China’s October exports rose 35.2% and imports grew 41.6% from a year earlier

Japan’s benchmark Nikkei 225 rose 2.6% to 60,279.37. Asian stocks recovered most of their large losses from last week, while U.S. futures edged higher and oil prices fell.

Shares of OpenAI investor SoftBank Group jumped 15% ahead of the company’s earnings release later in the day, after the stock reached its lowest level in a year Monday. Computer chip equipment maker Tokyo Electron surged 5.6%, and testing equipment maker Advantest gained 3.4%.

South Korea’s Kospi climbed 4% to 5,219.37. Chipmakers Samsung Electronics gained 4.6% and SK Hynix climbed 5.6%. In Hong Kong, the Hang Seng rose 0.4% to 24,535.74, while the Shanghai Composite index edged 0.4% higher to 3,673.54. Australia’s S&P/ASX 200 rose 1.1% to 9,131.70, and Taiwan’s Taiex advanced 3.4%.

On Monday, the S&P 500 jumped 2.3% for a second straight gain after a wipeout on worries that Democratic victories in the U.S. midterm elections could lead to a slowdown in the construction of AI data centers. It was the index’s best day since April and left it just 3.4% below its all-time high set last month. The Dow Jones Industrial Average gained 2.2%, and the Nasdaq composite rose 2.7%.

Stocks were lifted by a decline in Brent crude, which fell after President Donald Trump told CNN over the weekend that a resumption of strikes on Iran was “highly unlikely” if the United States saw progress in negotiations toward ending the war. U.S. Secretary of State Marco Rubio said Sunday that Iranian demands had sometimes been “outrageous and ridiculous.”

Several profit reports from major U.S. companies also helped buoy shares. Constellation Energy climbed 10.5% after the power company reported that both profit and revenue for the summer topped analysts’ expectations.

The pullback in Treasury yields over the last month helped rates for mortgages and other kinds of loans ease. It also boosted prices for stocks and other investments.

China’s October exports climbed 35.2% from a year earlier, while imports grew 41.6%, according to customs data released Tuesday. The figures put China on track for another record for the year, with its 2026 trade surplus already surpassing $1 trillion.

AI data centers came under increased scrutiny following Democratic victories in last week’s election. The concern was that governments could impose restrictions on the industry, meaning fewer purchases of AI-related products and services around the AI boom. New construction may also slow because it has become more expensive to borrow money. Before those concerns, critics were already saying AI stock prices had risen too high and were in a bubble.

Nvidia fell 4.3%. The chipmaker said it was investigating after CEO Jensen Huang acknowledged an intimate relationship with a business executive who, according to The New York Times, U.S. intelligence determined was gathering information for China.

Nvidia’s board said it had “no reason to believe” that either national security or Nvidia secrets were compromised, but the inquiry would examine all available information. Guo Jiakun, spokesperson for China’s Ministry of Foreign Affairs, called the allegations “nothing but smears against China.”

In other early-Tuesday dealings, Brent crude, the international standard, edged 0.9% lower to $91.74 a barrel. U.S. benchmark crude oil fell 1% to $85.97 per barrel. The U.S. dollar rose to 158.06 Japanese yen from 157.90 yen, while the euro fell to $1.1222 from $1.1266.

AP Business Writer Stan Choe contributed to this report.