accelerated in April amid a surge in energy prices, according to the National Bureau of Statistics.

The consumer price index increased to 1.2% from 1.0% in March, fueled by higher commodity prices amid the Middle East conflict.

Food prices fell 1.6%, reversing a 0.6% rise in March; non-food inflation accelerated to 1.8% from 1.2%; and housing costs continued to decline at the same annual rate of 0.2% as in the previous month. 

China's producer price inflation accelerated to 2.8% in April from 0.5% in the prior month, a separate report from the NBS showed. 

The measure of wholesale prices rose at the fastest pace since July 2022, an increase for the second consecutive month fueled by surging commodity and energy prices amid supply disruptions in the Persian Gulf. 

China's Exports Defy Hormuz Shock with Record Shipments in April

China's exports continued to expand in April despite the ongoing U.S.-Iran war and supply disruptions in the Strait of Hormuz. 

Exports increased 14.1% to $359.4 billion, accelerating from 2.5% in March, according to the latest monthly report from the General Administration of Customs. 

Customers rushed to order products amid fears that the ongoing war in the Middle East could push prices even higher. 

Shipments to the U.S. advanced 11.3% to $36.8 billion, reversing a 26.5% decrease in the previous month, despite aggressive tariffs imposed by the Trump administration. 

Shipments to the ASEAN region advanced 15.2%, to the European Union rose 13.4%, and to Latin America gained 13.7%. 

For the first four months to April, exports increased 14.5% to $1.34 trillion; however, sales to the U.S. decreased 10.2% from a year ago, respectively. 

Overall imports increased 25.3% to $274.6 billion, and the trade surplus advanced to $84.8 billion from $51.1 billion in March but narrowed from $95.6 billion in the month a year ago. 

China's increase in import value was driven by an increase in commodity prices and a shift in volume mix, and the country imported 38.4 million tons of crude oil in April, reflecting an increase of 13.2% in value and a 20% decrease in volume.

China Indexes and Stocks 

The Hang Seng Index decreased 0.3% to 26,318.37, and the mainland-focused CSI 300 Index advanced 1.4% to 4,940.41. 

The global rally in semiconductor stocks extended to tech stocks for the third consecutive week, and support from Beijing leadership reinforced positive sentiment for the sector.

GigaDevice, Hua Hong Semiconductor, Nasino, and Montage Technology jumped between 5% and 15%.

China MONDAY

Stocks in mainland China and Hong Kong extended previous week's gains reflecting global gains in semiconductor stocks. 

The Hang Seng Index increased 0.3%, and the CSI 300 Index advanced 1.4% powered by a strong rally in AI- and semiconductor-related stocks. 

China's Vice-Premier Ding Xuexiang visited research and development center of Huawei Technologies in Shanghai, sending a signal that Beijing is committed to domestic chip development and self sufficiency. 

GigaDevice, Hua Hong Semiconductor, Nasino, and Montage Technology jumped between 5% and 15%.  

China's Inflation Accelerate

China's annual inflation accelerated in April amid a surge in energy prices, according to the National Bureau of Statistics.  

Consumer price index increased to 1.2% from 1.0% in March, fueled by higher commodity prices amid the Middle East conflict.  

Food prices fell 1.6%, reversing 0.6% rise in March, non-food inflation accelerated to 1.8% from 1.2%, and housing costs continued to decline at the same annual rate of 0.2% in the previous month. 

China's producer price inflation accelerated to 2.8% in April from 0.5% in the prior month, a separate report from the NBS showed. 

The measure of wholesale prices rose at the fastest pace since July 2022, and increase for the second consecutive month fueled by surging commodity and energy prices amid supply disruptions in the Persian Gulf. 

China Indexes and Stocks 

The Hang Seng Index decreased 0.3% to 26,318.37, and the mainland-focused CSI 300 Index advanced 1.4% to 4,940.41. 

PBoC Tightened Yuan-Dollar Rate, Midea Group Plans to Raise $2.2 Billion

Stocks in mainland China and Hong Kong decreased on Friday amid renewed hostilities in the Strait of Hormuz, heightening fears that the fragile ceasefire between the U.S. and Iran may be breaking down.

The Hang Seng Index declined 1%, and the mainland-focused CSI 300 Index decreased 0.6% as crude oil prices resumed their advance. 

Brent crude oil prices jumped 1.1% to $101.60 a barrel over worries that energy product shipments through the Persian Gulf are likely to remain disrupted in the near future.

The People's Bank of China fixed the yuan's exchange rate at a three-year high on Thursday. 

