Tokyo: Asian shares were trading mixed Tuesday in the absence of key market-driving news in the region, after a seemingly relentless rally continued on Wall Street.

Tokyo trading was closed for a national holiday. Australia’s S&P/ASX 200 climbed 0.6 per cent to 8,861.10. South Korea’s Kospi added 0.3 per cent to 3,479.23. Hong Kong’s Hang Seng slipped 0.8 per cent to 26,125.56, as investors continued to watch ongoing talks about US tariffs. The Shanghai Composite dropped 1.0 per cent to 3,788.66.

On Wall Street, the S&P 500 rose 0.4 per cent after erasing a modest loss from the morning. The Dow Jones Industrial Average added 66 points, or 0.1 per cent, and the Nasdaq composite climbed 0.7 per cent. It was the third straight day where all three indexes set an all-time high.

“Every time the market seems to be running out of momentum, it fools most of us by pushing to higher heights,” said Jay Woods, chief market strategist at Freedom Capital Markets.

A familiar face was again the strongest force lifting the market: Nvidia. Wall Street’s most valuable company rose 3.9 per cent after announcing a partnership to train and run OpenAI’s next generation of artificial-intelligence models. As part of the deal, Nvidia will invest up to USD100 billion in OpenAI.

Oracle also pushed the market higher after climbing 6.3 per cent. A senior official in President Donald Trump’s administration said the tech giant will receive a copy of TikTok’s algorithm to operate for US users, part of the deal to keep the popular platform running in the country.

Oracle also named Clay Magouyrk and Mike Sicilia as its CEOs, with current CEO Safra Catz becoming executive vice chair of the technology company’s board.

Some of the market’s sharpest action was among companies agreeing to buy one another.

Pfizer said it would buy Metsera and its pipeline of medicines to potentially treat obesity in a deal initially valuing it at USD 4.9 billion. The payout for Metsera investors could go up sharply if its candidates win approval from federal regulators and achieve other milestones.

Metsera’s stock jumped 60.7 per cent, and Pfizer’s edged up by less than 0.1 per cent.

ODP, which runs Office Depot and Office Max, leaped 32.9 per cent after Atlas Holdings agreed to buy it in a deal valued at roughly USD 1 billion.

All told, the S&P 500 rose 29.39 points to 6,693.75. The Dow Jones Industrial Average added 66.27 to 46,381.54, and the Nasdaq composite climbed 157.50 to 22,788.98.

Stocks have surged since April on hopes that Trump’s tariffs won’t derail global trade and that the Fed will deliver several cuts to interest rates to boost the economy. The Fed made its first cut of the year last week, and officials indicated more could arrive through the end of this year and into next.

The US stock market still faces challenges, though. Chief among them is if the Fed does not cut interest rates as many times as investors expect. The Fed is wary because lower rates can give inflation more fuel, and inflation has stubbornly remained above its 2 per cent target.

An update on Friday will show how much prices are rising for US households based on the Fed’s preferred measure of inflation, and economists expect it to show a slight acceleration from last month.

In the bond market, Treasury yields held relatively steady. The yield on the 10-year Treasury remained at 4.14 per cent, where it was on Friday.

In energy trading, benchmark US crude lost 4 cents to USD 62.64 a barrel. Brent crude, the international standard, fell 40 cents to USD 66.17 a barrel.

In currency trading, the US dollar rose to 147.79 Japanese yen from 147.74 yen. The euro cost USD 1.1803, inching up from USD 802.