A person walks in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, Feb. 22, 2024, in Tokyo. Japan’s Nikkei 225 share index surged briefly to an all-time high on Thursday, bypassing its previous record set in December 1989.(AP Photo/Eugene Hoshiko)
A person walks in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, Feb. 22, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
People walk in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, Feb. 22, 2024, in Tokyo. Japan’s Nikkei 225 share index surged briefly to an all-time high on Thursday, bypassing its previous record set in December 1989.(AP Photo/Eugene Hoshiko)
Traders and floor dealers change their familiar hand signal to applause as they jam the floor of Tokyo Stock Exchange at a ceremony on Dec. 29, 1989, marking the end of the business for the year of 1989. Japan’s Nikkei 225 share index surged briefly to an all-time high on Thursday, Feb. 22, 2024, bypassing its previous record set in December 1989. (AP Photo/Keiichi Temma, File)
A person walks in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, Feb. 22, 2024, in Tokyo. Japan’s Nikkei 225 share index surged briefly to an all-time high on Thursday, bypassing its previous record set in December 1989. (AP Photo/Eugene Hoshiko)
A person photographs an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, Feb. 22, 2024, in Tokyo. Japan’s Nikkei 225 share index surged briefly to an all-time high on Thursday, bypassing its previous record set in December 1989. (AP Photo/Eugene Hoshiko)A person stands in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, Feb. 22, 2024, in Tokyo. Japan’s Nikkei 225 share index surged briefly to an all-time high on Thursday, bypassing its previous record set in December 1989.(AP Photo/Eugene Hoshiko) 
People speak in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, Feb. 22, 2024, in Tokyo. Japan’s Nikkei 225 share index surged briefly to an all-time high on Thursday, bypassing its previous record set in December 1989. (AP Photo/Eugene Hoshiko)A person looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, Feb. 22, 2024, in Tokyo. (AP Photo/Eugene Hoshiko) 
A person stands in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, Feb. 22, 2024, in Tokyo. Japan’s Nikkei 225 share index surged briefly to an all-time high on Thursday, bypassing its previous record set in December 1989.(AP Photo/Eugene Hoshiko)
The New York Stock Exchange is shown on Wednesday, Feb. 21 2024, in New York. Global stocks were mixed after technology shares led Wall Street broadly lower, with investors waiting for chipmaker Nvidia's quarterly earnings report later in the day. (AP Photo/Peter Morgan)
Stock traders are seen at Tokyo Stock Exchange in Tokyo, on Dec. 29, 1989. Japan’s benchmark Nikkei 225 index surged Thursday past the record it set in 1989 before its financial bubble burst, ushering in an era of faltering growth. The index closed Thursday at 39,098.68, up 2.2%. It had been hovering for weeks near 34-year highs. Its previous record was 38,915.87, set on Dec. 29, 1989. (Kyodo News via AP)
Stock traders are seen at Tokyo Stock Exchange in Tokyo, on Dec. 29, 1989. Japan’s benchmark Nikkei 225 index surged Thursday past the record it set in 1989 before its financial bubble burst, ushering in an era of faltering growth. The index closed Thursday at 39,098.68, up 2.2%. It had been hovering for weeks near 34-year highs. Its previous record was 38,915.87, set on Dec. 29, 1989. (Kyodo News via AP)
A person stands in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, Feb. 22, 2024, in Tokyo. Japan’s benchmark Nikkei 225 index surged Thursday past the record it set in 1989 before its financial bubble burst, ushering in an era of faltering growth. (AP Photo/Eugene Hoshiko)
A person walks in front of an electronic stock board showing Japan's Nikkei 225 index just before closing the day at a securities firm Thursday, Feb. 22, 2024, in Tokyo. Japan’s benchmark Nikkei 225 index surged Thursday past the record it set in 1989 before its financial bubble burst, ushering in an era of faltering growth. (AP Photo/Eugene Hoshiko)
A person takes photograph an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, Feb. 22, 2024, in Tokyo. Japan’s benchmark Nikkei 225 index surged Thursday past the record it set in 1989 before its financial bubble burst, ushering in an era of faltering growth. (AP Photo/Eugene Hoshiko)
People stand in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, Feb. 22, 2024, in Tokyo. Japan’s benchmark Nikkei 225 index surged Thursday past the record it set in 1989 before its financial bubble burst, ushering in an era of faltering growth. (AP Photo/Eugene Hoshiko)
A person takes photograph an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, Feb. 22, 2024, in Tokyo. Japan’s benchmark Nikkei 225 index surged Thursday past the record it set in 1989 before its financial bubble burst, ushering in an era of faltering growth. (AP Photo/Eugene Hoshiko)
A person walks in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, Feb. 22, 2024, in Tokyo. Japan’s benchmark Nikkei 225 index surged Thursday past the record it set in 1989 before its financial bubble burst, ushering in an era of faltering growth. (AP Photo/Eugene Hoshiko)A person walks in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, Feb. 22, 2024, in Tokyo. Japan’s benchmark Nikkei 225 index surged Thursday past the record it set in 1989 before its financial bubble burst, ushering in an era of faltering growth. (AP Photo/Eugene Hoshiko) 
