TOKYO (dpa-AFX) - The Japan stock market on Tuesday snapped the two-day slide in which it had stumbled more than 700 points or 1.4 percent. Now at a fresh record closing high, the Nikkei 225 sits just above the 54,720-point plateau although it may hand back those gains on Wednesday.
The global forecast for the Asian markets is negative, with technology stocks expected to lead the markets lower. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.
The Nikkei finished sharply higher on Tuesday with gains across the board, especially among the financial shares, technology stocks and automobile producers.
For the day, the index surged 2,065.48 points or 3.92 percent to finish at 54,720.66 after trading between 53,307.74 and 54,782.83.
Among the actives, Mazda Motor and Nissan Motor both accelerated 2.20 percent, while Toyota Motor vaulted 1.67 percent, Honda Motor climbed 1.06 percent, Softbank Group soared 5.13 percent, Mitsubishi UFJ Financial spiked 5.05 percent, Mizuho Financial surged 6.11 percent, Sumitomo Mitsui Financial collected 4.92 percent, Mitsubishi Electric jumped 3.93 percent, Sony Group climbed 2.82 percent, Panasonic Holdings rallied 3.75 percent and Hitachi strengthened 1.74 percent.
The lead from Wall Street is soft as the major averages opened mixed on Tuesday but quickly turned lower and spent the rest of the day largely under water.
The Dow dropped 166.67 points or 0.34 percent to finish at 49,240.99, while the NASDAQ tumbled 336.92 points or 1.43 percent to close at 23,255.19 and the S&P 500 sank 58.63 points or 0.84 percent to end at 6,917.81.
The weakness on Wall Street was largely due to a rotation out of technology stocks, as reflected by the steep drop by the NASDAQ.
The U.S. Software Index slumped to its lowest closing level in over nine months, while substantial weakness was also visible among semiconductor stocks.
Gold stocks also saw considerable strength amid a significant rebound by the price of the precious metal. Steel, energy and housing stocks also moved notably higher on the day, helping to limit the downside for the broader markets.
Crude oil prices surged on Tuesday as the U.S. dollar index moved lower, while news of the U.S.-India trade agreement has led to anticipation of a spur in energy demand. West Texas Intermediate crude for March delivery was up $1.10 or 1.77 percent at $63.24 per barrel.
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