The central bank raised the rate to 6.8487 against a dollar, compared to 6.8562 on the previous day, setting the currency for the 6.65 level before the year's end.

The slight appreciation of the exchange rate is likely to have a little impact on the country's vast export sector, as Beijing pushes to increase the acceptance of the currency in global transactions. 

The U.S. dollar, which has long been the dominant currency for international goods and commodities trade, has faced erosion of confidence due to the rise of cryptocurrencies and the arrival of the Trump administration.

China Indexes and Stocks 

The Hang Seng Index declined 1% to 26,354.59, and the mainland-focused CSI 300 Index dropped 0.6% to 4,872.93. 

Midea Group remained under pressure and dropped 5.6% to HK $85.80 after the company announced its plan to raise $2.2 billion through the sale of international convertible bonds. 

The household appliance maker plans to use about 60% of proceeds to finance international expansion and boost liquidity and reserve the rest for general corporate purposes. 

The bond sale in two tranches, each valued at $8.62 billion, with the first maturing in May 2027 and the second in May 2033, carries zero coupon rates and does not pay interest rates. 

At the time of maturity, the 2027 bond could be converted into stocks at HK $96.82 and the 2033 bond at HK $115.76, reflecting a 10.4% and 32% premium to Wednesday's closing price.

PBoC Tightened Yuan-Dollar Rate, Midea Group Plans to Raise $2.2 Billion

Stocks in mainland China and Hong Kong decreased on Friday amid renewed hostilities in the Strait of Hormuz, heightening fears that the fragile ceasefire between the U.S. and Iran may be breaking down.

The Hang Seng Index declined 1%, and the mainland-focused CSI 300 Index decreased 0.6% as crude oil prices resumed their advance. 

Brent crude oil prices jumped 1.1% to $101.60 a barrel over worries that energy product shipments through the Persian Gulf are likely to remain disrupted in the near future.

The People's Bank of China fixed the yuan's exchange rate at a three-year high on Thursday. 

The central bank raised the rate to 6.8487 against a dollar, compared to 6.8562 on the previous day, setting the currency for the 6.65 level before the year's end.

The slight appreciation of the exchange rate is likely to have a little impact on the country's vast export sector, as Beijing pushes to increase the acceptance of the currency in global transactions. 

The U.S. dollar, which has long been the dominant currency for international goods and commodities trade, has faced erosion of confidence due to the rise of cryptocurrencies and the arrival of the Trump administration.

China Indexes and Stocks 

The Hang Seng Index declined 1% to 26,354.59, and the mainland-focused CSI 300 Index dropped 0.6% to 4,872.93. 

Midea Group remained under pressure and dropped 5.6% to HK $85.80 after the company announced its plan to raise $2.2 billion through the sale of international convertible bonds. 

The household appliance maker plans to use about 60% of proceeds to finance international expansion and boost liquidity and reserve the rest for general corporate purposes. 

The bond sale in two tranches, each valued at $8.62 billion, with the first maturing in May 2027 and the second in May 2033, carries zero coupon rates and does not pay interest rates. 

At the time of maturity, the 2027 bond could be converted into stocks at HK $96.82 and the 2033 bond at HK $115.76, reflecting a 10.4% and 32% premium to Wednesday's closing price.

Tech-Dominated Benchmark Indexes Hovered at New Record Highs

Stocks in New York headed higher and extended this week's gains amid improving market sentiment for the sixth week in a row. 

The S&P 500 Index edged up 0.1%, and the tech-focused Nasdaq Composite advanced 0.2% as investors overlooked lingering tensions in the Middle East. 

The two widely followed benchmark indexes closed at new record highs after AMD offered a strong revenue and earnings outlook for the current quarter. 

On Wednesday, the S&P 500 index gained 1.6%, and the Nasdaq Composite advanced more than 2% as investors reacted to positive news from AMD, Nvidia, and Corning Inc. 

Nvidia and Corning announced a multi-year partnership, and the deal accelerates the innovation in the semiconductor shift from copper-based circuits to optical computing. 

The landmark deal was viewed by investors as a positive development in accelerating the shift to smart computing and rapid adoption of artificial intelligence. 

Corning Inc. soared 22% in the previous session and extended this year's gains to over 105% as investors deemed the company one of the prime beneficiaries of investment in artificial intelligence infrastructure. 

Despite the benchmark indexes creating new record highs, investors are cautious amid resurgent inflation and uncertain geopolitical conditions in the Middle East. 

West Texas Intermediate crude oil prices decreased 2.4% to $92.77 a barrel, and traders held out for a temporary peace deal between the U.S. and Iran, paving the way to reopen the Strait of Hormuz. 

