TOKYO (AP) — Asian stocks traded mostly lower on Tuesday, despite stocks appearing to benefit the most from Wall Street’s rally. Donald Trump’s re-election as president.

Japan’s benchmark Nikkei 225 rose 0.6% to 39,774.43 in morning trading. But the rest of the regional markets did not gain much of an advantage.

Australia’s S&P/ASX 200 index lost 0.3% to 8,238.00 points. South Korea’s Kospi index decreased by 0.5% to 2,520.34 points.

While Chinese technology stocks have been declining recently, investors’ eyes are also turned to earnings reports from China.

The Hong Kong Hang Seng index decreased by 0.7 percent to 20,280.34 points, while the Shanghai Composite index increased by less than 0.1 percent to 3,470.83 points.

On Wall Street, the S&P 500 gained 0.1%. best week of the year After Trump’s victory and the cut in interest rates Central Bank will strengthen the economy. The Dow Jones Industrial Average rose 304 points, or 0.7%, while the Nasdaq composite rose 0.1%.

Tesla became the strongest rising force in the S&P 500 after rising 9.1%. Its leader, Elon Musk, has become a close ally of Trump, and its shares continued to rise, rising nearly 15% the day after the election.

several parts of what is known as “Trump trade” It also helped move the market as investors tried to determine which companies would Winners of Trump’s second term. JPMorgan Chase rose 1%, helping financial stocks once again lead the market on expectations of stronger economic growth, less regulation from Washington and a surge in mergers and acquisitions.

For example, the White House’s friendliness to large partnerships has helped Wall Street speculate on a merger between insurers Cigna Group and Humana. The situation was so heated that Cigna said Monday it had not reached an agreement with Humana. Cigna’s shares rose 7.3%, while Humana’s shares fell 2%.

Shares of companies more focused on the U.S. economy were also rising more than the rest of the market; This includes a 1.5% rise in smaller stocks in the Russell 2000 index, as those companies appear to have benefited more from Trump’s America First policies than larger stocks. multinational companies.

They helped offset Nvidia’s 1.6% decline, the heaviest weight in the market.

Such Big Tech stocks have soared on excitement over AI technology, and they’re winning almost no matter what the economy does. But now critics say their prices look too expensive and investors are finding more interesting buys among companies that could benefit more from Trump’s second term.

Nvidia’s decline has a particularly heavy impact because its massive valuation of nearly $3.6 trillion makes it one of the most influential stocks in the S&P 500 and other indexes.

Some of the sharpest fluctuations crypto marketBitcoin rose above $87,000 for the first time. Trump embraces cryptocurrencies He generally promised to make his country the crypto capital of the world. According to CoinDesk, Bitcoin reached a record of $87,491.

Another trade from Trump was a rise in Treasury yields, as traders forecast potentially higher economic growth, US government debt and bond yields. Inflation due to Trump’s policies. However, trading in the bond market was closed on Monday for Veterans Day.

Treasury yields have generally been rising since September; This is largely because the US economy remains much more resilient than feared. The hope is may remain intact As the Federal Reserve continues to lower interest rates to keep the job market buoyant, it’s now getting help Inflation approached the 2 percent target.

Overall, the S&P 500 rose 5.81 points to 6,001.35 on Monday. The Dow index increased by 304.14 to 44,293.13, and the Nasdaq index increased by 11.99 to 19,298.76.

In energy trading, benchmark U.S. crude oil fell 14 cents to $67.90 per barrel. Brent crude oil, the international standard, fell 14 cents to $71.69 a barrel.

In foreign exchange trading, the US dollar rose from 153.72 yen to 153.85 Japanese yen. The cost of the euro fell from $1.0660 to $1.0650.

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AP Business Writer Stan Choe in New York contributed to this report.