TOKYO (dpa-AFX) - The Japanese stock market on Tuesday halted the three-day winning streak in which it had gained more than 5,350 points or 8 percent. The Nikkei 225 now sits just shy of the 65,000-point plateau although it may bounce higher again on Wednesday.
The global forecast for the Asian markets is mixed to higher, thanks to support from technology stocks and easing crude oil prices. The European and U.S. markets were mixed and the Asian bourses are expected to follow suit.
The Nikkei finished modestly lower on Tuesday following mixed performances from the financial shares, technology stocks and automobile producers.
For the day, the index sank 162.10 points or 0.25 percent to finish at 64,996.09 after trading between 64,605.69 and 65,317.69.
Among the actives, Nissan Motor accelerated 1.52 percent, while Mazda Motor advanced 0.92 percent, Toyota Motor dipped 0.13 percent, Honda Motor eased 0.11 percent, Softbank Group skyrocketed 10.91 percent, Mitsubishi UFJ Financial fell 0.16 percent, Mizuho Financial collected 0.75 percent, Sumitomo Mitsui Financial perked 0.15 percent, Mitsubishi Electric shed 0.32 percent, Sony Group slumped 1.39 percent, Panasonic Holdings climbed 1.15 percent and Hitachi was up 0.04 percent.
The lead from Wall Street lacks clarity as the major averages opened higher, although the Dow quickly fell into the red and stayed that was for the balance of the session.
The Dow slumped 118.02 points or 0.23 percent to finish at 50,461.68, while the NASDAQ jumped 312.21 points or 1.19 percent to close at 26,656.18 and the S&P 500 gained 45.65 points or 0.61 percent to end at 7,519.12.
The jump by the tech-heavy NASDAQ came amid a sharp increase by shares of Micron Technology (MU) after UBS dramatically increased its price target on the company's stock.
Semiconductor stocks showed a substantial move to the upside, driving the Philadelphia Semiconductor Index up by 5.5 percent to a record closing high. Considerable strength was also visible among airline stocks,
In U.S. economic news, a report released by the Conference Board showed a modest deterioration in consumer confidence in the month of May.
Crude oil prices tumbled on Tuesday on optimism that a U.S.-Iran peace deal could soon lead to the reopening of the Strait of Hormuz. West Texas Intermediate crude for July delivery was down $2.72 or 2.82 percent at $93.88 per barrel.
Closer to home, Japan will provide April figures for producer prices later this morning, with forecasts suggesting an increase of 3.2 percent on year, up from 3.1 percent in the previous month.
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