Asian markets extend tech rebound as S&P, Dow hit records

Asian equities rose again on Wednesday as technology shares extended a rebound and investors followed record closes for the S&P 500 and Dow in New York.

At around 0230 GMT, South Korea's Kospi was up 3.8% at 6,598.49 and Tokyo's Nikkei 225 was up 3.0% at 65,861.00. Hong Kong, Shanghai, Sydney, Wellington and Jakarta also gained.

The advance followed Tuesday gains on Wall Street, where the S&P 500 and Dow reached records. Paris, Milan, Frankfurt and Madrid also hit new peaks.

Technology shares had been under pressure for four weeks as investors worried that the AI-led rally had stalled and questioned the returns from large artificial intelligence spending. Strong earnings and positive forecasts from Amazon, Microsoft and Palantir helped revive interest in the sector.

Oil prices also fell again Wednesday. US Treasury Secretary Scott Bessent told CNBC that there was a chance of a deal "today or tomorrow" to reopen the Strait of Hormuz to shipping traffic. West Texas Intermediate was down 1.1% at $74.94 a barrel and Brent was down 0.7% at $78.80 around 0230 GMT.