Asian shares mixed, US stocks hit records on Iran deal hopes

Asian shares traded mixed early Wednesday, while US stocks hit new records and oil prices edged higher as investors weighed the fragility of a peace deal between Iran and the US. The Dow Jones Industrial Average closed at a record high, and the S&P 500 and Nasdaq posted their best quarter since 2020 despite lingering Middle East tensions. Source: AP News Source: ground-news

Market performance

• Japan's Nikkei 225 rose 0.6%, but South Korea's Kospi dropped 1.8% and Australia's ASX 200 lost 0.4%. Source: AP News
• US stocks rebounded on tech strength: the S&P 500 gained 0.8%, the Dow added 136 points, and the Nasdaq climbed 1.5%. Nvidia rose 1.6%, leading a tech recovery. Source: AP News Source: CNA
• European equities edged lower, with the STOXX 600 down 0.1%. Source: CNA

Oil and currency

• Oil prices were volatile: US crude rose 1.7% to $70.41 a barrel, while Brent climbed 1.24% to $72.88. The gains came despite expectations of resumed supply through the Strait of Hormuz. Source: CNA Source: AP News
• The Japanese yen hit a 40-year low against the dollar, trading around 162.67, as rate hike expectations in the US widened the yield gap. Source: AP News Source: CNA

What's next

• Markets are focused on the implementation of the interim peace deal between Iran and the US. US envoys are in Qatar for talks, but both sides have accused each other of violating the ceasefire. Source: AP News Source: CNBC
• Key jobs data this week, including May JOLTS and June nonfarm payrolls, will be scrutinized for clues on the Fed's next move. Investors are pricing in at least one rate hike this year. Source: CNBC Source: CNA
• Tech stocks rebounded after a two-week selloff, but concerns about AI spending and high valuations persist. Source: CNA Source: AP News