U.S. Movers 

DoorDash rose 8% to $182.50 after the food delivery platform operator signaled a positive revenue outlook for the current quarter. 

Zillow Group declined 6% to $41.85 after the real estate platform operator's revenue in its latest quarter fell short of market expectations. 

Arm Holdings PLC dropped 8% to $218.0, and the advanced chip designer said annual revenue growth in its mobile market may be flat or slightly negative.

McDonald's Corp. edged up 3% to $294.17 after the fast-food company reported first-quarter adjusted earnings per share of $2.83 on revenue of $6.5 billion. 

Whirlpool Corp. plunged 20% to $43.0 after the home appliance maker slashed its full-year earnings per share estimate from $6.0 to between $3.0 and $3.50. 

The refrigerator and washing machine maker said higher fuel prices are causing "recession-level industry decline." 

The company also suspended its dividend, and added it plans to focus on paying down its debt. 

Tech-Dominated Benchmark Indexes Hovered at New Record Highs

Stocks in New York headed higher and extended this week's gains amid improving market sentiment for the sixth week in a row. 

The S&P 500 Index edged up 0.1%, and the tech-focused Nasdaq Composite advanced 0.2% as investors overlooked lingering tensions in the Middle East. 

The two widely followed benchmark indexes closed at new record highs after AMD offered a strong revenue and earnings outlook for the current quarter. 

On Wednesday, the S&P 500 index gained 1.6%, and the Nasdaq Composite advanced more than 2% as investors reacted to positive news from AMD, Nvidia, and Corning Inc. 

Nvidia and Corning announced a multi-year partnership, and the deal accelerates the innovation in the semiconductor shift from copper-based circuits to optical computing. 

The landmark deal was viewed by investors as a positive development in accelerating the shift to smart computing and rapid adoption of artificial intelligence. 

Corning Inc. soared 22% in the previous session and extended this year's gains to over 105% as investors deemed the company one of the prime beneficiaries of investment in artificial intelligence infrastructure. 

Despite the benchmark indexes creating new record highs, investors are cautious amid resurgent inflation and uncertain geopolitical conditions in the Middle East. 

West Texas Intermediate crude oil prices decreased 2.4% to $92.77 a barrel, and traders held out for a temporary peace deal between the U.S. and Iran, paving the way to reopen the Strait of Hormuz. 

U.S. Movers 

DoorDash rose 8% to $182.50 after the food delivery platform operator signaled a positive revenue outlook for the current quarter. 

Zillow Group declined 6% to $41.85 after the real estate platform operator's revenue in its latest quarter fell short of market expectations. 

Arm Holdings PLC dropped 8% to $218.0, and the advanced chip designer said annual revenue growth in its mobile market may be flat or slightly negative.

McDonald's Corp. edged up 3% to $294.17 after the fast-food company reported first-quarter adjusted earnings per share of $2.83 on revenue of $6.5 billion. 

Whirlpool Corp. plunged 20% to $43.0 after the home appliance maker slashed its full-year earnings per share estimate from $6.0 to between $3.0 and $3.50. 

The refrigerator and washing machine maker said higher fuel prices are causing "recession-level industry decline." 

The company also suspended its dividend, and added it plans to focus on paying down its debt. 

Japan's Indexes Closed at New Record Highs, Nikkei 225 Jumped 5%

Japan's indexes soared and investors returned from a holiday, as Japanese equities caught up with advances in world markets. 

The Nikkei 225 Stock Average jumped 5.5%, and the broader Topix gained 3% following strong advances in technology stocks. 

Tech stocks powered the market rally after the U.S.-based Advanced Micro Devices reported nearly a 40% annual rise in revenue in the first quarter, driven by the sustained demand from data centers. 

AI- and semiconductor-linked stocks jumped more than 5% following AMD's results. 

AMD, Intel, and other leading semiconductor companies have reported better-than-expected quarterly results. Moreover, the outlook for revenue growth has surpassed market expectations. 

The strong quarterly results reinforced optimism around the sustained elevated level of investment in artificial intelligence infrastructure, and a large manufacturing deal between Corning Inc. and Nvidia confirmed rapid growth in innovation in the ecosystem.

Japan Indexes and Stocks 

The Nikkei 225 Stock Average soared 5.5% to 62,833.84, and the broader Topix advanced 3% to 3,840.49. 

Tokyo Electron, Advantest Corp., SoftBank Group, and Lasertec Corp. gained between 3% and 6%. 

