Resurgent artificial intelligence stocks powered the Nasdaq higher for a second consecutive session on Friday, while the Japanese yen weakened despite the Bank of Japan raising interest rates to a 30-year high, reports AFP.
The tech-heavy Nasdaq climbed 1.3 percent, matching Thursday’s gain, as strong earnings from memory chipmaker Micron Technology reignited enthusiasm for AI-related shares. Micron rose for a second straight day, while major AI-linked names including Nvidia, Advanced Micro Devices and Google parent Alphabet also advanced.
“Large tech names are kind of carrying the market in today’s session,” said Patrick O’Hare, an analyst at Briefing.com. The gains, he added, helped stabilise markets after a volatile week marked by concerns over heavy spending on AI infrastructure.
The rally spread across Wall Street, with both the Dow Jones Industrial Average and the S&P 500 ending higher. Most major European and Asian stock markets also posted gains.
In Japan, the Bank of Japan unanimously raised its main borrowing rate to 0.75 percent from 0.5 percent, marking its highest level in three decades. The move followed data showing core inflation remained above the central bank’s 2 percent target, reinforcing signs that Japan has emerged from years of economic stagnation.
However, the yen weakened sharply after comments from BOJ Governor Kazuo Ueda suggested caution about future rate increases. The dollar rose about 1.3 percent against the Japanese currency. Analysts said uncertainty over the pace of further tightening weighed on the yen despite the rate hike.
Elsewhere, Russia’s central bank said it would cut its benchmark interest rate to 16 percent as the economy struggles under the strain of the Ukraine war and Western sanctions. The Bank of England cut rates on Thursday, while the European Central Bank left borrowing costs unchanged.
In corporate news, Oracle shares jumped nearly seven percent after TikTok announced a joint venture deal allowing it to continue operations in the United States, with Oracle taking a 15 percent stake alongside Silver Lake and Abu Dhabi-based MGX.
Nike shares fell 10.5 percent after reporting weaker quarterly earnings, citing continued softness in sales in China.
Oil prices rose, with Brent crude gaining 1.1 percent to $60.47 a barrel and US West Texas Intermediate climbing 0.9 percent to $56.66.
Bd-pratidin English/ Jisan
