Investing.com - The Asian-Pacific markets are expected to start Tuesday's trading on a high note, taking their cue from the resurgence of US tech stocks.
By 10:25 am AEDT (11:25pm GMT) the S&P/ASX 200 was up by 0.5% while Nikkei 225 futures remained flat. This comes on the heels of a challenging week on Wall Street, where the S&P 500 and Nasdaq Composite slipped into corrections, marking a 10% decline from their recent highs.
During Monday's regular trade, the Dow Jones Industrial Average led the rally, surging 1.6% or 511 points, while both the S&P 500 and Nasdaq Composite advanced by 1.2%. 10-year US Treasury yields slightly increased to 4.875%.
The Treasury Department announced its plan to borrow $776 billion in privately held marketable debt over the last quarter of the year. Although this sets a record for the quarter, it's less than anticipated in late July.
Among individual stocks, McDonald's (NYSE:MCD) shares rose 1.7% following a larger-than-expected increase in third-quarter sales. In stark contrast, shares of ON Semiconductor (NASDAQ:ON) plummeted 22% after the company issued a dismal fourth-quarter outlook. Meanwhile, tech stocks such as Alphabet (NASDAQ:GOOGL) and Apple (NASDAQ:AAPL) saw respective gains of 1.9% and 1.2%.
Oil prices saw a drop, providing some relief for investors amid concerns that Israel's incursion into the Gaza Strip could escalate into a broader regional conflict.
In Asia, Chinese shares ended on a high note, propelled by gains in semiconductor and medical stocks. However, banking shares weighed on Hong Kong's market after several Chinese state-owned lenders reported weaker-than-expected third-quarter earnings. Japanese stocks ended lower due to concerns about the Middle East conflict and its potential impact on the global economy.
In Europe, major benchmark indices rose as investors seemed to shrug off concerns about a potential escalation of Middle East unrest. Despite JPMorgan (NYSE:JPM) advising investors to short the banking sector, most banks reported gains.