Nippon Yusen, Kawasaki Kisen Corp., and Mitsui O.S.K. Lines traded around the flatlines amid improving sentiment around the opening of the Strait of Hormuz and easing tensions in the Middle East.

Mitsubishi UFJ Financial Group, Mizuho Financial Group, and Sumitomo Mitsui Financial Group gained between 2% and 3%. 

Japan's Indexes Closed at New Record Highs, Nikkei 225 Jumped 5%

Japan's indexes soared and investors returned from a holiday, as Japanese equities caught up with advances in world markets. 

The Nikkei 225 Stock Average jumped 5.5%, and the broader Topix gained 3% following strong advances in technology stocks. 

Tech stocks powered the market rally after the U.S.-based Advanced Micro Devices reported nearly a 40% annual rise in revenue in the first quarter, driven by the sustained demand from data centers. 

AI- and semiconductor-linked stocks jumped more than 5% following AMD's results. 

AMD, Intel, and other leading semiconductor companies have reported better-than-expected quarterly results. Moreover, the outlook for revenue growth has surpassed market expectations. 

The strong quarterly results reinforced optimism around the sustained elevated level of investment in artificial intelligence infrastructure, and a large manufacturing deal between Corning Inc. and Nvidia confirmed rapid growth in innovation in the ecosystem.

Japan Indexes and Stocks 

The Nikkei 225 Stock Average soared 5.5% to 62,833.84, and the broader Topix advanced 3% to 3,840.49. 

Tokyo Electron, Advantest Corp., SoftBank Group, and Lasertec Corp. gained between 3% and 6%. 

Nippon Yusen, Kawasaki Kisen Corp., and Mitsui O.S.K. Lines traded around the flatlines amid improving sentiment around the opening of the Strait of Hormuz and easing tensions in the Middle East.

Mitsubishi UFJ Financial Group, Mizuho Financial Group, and Sumitomo Mitsui Financial Group gained between 2% and 3%. 

Tech-Powered Rebound Lifted Indexes In Mainland China and Hong Kong

Stocks in mainland China and Hong Kong advanced tracking gains in overnight trading in New York and rising possibilities of easing tensions in the Middle East.  

The Hang Seng Index increased 1.5%, and the mainland-focused CSI 300 Index edged up 0.3%. 

Crude oil prices eased a fraction following sharp losses in the previous session, as investors held out for a faster resolution to reopening of ocean trade in the Strait of Hormuz. 

Technology stocks and AI-linked stocks led most actively stocks list in Shanghai and Shenzhen. 

China Indexes and Stocks 

The Hang Seng Index increased 1.5% to 26,602.12, and the mainland-focused CSI 300 Index rose 0.3% to 4,890.32

Alibaba Group, Baidu, Tencent Holdings, and SMIC gained between 2% and 5%. 

CNOOC, China Petroleum and Chemical, and PetroChina Company declined between 0.5% and 5%. 

China Vanke, Sun Hung Kai Properties, and Henderson Land Development edged up between 1% and 3%. 

Tech-Powered Rebound Lifted Indexes In Mainland China and Hong Kong

Stocks in mainland China and Hong Kong advanced tracking gains in overnight trading in New York and rising possibilities of easing tensions in the Middle East.  

The Hang Seng Index increased 1.5%, and the mainland-focused CSI 300 Index edged up 0.3%. 

Crude oil prices eased a fraction following sharp losses in the previous session, as investors held out for a faster resolution to reopening of ocean trade in the Strait of Hormuz. 

Technology stocks and AI-linked stocks led most actively stocks list in Shanghai and Shenzhen. 

China Indexes and Stocks 

The Hang Seng Index increased 1.5% to 26,602.12, and the mainland-focused CSI 300 Index rose 0.3% to 4,890.32

Alibaba Group, Baidu, Tencent Holdings, and SMIC gained between 2% and 5%. 

CNOOC, China Petroleum and Chemical, and PetroChina Company declined between 0.5% and 5%. 

China Vanke, Sun Hung Kai Properties, and Henderson Land Development edged up between 1% and 3%. 

Earnings and Hormuz Optimism Propel Wall Street indexes to New Record Highs

U.S. stock market indexes advanced amid conflicting reports that suggested that the U.S. and Iran are close to entering a temporary peace agreement. 

The U.S. president toned down his rhetoric toward Iran and its military and appeared to strike a tone that raised hopes for the resumption of trade through the Strait of Hormuz. 

About 20% of global crude oil shipments pass through the narrow passageway in the Middle East, and the crucial artery plays a significant role in delivering crude oil and LPG gas from the Gulf nations to India, China, Japan, and South Korea. 

