Japan's Nikkei rises over 1% after Big Tech stocks push Nasdaq to record high

HONG KONG (AP) — Asian markets were mixed on Wednesday with Japan's benchmark index gaining more than 1% after a rally in technology stocks propelled the Nasdaq composite to a record high.

Hong Kong’s Hang Seng was down 1.3% to 20,438.54 and the Shanghai Composite index dropped 0.6% to 3,267.42. In Tokyo, the Nikkei 225 index was up 1.3% at 39,390.49, as the Bank of Japan began a two-day policy meeting on Wednesday.

Australia’s S&P/ASX 200 dipped 0.9% to 8,177.90 after its inflation rate in the third quarter came in at 2.8%, the lowest level in more than three years, according to the Australian Bureau of Statistics.

Elsewhere, South Korea’s Kospi was down 0.8% to 2,596.61 and Taiwan’s Taiex gained 0.1%.

U.S. futures and oil prices rose.

The S&P 500 rose 0.2% to 5,832.92 on Tuesday. Gains for influential Big Tech stocks helped mask weakness elsewhere, and they pushed the Nasdaq composite up 0.8% to 18,712.75. The Dow Jones Industrial Average, meanwhile, fell 0.4% to 42,233.05.

Mortgage rates have been climbing recently because the 10-year Treasury yield has been charging higher.

Yields have rallied as report after report has shown the U.S. economy remains stronger than expected. On Tuesday, reports said confidence among U.S. consumers jumped more than economists expected, while the number of job openings edged lower in September, but the number of hires remained relatively steady.

Such numbers have forced traders to ratchet back expectations for how much the Federal Reserve will cut interest rates, now that it’s just as focused on keeping the economy humming as getting inflation down. Traders are even betting on a slim chance the Fed will keep its main interest rate steady at its meeting next week, according to data from CME Group.

That’s after the Fed kicked...