TOKYO (AP) -- Asian shares mostly rose Friday as markets continued to be moderately optimistic about the prospects of technology companies and the relative health of global economies.
Japan's benchmark Nikkei 225 added 0.5% to reach 38,566.40 after data on the world's fourth largest economy came in mostly positive.
Industrial production rose 2.8% in July from the previous month, a rebound from minus 4.2% in June, according to Ministry of Economy, Trade and Industry. That was weaker than what the market had expected, but a sign of growth. In other findings, the unemployment rate rose to 2.7% in July, up from 2.5% in June.
Tokyo consumer prices rose more than expected to 2.6% year on year in August, up from 2.2% in July, as prices of food and utilities surged. That's almost certain to catch the attention of the Bank of Japan as it mulls when to raise interest rates, a move that's expected later this year or early next year.
Australia's S&P/ASX 200 gained 0.3% to 8,071.90. South Korea's Kospi added 0.6% to 2,677.19. Hong Kong's Hang Seng surged 1.8% to 18,100.00, while the Shanghai Composite jumped 1/3% to 2,860.89.
On Wall Street, a late-afternoon slide by some Big Tech companies cut into earlier gains Thursday, leading to a mixed finish for U.S. stock indexes.
The S&P 500 ended flat after giving up an earlier gain of nearly 1%. The benchmark index is about 1.3% away from its record set in July.
The Dow Jones Industrial Average managed a 0.6% gain, enough for its third all-time high since Monday. The Nasdaq composite, which is heavily weighted with technology stocks, slipped 0.2%. It had been up 1.3% in the early going.
Despite the mixed finish, gainers outnumbered decliners by roughly two to one on the New York Stock Exchange.
Nvidia, which has ridden the frenzy over artificial intelligence to become one of the S&P 500's most influential companies, was the biggest weight on the market. Its shares fell 6.4% despite stellar results for the second quarter. The stock, with a total market value topping $3 trillion, is still up 138% in 2024.
In a bit of positive news, the Commerce Department upgraded its assessment of U.S. economic growth for the second quarter to 3%, compared to a previous estimate of 2.8%. It's another signal that the economy remains strong, despite pressure from stubborn inflation and high interest rates.
The mostly solid earnings and economic growth updates are capping off a month of encouraging reports for the broader economy. Data from various reports in August have shown that retail sales, employment and consumer confidence remain strong.
"Solid growth of consumer spending propelled the economy forward in the second quarter, and the increase of consumer confidence in July suggests it will propel growth in the second half of the year as well," said Bill Adams, chief economist for Comerica Bank.
The key report this week comes on Friday, when the U.S. government releases its July data on inflation with the PCE, or personal consumption and expenditures report. Economists expect the PCE, which is the Federal Reserve's preferred measure of inflation, to show that inflation edged up to 2.6% in July from 2.5% in June. It was as high as 7.1% in the middle of 2022.
Hopes are growing for the Federal Reserve to start cutting its benchmark interest rate. Traders expect the first cut to happen at the next meeting in September. The market is betting that the Fed will cut its benchmark rate by 1% by the end of the year.
Bond yields rose in the Treasury market. The yield on the 10-year Treasury rose to 3.86% from 3.84% late Wednesday.
All told, the S&P 500 lost 0.22 points to 5,591.96. The Dow gained 243.63 points to 41,335.05. The Nasdaq fell 39.60 points to 17,516.43.
In energy trading, benchmark U.S. crude gained 18 cents to $76.09 a barrel. Brent crude, the international standard, rose 23 cents to $80.17 a barrel.
In currency trading, the U.S. dollar fell to 144.84 Japanese yen from 145.02 yen. The euro cost $1.1075, down from $1.1082.
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AP Business Writers Damian J. Troise and Alex Veiga contributed. Yuri Kageyama is on X: https://x.com/yurikageyama