Moreover, at least fifteen nations in Asia are dependent on Gulf nations for the supply of their energy products, impacting more than three-quarters of the world population. 

The sharp decline in today's oil prices was driven by the expectations that the U.S. and Iran are closer-than-expected in striking a deal to reopen the Strait of Hormuz. 

Crude oil prices dropped 13% to $88.95 a barrel, and international Brent crude prices plunged 11% to $97.20 a barrel.

Broader averages in Europe soared between 2% and 3%, and benchmark indexes in Japan and India advanced 0.4% and 1%, respectively. 

Indexes and mainland China and Hong Kong gained more than 1% after investors returned from the Labor Day weekend. 

Wall Street indexes scaled new highs in the previous trading session and extended five-week gains. 

Since the latest market rally from the bottom on March 30, the S&P 500 index is now up 17%, and the tech-heavy Nasdaq Composite has gained over 20%. 

Moreover, corporate earnings have surpassed market expectations, delivering another upward push to the leading tech and industrial companies. 

U.S. Movers 

Advanced Micro Devices soared 21% to $429.58 after the chip and server company reported better-than-expected first-quarter results. 

The sustained growth in demand from data centers supported the increase in outlook beyond the market expectations. 

Revenue jumped 38% to $10.3 billion from $7.4 billion, net income advanced 95% to $1.4 billion from $709 million, and diluted earnings per share soared 91% to 84 cents from 44 cents a year ago.

Data center revenue soared 57% from a year ago to $5.8 billion, driven by strong demand for the company's CPU and GPU processors. 

Client and gaming segment revenue rose 23% to $3.6 billion, and embedded segment revenue increased 6% to $873 million. 

For the second quarter, the company estimated revenue of $11.2 billion, with a band of $300 million, an annual increase of 46% from the midpoint of the range, and a sequential increase of 9%. 

The company guided an adjusted gross margin of 56%.

In the year so far, AMD has surged 65% and, over the last 52 weeks of trading, advanced 260%. 

Earnings and Hormuz Optimism Propel Wall Street indexes to New Record Highs

U.S. stock market indexes advanced amid conflicting reports that suggested that the U.S. and Iran are close to entering a temporary peace agreement. 

The U.S. president toned down his rhetoric toward Iran and its military and appeared to strike a tone that raised hopes for the resumption of trade through the Strait of Hormuz. 

About 20% of global crude oil shipments pass through the narrow passageway in the Middle East, and the crucial artery plays a significant role in delivering crude oil and LPG gas from the Gulf nations to India, China, Japan, and South Korea. 

Moreover, at least fifteen nations in Asia are dependent on Gulf nations for the supply of their energy products, impacting more than three-quarters of the world population. 

The sharp decline in today's oil prices was driven by the expectations that the U.S. and Iran are closer-than-expected in striking a deal to reopen the Strait of Hormuz. 

Crude oil prices dropped 13% to $88.95 a barrel, and international Brent crude prices plunged 11% to $97.20 a barrel.

Broader averages in Europe soared between 2% and 3%, and benchmark indexes in Japan and India advanced 0.4% and 1%, respectively. 

Indexes and mainland China and Hong Kong gained more than 1% after investors returned from the Labor Day weekend. 

Wall Street indexes scaled new highs in the previous trading session and extended five-week gains. 

Since the latest market rally from the bottom on March 30, the S&P 500 index is now up 17%, and the tech-heavy Nasdaq Composite has gained over 20%. 

Moreover, corporate earnings have surpassed market expectations, delivering another upward push to the leading tech and industrial companies. 

U.S. Movers 

Advanced Micro Devices soared 21% to $429.58 after the chip and server company reported better-than-expected first-quarter results. 

The sustained growth in demand from data centers supported the increase in outlook beyond the market expectations. 

Revenue jumped 38% to $10.3 billion from $7.4 billion, net income advanced 95% to $1.4 billion from $709 million, and diluted earnings per share soared 91% to 84 cents from 44 cents a year ago.

Data center revenue soared 57% from a year ago to $5.8 billion, driven by strong demand for the company's CPU and GPU processors. 

Client and gaming segment revenue rose 23% to $3.6 billion, and embedded segment revenue increased 6% to $873 million. 

For the second quarter, the company estimated revenue of $11.2 billion, with a band of $300 million, an annual increase of 46% from the midpoint of the range, and a sequential increase of 9%. 

The company guided an adjusted gross margin of 56%.

In the year so far, AMD has surged 65% and, over the last 52 weeks of trading, advanced 260%.