Stock market holiday: Some Asian markets remained closed on 25 May due to public holidays. South Korea’s Seoul Stock Exchange and KOSDAQ were shut on account of Vesak Day, while trading on the Hong Kong Stock Exchange was closed for the Birthday of the Buddha holiday.
Among the markets that remained open today, Japan led regional gains, with the Nikkei 225 surging 2.75% to a record high of 65,081.96, crossing the 65,000 mark for the first time. Investor sentiment improved after reports suggested that the strategically important Strait of Hormuz could reopen soon, easing concerns over oil supply disruptions and pushing crude prices lower. Japan’s broader Topix index also advanced 0.65%.
Japan’s reliance on imported energy has exposed its economy to risks from a spike in oil prices stemming from the nearly three-month conflict involving the United States, Israel, and Iran, according to a report by Reuters.
US President Donald Trump mentioned over the weekend that Washington and Iran had “largely negotiated” a memorandum of understanding for a peace agreement that would allow the reopening of the Strait of Hormuz shipping lane for oil. He also stated that he had instructed his representatives to avoid rushing into any agreements, as Reuters reported.
Meanwhile, Australia’s S&P/ASX 200 traded flat in a subdued session amid the holiday-thinned trading environment across the region.
US stock market on Monday
US markets will remain closed on Monday for the Memorial Day holiday, resulting in a shortened trading week. Regular trading in major indices, including the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite, will resume on Tuesday, 26 May.
Ahead of the holiday, Wall Street ended Friday’s (22 May) session on a strong note, with the Dow Jones closing at a record high and the S&P 500 extending its winning streak to an eighth consecutive week. The Dow gained 294.04 points, or 0.58%, to finish at 50,579.70, while the S&P 500 rose 27.75 points, or 0.37%, to 7,473.47. The Nasdaq Composite advanced 50.87 points, or 0.19%, to close at 26,343.97.
Among individual stocks, NVIDIA declined 1.9%, while Advanced Micro Devices jumped 3.99%. Apple gained 1.26%, whereas Dell Technologies surged 17% and HP Inc. climbed 15%. Qualcomm advanced 12%, while Tesla rose 1.95%.
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