Asian shares mostly fall and gold jumps more than 4% after the Fed keeps rates unchanged

TOKYO (AP) — Asian shares mostly fell Thursday as a wait-and-see attitude dominated in regional markets following the Federal Reserve's decision to keep its key interest rate unchanged.

That was expected, and Fed Chair Jerome Powell said interest rates look to be “in a good place” for now.

Gold jumped another 4%, trading at $5,520 per ounce and silver was up 3.5%. The dollar weakened against the Japanese yen and oil prices rose.

Gains for some technology companies reporting strong earnings failed to lift shares in Tokyo, where the Nikkei 225 lost 0.2% in morning trading to 53,274.71.

Computer chip testing equipment maker Advantest surged 6.7% after it reported stronger than anticipated earnings. But other tech company shares most fell.

Earnings season is getting into full gear, with major Japanese companies like Toyota Motor Corp., Sony Corp. and Nintendo Co. due to report their earnings next week.

Elsewhere in Asia, South Korea's Kospi surged 0.9% to 5,218.81, hitting a fresh record as computer chip maker SK Hynix picked up 2% on a strong earnings report.

Hong Kong’s Hang Seng added 0.3% to 27,905.24, while the Shanghai Composite index lost 0.1% to 4,147.15.

Australia’s S&P/ASX 200 shed 0.6% to 8,883.30.

In Jakarta, the JSX sank 7.4% after the MSCI, a U.S. provider of global equity, fixed income and real estate indices, warned about market risks in Indonesia.

On Wednesday, the reaction to the Fed's decision to stand pat was muted.

The S&P 500 lost less than one point to 6,978.03 points. The Dow Jones Industrial Average rose 12 points, or less than 0.1%, to 49,015.60, and the Nasdaq composite rose 0.2% to 23,857.45.

Seagate Technology jumped 19.1% for the biggest gain in the S&P 500 after the seller of hard drives and other data-storage products reported a bigger profit for the latest quarter than analysts expected. Nvidia, the stock that’s become the poster child of the AI boom, climbed 1.6% and was the strongest single force lifting the S&P 500. Apple slipped 0.7%, the single heaviest weight on the S&P 500.

In the foreign-exchange market, the U.S. dollar stabilized after Treasury Secretary Scott Bessent said in an interview on CNBC that the U.S. government is not intervening in the currency market and continues to want a “strong dollar.”

The dollar fell to 152.99 Japanese yen from 153.42 yen. The euro cost $1.1983, up slightly from $1.1955.

“From Washington’s side, a slightly firmer yen is convenient for domestic manufacturing concerns. From Tokyo’s side, even symbolic Fed acknowledgement buys time and credibility,” Stephen Innes, managing partner at SPI Asset Management, said in a commentary.

The yield on the 10-year Treasury remained at 4.24%, where it was late Tuesday.

The Fed cut rates several times last year to try to shore up the job market, but inflation remains stubbornly above its 2% target. Lower interest rates could worsen inflation while giving the economy a boost. Lower rates could also further undercut the U.S. dollar’s value, which would help U.S. exporters. Trump has been pushing aggressively for lower rates.

In energy trading, benchmark U.S. crude gained 76 cents to $63.97 a barrel. Brent crude, the international standard, rose 68 cents to $68.05 a barrel.

AP Business Writer Stan Choe contributed.

Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama

A person walks in front of an electronic stock board showing Shanghai, Nikkei and New York Dow indexes at a securities firm Wednesday, Jan. 28, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

People stand in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Jan. 28, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Jan. 28, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A man stands near an electronic board displaying stock prices and Jakarta Stock Exchange Composite Index, at the Indonesia Stock Exchange in Jakarta, Indonesia, Wednesday, Jan. 28, 2026. (AP Photo/Tatan Syuflana)

A man walks past an electronic board displaying stock prices and Jakarta Stock Exchange Composite Index, at the Indonesia Stock Exchange in Jakarta, Indonesia, Wednesday, Jan. 28, 2026. (AP Photo/Tatan Syuflana)

OTTAWA, Ontario (AP) — Tim Stutzle had a goal and an assist, Artem Zub added two assists and the Ottawa Senators defeated the league-leading Colorado Avalanche 5-2 on Wednesday night.

Nick Cousins, Ridly Greig, Claude Giroux and Brady Tkachuk also scored for Ottawa and James Reimer made 16 saves.

Parker Kelly and Valeri Nichushkin scored for the Avalanche, who have now lost three of their last four. Mackenzie Blackwood stopped 18 shots.

Trailing for most of the game, Colorado pushed back hard in the third period but the Senators were able to hold on.

The Senators made it 3-1 early in the third with Giroux scoring his 10th of the season beating Blackwood high blocker.

Less than two minutes later, a Giroux giveaway proved costly. Jack Drury found Nichushkin out front and the latter went to his backhand and beat Reimer high glove.

Tkachuk and Stutzle each added empty-net goals.

Ottawa opened the scoring early in the second period when Zub made a stretch pass to Cousins, who beat Blackwood high short side.

Colorado tied the game when Keaton Middleton’s outlet pass was tipped by Brock Nelson and went right through Nick Jensen’s legs to Kelly, who beat Reimer high.

Ottawa wasted no time regaining the lead scoring 17 seconds later. Tyler Kleven threw a puck down the ice that banked off the back boards and Greig won a foot race against Middleton and beat Blackwood high blocker.

Senators: Host New Jersey on Saturday.

Avalanche: Visit Montreal on Thursday.

AP NHL: https://apnews.com/hub/nhl

Ottawa Senators' Michael Amadio (22) and Colorado Avalanche's Samuel Girard (49) battle for the puck during the second period of an NHL hockey game in Ottawa, Ontario, on Wednesday, Jan. 28, 2026. (Patrick Doyle/The Canadian Press via AP)

Ottawa Senators' goaltender James Reimer (47) makes a save on Colorado Avalanche's Jack Drury (18) during the second period of an NHL hockey game in Ottawa, Ontario, on Wednesday, Jan. 28, 2026. (Patrick Doyle/The Canadian Press via AP)

Colorado Avalanche's Parker Kelly (17) scores on Ottawa Senators' goaltender James Reimer while Thomas Chabot (72) looks on during the second period of an NHL hockey game in Ottawa, Ontario, on Wednesday, Jan. 28, 2026. (Patrick Doyle/The Canadian Press via AP)

Ottawa Senators goaltender James Reimer (47) makes a save while Colorado Avalanche's Parker Kelly (17) and Senators' Thomas Chabot (72) look on during third period NHL hockey action in Ottawa on Wednesday, Jan. 28, 2026. (Patrick Doyle/The Canadian Press via AP)