Asian shares were mostly higher on Friday in quiet holiday trading, with markets closed in several countries. Tokyo’s Nikkei 225 rose 0.4%, the Kospi in Seoul edged 0.1% higher, and the Shanghai Composite index gained 0.5%. Taiwan’s Taiex advanced 0.4% and in Bangkok, the SET added 0.3%.
On Thursday, the S&P 500 reached an all-time high, gaining 0.1% to close at 5,254.35. The Dow Jones Industrial Average also set a record, ticking up 0.1% to 39,807.37, while the Nasdaq composite dipped 0.1% to 16,379.46.
Oil prices saw a jump, with U.S. benchmark crude oil gaining $1.82 to $83.17 per barrel and Brent crude surging $1.59 to $87.00 per barrel.
The U.S. dollar slipped slightly against the Japanese yen and the euro edged lower. The U.S. stock market has been on a strong run, with the S&P 500 capping its fifth straight winning month.
Investors are hopeful that the Federal Reserve will begin cutting interest rates in June, easing pressure on the economy and boosting investment prices. However, concerns remain about the stock market’s rapid climb and the need for companies to deliver solid profit growth.
RH, a retailer of home furnishings, saw a 17.3% jump in its stock despite reporting weaker profit and revenue than expected. Analysts believe investors are ready to capitalize on signs of a housing market recovery.
On the losing end, Chemours fell 9.1% despite reporting better results than expected, and Trump Media & Technology Group, behind former President Donald Trump’s Truth Social, fell 6.4% after a recent surge in stock price.
Overall, the market remains optimistic but cautious, with investors closely watching economic indicators and corporate performance.
