Japanese Stocks to Rise as Nvidia Rebound Lifts US: Markets Wrap

-- Stocks in Japan are set to follow a rally in tech companies that boosted Wall Street, with Nvidia Corp. climbing roughly 7% after a $430 billion rout.Futures pointed to gains in Tokyo, while Sydney and Hong Kong are set to open lower. The giant chipmaker led gains in the “Magnificent Seven” cohort of megacaps. In late trading, FedEx Corp. — a barometer of economic growth — jumped about 15% on a bullish forecast.

In Japan, the central bank is expected to raise its interest rate in July in addition to unveiling a roadmap for its path toward quantitative tightening, according to one-third of economists surveyed by Bloomberg. On Tuesday, the yen lingered just shy of the psychologically level of 160 against the greenback.

Even after an about 15% rally year-to-date, strategists led by Manish Kabra expect the S&P 500 to “stay in buy-the-dip mode, with the next upleg coming closer to a Fed rate-cutting cycle.” “Nvidia’s correction shouldn’t be mistaken as a warning signal on either the structural investment case for AI or the broader equity outlook,” wrote Solita Marcelli, chief investment officer Americas at UBS Global Wealth Management.

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