Asian shares are mostly higher after US stocks rise to the brink of a record

MANILA, Philippines (AP) — Asian were mostly higher on Friday after U.S. stocks ran up to the edge of another record. U.S. futures and oil prices also logged slight gains.

Investors were watching for further details after President Donald Trump said the U.S. and China had signed a trade deal. Commerce Secretary Howard Lutnick said in an interview on Bloomberg TV that the deal was signed two days ago, but he gave no details, saying “The president likes to close these deals himself.”

Worries about Trump’s higher tariffs have receded since the president shocked the world in April with stiff proposed levies, but they have not disappeared. The wait is still on to see how big the tariffs will ultimately be, how much they will hurt the economy and how much they will push up inflation.

Hong Kong’s Hang Seng index was barely changed at 24,333.43, while the Shanghai Composite index lost 0.2% to 3,441.30.

Tokyo’s Nikkei 225 index surged 1.6% to 40,215.36 as the government reported that consumer prices eased slightly in May.

South Korea’s KOSPI Composite Index slid 0.7% to 3,050.01.

Markets have settled somewhat after the upheavals of the Israel-Iran war and its aftermath.

On Thursday, the S&P 500 climbed 0.8% to 6,141.02 and was sitting just 0.05% below its all-time closing high set in February. It briefly topped the mark during the afternoon in the latest milestone for the index at the heart of many 401(k) accounts, which had dropped roughly 20% below its record during the spring on worries about President Donald Trump’s tariffs.

The Dow Jones Industrial Average rallied 0.9% to 43,386.84, and the Nasdaq composite gained 1% to 20,167.91. Reports Thursday added to evidence the U.S. economy is holding up despite higher tariffs and other challenges, though it has slowed. Orders for washing machines and other manufactured goods that last at least three years grew by more last month than economists expected. Another report said fewer U.S. workers filed for unemployment benefits last week, a potential signal of fewer layoffs.

A third report said the U.S. economy shrank by more during the first three months of 2025 than earlier estimated. But many economists say those numbers were distorted by a surge in imports as companies tried to get ahead of tariffs. They’re expecting a better performance in upcoming months.

Following the reports, Treasury yields swiveled up and down in the bond market before easing.

The yield on the 10-year Treasury fell to 4.24% from 4.29% late Wednesday. The two-year Treasury yield, which more closely tracks expectations for what the Federal Reserve will do, fell to 3.71% from 3.74% late Wednesday.

Analysts said yields may have felt pressure because of a report from The Wall Street Journal saying Trump could name his nominee to replace Fed Chair Jerome Powell unusually early, in an attempt to undermine him. That could hurt confidence among investors about the Fed’s capability to make unpopular decisions when it comes to fighting inflation.

On Wall Street, spices company McCormick jumped 5.3% after delivering a better-than-expected profit report and giving a full-year profit forecast that topped analysts’ expectations, including planned efforts to offset increased costs caused by tariffs.

Over the longer term, it’s been big technology stocks that have led the market for years and since the S&P 500 hit a trough in April.

Chip company Nvidia, which has been the poster child of the frenzy around artificial-intelligence technology, added 0.5%. It’s the most valuable company in the U.S. stock market after rushing 61% higher since April 8, towering over the S&P 500’s gain of 23%. Another AI darling, Super Micro Computer, rose 5.7% to bring its gain since April 8 to 55%.

In other dealings early Friday, the U.S. benchmark crude gained 35 cents to $65.59 per barrel. Brent crude, the international standard, added 36 cents to $67.05 per barrel

The U.S. dollar rose to 144.45 Japanese yen from 144.40 yen. The euro fell to $1.1699 from $1.1703.

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AP Business Writer Stan Choe contributed.