Stock market today: Japan’s Nikkei 225 index posts record close as markets watch recovery on Wall St

TOKYO – Asian stocks mostly rose on Tuesday, with Tokyo’s benchmark index hitting another record after Wall Street’s benchmarks hit more milestones.

Japan’s benchmark Nikkei 225 index jumped 2.0% to finish at a record 41,580.17. It briefly surpassed previous intraday trading highs.

Technology-related stocks led the gains, with computer chipmaker Tokyo Electron rising 3.8% and chip testing equipment maker Advantest rising 4.1%. Precision tool maker Disco Corp. rose 2.5% and Shin-Etsu Chemical, which supplies silicon for chips, among other materials, rose 2.7%.

S of Australia&P/ASX 200 gained 0.9% to 7,829.70. South Korea’s Kospi rose 0.3% to 2,864.85. Hong Kong’s Hang Seng index rose 0.3% to 17,577.60, while the Shanghai Composite rose 1.3% to 2,959.74.

“Risk-taking will likely be even more measured ahead of the Federal Reserve chairman’s testimony and the main US inflation release this week,” said Yeap Jun Rong, market analyst at IG, in a commentary.

On Wall Street, the S&P 500 and Nasdaq composite reached all-time highs. YOU&OP 500 rose 0.1% to 5,572.85 and the Nasdaq closed 0.3% higher at 18,403.74. The Dow Jones Industrial Average closed down 0.1% at 39,344.79.

Wall Street indexes have been steadily gaining ground in recent months, and that has helped boost the benchmark S index.&P500 index for 35 registrations so far this year.

Gains in technology stocks, including several chipmakers, moderated declines in S communications services, energy and other sectors.&P 500. Nvidia rose 1.9%, Broadcom added 2.5% and Advanced Micro Devices ended with a 3.9% gain.

Specialty glass maker Corning rose 12% for the market’s biggest gain on Monday after raising its sales forecast.

Troubled planemaker Boeing rose 0.5% after agreeing to plead guilty to a criminal fraud charge stemming from two 737 Max jet crashes that killed 346 people. The government determined that the company violated an agreement which protected him from prosecution for more than three years.

Entertainment giant Paramount World fell 5.3% for the biggest decline among S&P500 shares after agreeing to merge with Skydance.

Traders are awaiting several earnings reports this week, including updates from Delta Air Lines on Thursday.

JPMorgan, Citigroup and Wells Fargo will report results on Friday. The latest updates for banks could give Wall Street a clearer picture of how consumers are dealing with rising debt and whether banks are worried about payments and potential defaults.

Federal Reserve Chairman Jerome Powell speaks to Congress on Tuesday and Wednesday. The central bank kept its benchmark interest rate at the highest level in more than two decades in an effort to control inflation.

The Fed’s objective is to cool inflation to 2% without slowing economic growth too much. Inflation is still putting pressure on consumers, but has fallen significantly since its peak two years ago. Economic growth has slowed this year, but remains relatively strong in a context of a solid labor and consumer market.

“The first day of the testimony is always the most important day, as we will be able to capture the general tone and main messages. Some expect Powell to appear cautious about inflation’s progress and tell U.S. policymakers to be patient until the Fed gathers sufficient evidence that inflation is on a solid path toward its 2% target,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

The central bank will receive further updates on consumer-level inflation on Thursday. Wall Street expects the latest government report to show inflation slowed to 3.1% in June from 3.3% in May.

A report on wholesale inflation, before costs are passed on to consumers, is expected on Friday.

Treasury yields have remained relatively stable in the bond market. The 10-year Treasury yield fell to 4.27% from 4.28% on Friday.

In energy trading, benchmark U.S. crude rose 8 cents to $82.41 a barrel. Brent crude, the international standard, rose 9 cents to $85.84 a barrel.

In currency trading, the US dollar rose to 160.90 Japanese yen from 160.80 yen.

The euro cost US$1.0831, little changed from US$1.0827.