The Nikkei Average ended the morning session in Tokyo on the 26th up ¥371.12 at ¥66,227.55, as buying prompted by lower crude oil prices and falling U.S. long-term interest rates outweighed selling after the open.
The Nikkei Stock Average ended the morning session in Tokyo on the 26th up ¥371.12 at ¥66,227.55. It opened down ¥251.94 at ¥65,604.49, extending its decline, but after the initial selling subsided, buying on falling crude oil futures and lower U.S. long-term interest rates gained the upper hand, pushing the index into positive territory. Trading volume was approximately 875.28 million shares.
U.S. markets rose the previous day, with the Dow Average closing up $160.24 and the Nasdaq up 171.11 points. The market rose again at times after the open against the backdrop of lower crude oil prices, while falling interest rates supported prices. In Tokyo, semiconductor-related stocks came under selling pressure initially, but buying returned as overseas market moves and lower oil prices and interest rates took effect.
Among individual stocks, Advantest was the largest contributor to gains, followed by SoftBank Group in second place. Gains in pharmaceutical and financial stocks pushed up the index. Meanwhile, declines in semiconductor-related stocks such as Tokyo Electron stood out. By sector, securities and banks rose, while shipping and oil-related stocks fell. The dollar weakened against the yen, and WTI crude oil fell to the low $80s.
Attention now is focused on Nvidia's earnings and remarks from Federal Reserve officials at the Jackson Hole meeting. The Nikkei is near the upper end of its 75-day moving average, and some market views suggest that its short-term upside is limited. More than 37 stocks may become active in the afternoon session, while crude oil futures and U.S. long-term interest rates will remain key focuses.