Amid market activity driven by gains in Japanese and US AI- and semiconductor-related stocks and oil price trends, the Nikkei Average recovered the ¥70,000 range. Micron's strong earnings and NVIDIA's expanded share buyback provided catalysts for buying, while Saudi Arabia's cut in crude oil prices was also viewed as positive for stocks.
US semiconductor-related stocks continued to perform firmly, supported by Micron Technology's strong earnings and NVIDIA's expanded share buyback, while expectations are spreading that strong AI demand will drive growth in demand for computing. Micron's June-August 2026 sales were 4.8 times the year-earlier level, and its outlook from May onward is also likely to be revised upward. NVIDIA announced its largest-ever share buyback, which was viewed as a positive catalyst.
Meanwhile, in the crude oil market, Saudi Arabia's cut in its November selling prices for Asia pushed down crude oil futures and affected US stock markets. The Dow Jones Industrial Average rose for a third consecutive session on 5 October, while the Nasdaq rose for a fourth consecutive session and moved to renew its record high.
The US employment report came in below market expectations, and with upward pressure on long-term interest rates still present, expectations spread that the probability of an October rate hike had declined following cautious remarks from Fed vice chairs. Against this backdrop, the Nikkei Average rose ¥737.12 from the previous day to ¥70,683.98 on 6 October, recovering the ¥70,000 mark, and its short-, medium- and long-term trends are judged to be pointing upward.
In addition to the AI and semiconductor themes, attention is expected to focus on related stocks in areas such as cybersecurity, autonomous driving and drones, with expectations remaining strong that the investment environment will continue to be favorable.