Asian benchmarks mostly rise, led by a post-election rally in Japan

TOKYO (AP) — Asian shares were mostly higher Tuesday as Japan’s benchmark topped new highs after a historic election win for the nation’s first female prime minister.

Japan's benchmark Nikkei 225 jumped 2.6% to 57,821.58. The index recorded a 3.9% jump to a record Monday, a day after the landslide victory for Sanae Takaichi’s political party in a parliamentary election. Hopes are high Takaichi will push through reforms expected to boost the economy and stock market.

Australia's S&P/ASX 200 rose 0.3% to 8,893.60. South Korea's Kospi gained 0.6% to 5,327.80. Hong Kong's Hang Seng surged 1.0% to 27,300.00, while the Shanghai Composite added 0.2% to 4,130.20.

On Wall Street, the U.S. stock market was coming off its best day since May to close last week, but several concerns still hang over the market. That includes criticism that stocks have simply become too expensive following their run to records.

The S&P 500 pulled closer to its all-time high set two weeks ago, gaining 0.5% to 6,964.82. The Dow Jones Industrial Average edged up less than 0.1% to 50,135.87 and the Nasdaq composite gained 0.9% to 23,238.67.

A key persistent worry is over whether the huge spending by Big Tech and other companies on artificial-intelligence technology will produce enough profit to make the investments worth it.

Some of the winners from that rush into AI drove the market higher on Monday. Chip companies rose, for example, with Nvidia up 2.4% and Broadcom up 3.3%.

In the bond market, Treasury yields held relatively steady ahead of potentially market-moving reports coming later in the week. The U.S. government will offer the latest monthly update on the health of the job market on Wednesday. Friday will bring the latest monthly reading of inflation at the consumer level.

Either report could sway expectations for what the Federal Reserve will do with interest rates. The Fed has put its cuts to interest rates on hold, but a weakening of the job market could push it to resume more quickly. Too-hot inflation, on the other hand, could keep it on hold for longer.

One of the reasons the U.S. stock market remains close to records is the expectation that the Fed will continue cutting interest rates later this year. Lower rates can give the economy a boost, though they can also worsen inflation.

The yield on the 10-year Treasury eased to 4.20% from 4.22% late Friday.

Gold rose 2% to settle at $5,079.40 per ounce. It’s been swinging sharply after roughly doubling in price over 12 months, and it has bounced between $4,500 and nearly $5,600. Silver, whose price has been even wilder, jumped 6.9% Monday.

Bitcoin was hanging just below $71,000 after drifting above the level during the weekend. It had dropped close to $60,000 last week, more than halfway below its record set in October.

In other dealings early Tuesday, benchmark U.S. crude slipped 4 cents to $64.32 a barrel. Brent crude, the international standard, dipped 2 cents to $69.02 a barrel.

The U.S. dollar edged down to 155.75 Japanese yen from 155.83 yen. The euro cost $1.1909, down from $1.1916.

AP Business Writer Stan Choe contributed.

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

Specialist Anthony Matesic works at his post on the floor of the New York Stock Exchange, Friday, Feb. 6, 2026. (AP Photo/Richard Drew)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top center left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, Feb. 10, 2026. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top right, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, Feb. 10, 2026. (AP Photo/Ahn Young-joon)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Feb. 9, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, Feb. 10, 2026. (AP Photo/Ahn Young-joon)

NEW YORK (AP) — Zuby Ejiofor scored six of his 25 points in overtime and No. 17 St. John's outlasted pesky Xavier 87-82 on Monday night at Madison Square Garden for its 10th consecutive victory.

With his 904th career win on the court, Hall of Fame coach Rick Pitino passed Roy Williams for third place in Division I history behind Mike Krzyzewski (1,202) and Jim Boeheim (1,116).

It was Pitino's second victory in 17 days over his son, Richard, the first-year coach of the Musketeers. In the previous meeting, the elder Pitino earned his 900th win when the Johnnies rallied from a 16-point deficit in the second half for an 88-83 victory at Xavier.

Bryce Hopkins added 19 points and nine rebounds for the Red Storm (19-5, 12-1 Big East), who won for the 15th time in 17 games and tied No. 6 UConn atop the conference standings.

St. John’s was coming off a rousing win Friday night at The Garden over the rival Huskies.

Dylan Darling had 16 points off the bench for the Johnnies. Ejiofor also provided seven rebounds and five assists, including a pass to Oziyah Sellers for the breakaway dunk that sealed it with 7 seconds left in OT.

St. John's went 28 for 41 (68%) at the free-throw line, its most foul shots since taking 44 against Lehigh in November 2011. A trio of Xavier players fouled out in overtime — on three straight defensive possessions.

Tre Carroll, the Big East's leading scorer, had 21 points and eight rebounds for the Musketeers (12-12, 4-9), who have lost five of six and eight of 11. He scored 11 in a row for Xavier in the second half and surpassed 1,000 career points.

Sellers tipped in his own miss with 16 seconds remaining in regulation to tie it at 78, and Carroll missed a wild 3-point attempt at the buzzer.

Rick Pitino improved to 5-1 in coaching matchups against his son. Fathers are 21-3 overall in such Division I games.

Xavier hosts Marquette on Saturday, after dropping their first meeting this season 66-65 on Jan. 7.

St. John’s visits Providence on Saturday looking to avenge its last loss, 77-71 on Jan. 3 at MSG.

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St. John's forward Bryce Hopkins (23) dunks as Xavier's forward Filip Borovicanin (4) reacts during the second half of an NCAA college basketball game, Monday, Feb. 9, 2026, in New York. (AP Photo/Angelina Katsanis)