Logos the New York Stock Exchange adorn trading posts, on the floor, Wednesday, March 16, 2022. Stocks are off to mixed start on Wall Street, Thursday, April 7, as several major technology stocks rose even as many other parts of the market were in the red. (AP Photo/Richard Drew, File)
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Feb. 23, 2024. Asian markets mostly gained on Friday after Nvidia delivered another blowout quarter, setting off a rally in other technology companies that carried Wall Street to another record high. (AP Photo/Ahn Young-joon)
Currency traders watch monitors near the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Feb. 23, 2024. Asian markets mostly gained on Friday after Nvidia delivered another blowout quarter, setting off a rally in other technology companies that carried Wall Street to another record high. (AP Photo/Ahn Young-joon)
A currency trader passes by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won, center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Feb. 23, 2024. Asian markets mostly gained on Friday after Nvidia delivered another blowout quarter, setting off a rally in other technology companies that carried Wall Street to another record high. (AP Photo/Ahn Young-joon)
A currency trader passes by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Feb. 23, 2024. Asian markets mostly gained on Friday after Nvidia delivered another blowout quarter, setting off a rally in other technology companies that carried Wall Street to another record high. (AP Photo/Ahn Young-joon)HONG KONG (AP) — Asian markets were mixed on Friday after Nvidia delivered stunning results, setting off a rally in other technology companies that carried Wall Street to another record high.
Tokyo’s markets were closed for a holiday, a day after they surged to an all-time high.
U.S. futures rose while oil prices fell back.
Hong Kong’s Hang Seng fell 0.2% to 16,705.50 and the Shanghai Composite index was virtually unchanged at 2,983.10.
Government data on Wednesday showed few signs of recovery in China’s real estate market, as prices of new homes in first-tier cities fell 0.4% in January from a month earlier, extending a downward trend.
The property sector accounts for nearly a third of China's economic activity and the industry-wide meltdown has weighed on growth and sapped the confidence of both investors and consumers.
Markets were higher elsewhere in Asia.
Australia’s S&P/ASX 200 was up 0.4% at 7,642.30, the Kospi in Seoul added 0.5% to 2,676.57.
In India, the Sensex gained 0.7% and Bangkok's SET edged 0.1% higher.
On Thursday, the S&P 500 rose 2.1% to 5,087.03, an all-time high. The Nasdaq rose 3% to 16,041.62.
The Dow Jones Industrial Average, which has a smaller weighting in tech stocks, jumped 1.2%, to 39,069.11. That marks its first close above 39,000.
Nvidia’s stock price surged Thursday after delivering another blowout quarter, setting off a rally in other technology companies that carried Wall Street to another record high.
The chipmaker, which soared 16.4%, reported scorching demand for its semiconductors. Its stock has tripled over the past year thanks to a surge in investor enthusiasm for artificial intelligence. Synopsis, which makes software used to test and develop chips, rose 6.9% after raising its profit forecast.
Other chipmakers and companies involved in the chipmaking industry also gained ground. Advanced Micro Devices rose 10.7% and Lam Research added 4.7%.
Technology stocks have been the driving force behind the market’s rally that started in October. Solid earnings from some of the biggest names in the sector are helping justify and reinforce those gains.
Wall Street expects just under 4% growth for earnings in the overall S&P 500 during the fourth quarter. The communication services sector, which includes Google's parent Alphabet, is expected to report 45% growth. Information technology companies, which include Nvidia, are expected to notch 22% growth.
“The near-term momentum in AI-related stocks is likely to continue,” said Solita Marcelli, chief investment officer for the Americas at UBS Global Wealth Management.
Nearly 90% of companies in the S&P 500 have reported earnings. There are still a few big names left to report over the next several weeks, including Lowe's, Dollar Tree and Best Buy.
Wall Street's focus on earnings this week follows economic data from the previous week that prompted a stumble in the market. Inflation data came in hotter than Wall Street expected, while retail sales fell more than anticipated. That raised concerns about the timing of hoped-for interest rate cuts from the Federal Reserve.
Wall Street is now betting that the central bank will start trimming its benchmark rate in June, rather than March.
Investors could get more clarity on inflation next week when the government releases its monthly report on personal consumption and expenditures, the Fed’s preferred measure. The Fed is trying to get inflation back down to its target of 2%. Analysts expect that report to show inflation cooled to 2.3% in January. It peaked at 7.1% in June of 2022.
Bond yields were relatively steady. The yield on the 10-year Treasury rose to 4.33% from 4.32% late Wednesday.
In energy trading, U.S. benchmark crude oil lost 36 cents to $78.25 a barrel. Brent crude, the international standard, gave up 31 cents to $82.39 per barrel.
The U.S. dollar was trading at 150.50 Japanese yen, down slightly from 150.51 yen. The euro rose to $1.0831 from $1.0827.
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