## Asian Markets Rise Despite Wall Street's Tech Stock Slump
Asian markets, excluding Shanghai, saw gains on Monday, despite a rough week for technology stocks on Wall Street. The Hang Seng index in Hong Kong led the region with a 1.8% increase, while the Nikkei 225 in Tokyo rose 1%.
The Shanghai Composite index, however, fell 0.4% after the People's Bank of China kept its loan prime rates unchanged. The Kospi in South Korea also saw a 1.3% jump.
This follows a difficult week for the S&P 500, which dropped 0.9% and closed out its third consecutive losing week. The index is now 5.5% below its record high set last month.
The Dow Jones Industrial Average rose 0.6%, while the Nasdaq composite fell 2%. Several high-flying tech stocks, including Super Micro Computer and Nvidia, experienced significant losses.
The decline in tech stocks is attributed to a combination of factors, including weaker-than-expected orders for the semiconductor industry and a growing realization that interest rates may remain high for longer.
Despite the market's losses, some companies managed to post gains. American Express rose 6.2% after reporting strong profits, and Fifth Third Bancorp also saw a 5.9% increase after exceeding expectations.
In the oil market, U.S. benchmark crude oil fell 92 cents to $81.30 per barrel, while Brent crude gave up 95 cents to $86.35 per barrel.