Hong Kong and Shanghai slip as most regional markets gain
Associated Press reported that Asian stocks were mostly higher Tuesday after an AI-led Wall Street rally in which Nvidia gained 2.4%, ahead of major corporate earnings and central-bank decisions. Hong Kong’s Hang Seng gave up early gains and slipped 0.2% to 23,174.44, while the Shanghai Composite edged 0.1% lower to 3,692.58. U.S. futures edged higher and oil prices extended losses.
South Korea’s Kospi jumped more than 4% and was trading 3.6% higher at 5,667.99 by midday. Computer chipmaker SK Hynix surged 7%, and Samsung Electronics gained 4.8%.
Tokyo’s Nikkei 225 added 2.2% to 63,542.77. Testing equipment maker Advantest jumped more than 10%, while OpenAI investor SoftBank Group climbed 7%.
Taiwan’s Taiex rose 0.5%, and in Australia the S&P/ASX 200 advanced 0.3% to 8,838.10. Traders were watching for any major announcements from a closed-door high-level meeting, or plenum, of China’s ruling Communist Party.
On Monday, the S&P 500 rose 0.7% and more than recovered its losses from last week, pulling within 1.8% of its all-time high set earlier that month. The Dow Jones Industrial Average added 0.3%, and the Nasdaq composite climbed 0.8%. Nvidia provided the strongest lift for the market, rising 2.4%. Its gain helped the chip company recover some of its drop from three straight losing weeks, its longest such streak since June.
Stocks elsewhere in the artificial-intelligence industry remained unsettled and swerved on worries about whether the industry’s boom was under threat because of how expensive it had become for companies to borrow money to build data centers and buy more AI chips.
Meta Platforms bounced up and down after outlining plans to raise $35 billion by selling stock to help pay for its AI investments. Meta said Nvidia, Advanced Micro Devices and Broadcom had already indicated they may buy a total of $5 billion of Meta stock in the offering.
Anthropic, one of the key players in the AI boom, gave details Monday about how much money it was losing as it prepared to sell its stock on the publicly traded U.S. market for the first time.
SpaceX, Elon Musk’s rocket company that also runs the xAI business, had similar swings after it announced a roughly $40 billion deal with an entity managed by Apollo Global Management to lease AI computing power.
Profit reports from huge technology companies this week could offer more details about how spending on AI was going and whether it was producing the profits and productivity that proponents had promised. Alphabet and Microsoft were due to report their latest quarterly results Wednesday, with Amazon to follow Thursday. Roughly one out of every three stocks in the S&P 500 was scheduled to report its latest quarterly results this week.
In the U.S. bond market, yields fell for longer-term Treasurys. AP reported that the 10-year Treasury yield eased to 4.98% from 5.00% late Friday. Separately, FRED’s untransformed 10-Year Treasury Yield series listed 5.0% as of October 27, 2026.
The two-year Treasury yield rose to 4.71% from 4.69% late Friday. The two-year rate more closely tracks expectations for what the Federal Reserve will do with overnight interest rates, and the widespread expectation was that the Federal Reserve would end its meeting Wednesday without changing the federal funds rate. The Federal Reserve had hiked the federal funds rate last month for the first time in three years in hopes of slowing inflation, which AP said remained much higher than anyone would like.
In stock markets abroad, Brazilian stocks fell sharply after President Luiz Inácio Lula da Silva won reelection in a result that surprised investors. Investors worried that Lula could increase government spending and put more pressure on the country’s debt. The Bovespa stock index in Brazil dropped roughly 14%.
In other dealings early Tuesday, Brent crude oil, the international standard, fell 0.8% to $109.82 a barrel. The U.S. benchmark crude also dropped 0.8%, to $100.93 per barrel. The dollar rose to 157.65 Japanese yen from 157.50 yen, while the euro slipped to $1.1173 from $1.1176. AP Business Writer Stan Choe contributed to this report.