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February 10, 2026 – 02:39

(Bloomberg) — Asian stocks extended their rally to a fresh record as a rebound in US technology shares gathered pace, easing pressure on markets after worries over outsized spending on artificial intelligence.

The MSCI Asia Pacific Index rose 1%, with tech shares such as SoftBank Group Corp. and Taiwan Semiconductor Manufacturing Ltd. among the gainers. Japan’s Nikkei 225 Index extended its election-fueled rally, advancing 2.3% to an all-time high. That came after the S&P 500 climbed to close near a record on Monday, as some of the hardest-hit stocks in last week’s selloff rebounded.

The dollar edged up 0.1% to recoup some of Monday’s losses and Treasuries steadied as traders geared up for Wednesday’s US jobs report. Gold and silver — assets that have gained this year along with stocks — fell Tuesday as investors took profits in a choppy market that’s still trying to find a floor after a historic rout.

The moves in equities signaled easing concerns around the AI trade that came to a head in the past two weeks, lashing software companies and casting a pall over high-spending tech companies. While that plays out, traders are now bracing for key US economic data that may shape expectations for the Federal Reserve’s interest-rate path.

“When markets sell off like certain areas in tech have, there’s often knee-jerk rallies,” said Sameer Samana at Wells Fargo Investment Institute. “Time will tell if we need a retest or if enough value was created.”

In another sign of heavy spending by tech companies, Alphabet Inc. is set to raise $20 billion from a US dollar bond offering — exceeding the expected $15 billion — while also pitching investors on its first-ever sales in Switzerland and the UK. The UK deal would include a rare 100-year bond.

As other companies known as hyperscalers boost spending too, capital expenditures for the four biggest US tech companies are forecast to reach about $650 billion in 2026, driving a financing boom and a potentially disruptive technology that could completely reshape the global economy.

The standout gainers among tech stocks in the US included Oracle Corp., whose shares jumped 9.6%, soothing nerves over the threat posed to the company by developments in artificial intelligence.

“Whether the market is reassessing its positioning in value areas of the equity market, and now seeing software as more than a short-term trade, and whether investors are pushing back into core AI winners, remains to be seen,” wrote Chris Weston, head of research at Pepperstone Group.

Elsewhere, the yen fluctuated on Tuesday, still trading around 156 following Prime Minister Sanae Takaichi’s historic election triumph during the weekend. Bitcoin wavered near $70,300.

The focus this week is on a packed run of US economic data, including the two most consequential readings: employment and inflation.

The jobs report — due Wednesday — is expected to show payrolls rose 68,000 in January. The unemployment rate is seen steady at 4.4%. The data will also include historical revisions that are anticipated to show a sizable downward adjustment to payrolls in the year through March 2025.

In Friday’s consumer price index, economists will look for more evidence that inflation is on a downward trend. Before that, figures on Tuesday are projected to show solid retail sales.

Those releases could shape expectations for the Fed’s next move on interest rates. Traders are broadly expecting policymakers to leave rates on hold when they meet next month as they did in January when they voted to keep them at 3.5% to 3.75%.

Treasury yields fell on Monday after National Economic Council Director Kevin Hassett said lower US jobs numbers can be expected in the months ahead as population growth slows.

“The stabilizing labor market — marked by modest hiring and limited layoffs — should help keep the Fed on track to cut rates once or twice this year, assuming price pressures continue to ease,” said Angelo Kourkafas at Edward Jones.

Corporate Highlights:

Microsoft Corp. shares were downgraded for the second time in less than a week as Wall Street grows increasingly wary about the potential disruption software stocks face from artificial intelligence. Meta Platforms Inc. was given a European Union warning over policies that block the use of rival Artificial Intelligence assistants on WhatsApp, raising the possibility of further tensions with the Trump administration over the regulation of US tech companies. Macquarie Group Ltd.’s third-quarter profit was supported by its commodities and global markets division as well as a strong performance in its asset management unit. Some of the main moves in markets:

Stocks

S&P 500 futures were little changed as of 10:38 a.m. Tokyo time Japan’s Topix rose 2.1% Australia’s S&P/ASX 200 rose 0.4% Hong Kong’s Hang Seng rose 0.8% The Shanghai Composite was little changed Euro Stoxx 50 futures were little changed Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1904 The Japanese yen was little changed at 155.90 per dollar The offshore yuan was little changed at 6.9128 per dollar Cryptocurrencies

Bitcoin was little changed at $70,407.95 Ether fell 0.1% to $2,118.44 Bonds

The yield on 10-year Treasuries was little changed at 4.20% Japan’s 10-year yield declined two basis points to 2.255% Australia’s 10-year yield declined four basis points to 4.82% Commodities

West Texas Intermediate crude fell 0.2% to $64.23 a barrel Spot gold fell 0.7% to $5,023.82 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Richard Henderson.

©2026 Bloomberg L.P.