Asian shares advance after solid earnings and economic reports updates lift Wall Street

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BANGKOK (AP) — Shares bounced back Thursday in Asia after Wall Street got a boost from upbeat economic updates and a steady flow of quarterly reports from U.S. companies.

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U.S. futures were little changed and oil prices advanced.

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In Tokyo, the Nikkei 225 gained 1.5% to 50,959.14.

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Shares in Nissan Motor Co. gained 1.3% after the company said it was selling its headquarters building in Yokohama to raise cash. Nissan was due to report its earnings later in the day.

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The Kospi in South Korea advanced 1.2% to 4,054.15 and Taiwan’s Taiex was up 0.7%.

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Hong Kong’s Hang Seng jumped 1.6% to 26,361.40, while the Shanghai Composite index climbed 0.9% to 4,004.25.

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However, shares in autonomous driving companies Pony.ai and WeRide fell in their debut on the Hong Kong stock exchange.

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Pony.ai was down 13% while WeRide’s shares fell 13.7%.

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On Wednesday, U.S. stocks gained ground with broad gains, reversing the prior day’s dip. Much of the market’s push and pull came from the technology sector, where several companies with huge values have an outsized influence over the market.

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Google’s parent, Alphabet, jumped 2.4%, Broadcom rose 2%, and Facebook parent Meta Platforms rose 1.4%. They helped lead the way higher for the broader market. Their gains also helped counter losses from a few technology behemoths, including Nvidia and Microsoft.

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Overall The S&P 500 rose 0.4% to 6,796.29. The Dow Jones Industrial Average picked up 0.5% to 47,311. The Nasdaq composite rose 0.6% to 23,499.80.

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Company earnings and forecasts were once again a big focus for Wall Street, with results coming from a broad spectrum of industries.

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McDonald’s rose 2.2% after reporting that its sales benefited from the return of its popular Snack Wraps in the third quarter. International Flavors & Fragrances jumped 4.1% after beating Wall Street’s latest quarterly profit forecasts.

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On the losing side, Taser maker Axon Enterprise slumped 9.4% after forecasting weaker profits than analysts were expecting. Live Nation Entertainment fell 10.6% after its latest results fell short of analysts’ forecasts.

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The latest round of earnings offers Wall Street a source of information on consumers, businesses and the economy that is otherwise lacking amid the government shutdown. Important monthly updates on inflation and employment have ceased, leaving investors, economists and the Federal Reserve without a fuller picture of the economy.

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There are still several informative private economic updates that Wall Street can review.

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A monthly report from ADP showed that private payrolls rose more than expected in October. The report offers a partial glimpse into the job market, which has been generally weakening and raising broader concerns about economic growth.

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A weaker job market remains a big concern for the Fed. The central bank cut its benchmark rate for the second time this year at its most recent meeting, in part to help bolster the economy amid a weakening job market. Lower interest rates can make a wide range of loans and credit less expensive, potentially promoting economic growth. But, lower rates can also add fuel to inflation, which could stunt economic growth.