Markets Set Records Despite Shutdown; Hitachi Jumps on OpenAI Deal
Markets worldwide experienced a mixed day on Friday, with tech shares driving U.S. benchmarks to new records despite a government shutdown delaying job reports and increasing market uncertainty.
The U.S. government shutdown has caused a delay in the release of job reports, leaving investors in limbo. However, markets have largely shrugged off this development, with the S&P 500, Dow Jones Industrial Average, and Nasdaq composite all closing at record highs on Thursday. Asian shares were also mixed on Friday, with tech stocks leading the charge on Wall Street.
In Japan, the Nikkei 225 closed nearly 1.9% higher, boosted by tech stocks despite a rise in unemployment rate. Other Asian markets also saw gains, with Australia's S&P/ASX 200 adding nearly 0.5%, India's BSE Sensex rising less than 0.1%, and Taiwan's Taiex up 0.9%. However, Hong Kong's Hang Seng index shed nearly 1.1% as traders took profits from Thursday's gains.
U.S. futures and oil prices were higher on Friday, indicating a positive start to the day. Meanwhile, shares in Hitachi jumped 9.6% after signing a memorandum of understanding with OpenAI for cooling systems. This news comes as OpenAI has formed partnerships with several tech giants for its Stargate project, which plans a $500 billion investment in AI infrastructure and new data center sites in the US and South Korea.
Despite the government shutdown causing uncertainty, markets have remained resilient, with tech shares driving record highs. OpenAI's partnerships and investments have boosted stocks in the computer chip and artificial-intelligence industries, with Hitachi's shares soaring after signing a deal with the AI company.
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