- Asian stock markets mostly rose, led by Japan's Nikkei 225 and South Korea's KOSPI
- Nasdaq 100 hit a new record high supported by gains in semiconductor stocks
- US equity futures showed mixed movement after Nasdaq's record and Dow's slight drop
Asian stock markets traded mostly higher on Wednesday, extending their gains as investors took cues from a fresh record on the Nasdaq 100 and a continued decline in oil prices. Japan's Nikkei 225 rose 1.38%, while South Korea's KOSPI gained 1.15%. Australia's S&P/ASX 200 added 0.24%, while Shanghai was broadly unchanged.
The gains followed another strong session for US technology stocks. The Nasdaq 100 reached its first record high since June after semiconductor shares rallied, while the prospect of lower oil prices added to investor sentiment as diplomatic efforts to end the US-Iran conflict showed signs of progress.
US equity futures were broadly steady in late Tuesday trading. Dow Jones Industrial Average futures fell 14 points, or 0.03%, while S&P 500 futures rose 0.02% and Nasdaq-100 futures gained 0.1%.
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In the previous session, the Dow fell 0.4%, while the Nasdaq Composite advanced 0.5% for its fourth consecutive gain. The technology-heavy index closed at a record after reaching a fresh intraday high. The S&P 500 slipped marginally and remained about 0.7% below its record closing level.
Oil prices continued to weaken, with Brent heading towards its longest losing streak in a year. Brent crude fell towards $98 a barrel, extending its decline to a sixth session and bringing its cumulative loss to more than 9%. West Texas Intermediate for November delivery slipped below $90.
The decline in crude has been supported by efforts to restore supply. Saudi Arabia is moving to restart a key oil pipeline, while the US has indicated that discussions with Iran have made progress towards ending the conflict that has disrupted energy markets.
The continued fall in oil prices has provided some relief to markets concerned about the inflationary impact of elevated energy costs, while investors continue to track developments in the US-Iran talks.
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