Asia Stocks to Gain After Tech Giants Boost Nasdaq: Markets Wrap

(Bloomberg) -- Asian stocks are poised to open higher Tuesday, buoyed by Wall Street gains as US stocks extended their storming rally and a $16 billion sale of 20-year Treasuries lured bond buyers.

Futures in Japan, Hong Kong and Australia pointed to solid starts, after the S&P 500 had its strongest close since August and the Nasdaq 100 hit a 22-month high. Shortly after the US bond auction results on Monday, US 10-year yields reversed course and fell to around 4.4%.

Both Nvidia Corp. — which will report quarterly results Tuesday — and Microsoft Corp. climbed to fresh peaks amid a revival of the artificial-intelligence bid. In late US trading, Zoom Video Communications Inc. rose on better-than-expected sales. The dollar dropped to an 11-week low.

“We remain positive on equities and expect a broadening of the rallies recently experienced as the US economy continues on a sustainable economic expansion albeit at a modest pace,” said John Stoltzfus, chief investment strategist at Oppenheimer Asset Management.