Stock market today: Asian shares mostly rise after Wall Street rally

The hope among traders has been that the Fed has already hiked rates for the final time this cycle and that it will begin cutting rates early next year. But such hopes have been diminishing with each stronger-than-expected report on the economy that’s come in recently.

Big Tech stocks and others that benefit from easier interest rates led the way. They got some relief as the 10-year Treasury yield eased back further from its highest level since 2007 after a report suggested the U.S. economy may be cooling. The announcement set off a rush across Wall Street. Stocks of AI-related companies soared, and investors tried to count how many times a CEO could mention “AI” in an earnings call. Nvidia’s stock more than tripled this year so far, and it will need to meet the much higher expectations around it to justify its big move.

They’ve been under more pressure recently, as yields crank higher in the bond market. When bonds are paying more in interest, investors feel less need to pay high prices for stocks and other investments that can swing sharply in price. “A near-stalling of business activity in August raises doubts over the strength of US economic growth in the third quarter,” said Chris Williamson, chief business economist at S&P Global Market Intelligence.

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