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MANILA, Philippines — MANILA, Philippines (AP) — Most Asian stock indexes rose on Thursday, tracking gains on Wall Street following a topsy-turvy trading day.

U.S. futures were nearly flat, while oil prices were higher.

Japan’s Nikkei 225 rose 0.8% to 48,069.71 as investor sentiment was lifted by a strong start to the earnings season and expectations of U.S. rate cuts.

Japan’s core machinery orders, excluding ships and electric power, fell 0.9% month-on-month in August, missing market expectations for a 0.4% gain but showing marked improvement from a 4.6% drop in July, according to data released Thursday.

South Korea’s Kospi surged to a record high, adding 1.8% to 3,722.67 on buying of tech and auto stocks that was spurred by expectations that the U.S. and Korea are getting closer to a deal on tariffs on Korean exports. Samsung Electronics and automakers Hyundai Motor and Kia Corp. were among gainers.

In Chinese markets, Hong Kong’s Hang Seng index shed 0.4% to 25,799.27, while the Shanghai Composite index rose 0.1% to 3,916.10.

Australia’s S&P/ASX 200 climbed 8% to 9,063.70, breaching the 9,000 level for the first time amid gains in gold stocks. Miners in resource-rich Australia are benefitting from a runup in gold prices. Early Thursday, the precious metal was up 1.2% at 4,252.30 per ounce.

Also, the jobless rate rose to 4.5% in September, the highest in four years, stepping up expectations that the country’s Reserve Bank may resume rate cuts as early as next month.

India’s BSE Sensex added 0.5% while Taiwan’s Taiex advanced 1.5%.

On Wednesday, most U.S. stocks rose. The S&P 500 added 0.4% to 6,671.06, but only after jumping toward one of its biggest gains since the summer, erasing it all and then climbing back.

The Nasdaq composite climbed 0.7%, closing at 22,670.08 after earlier pinballing between a drop of 0.4% and a rally of 1.4%. The Dow Jones Industrial Average lagged the market, shedding less than 0.1% to 46,253.31.

Technology stocks helped lead the way Wednesday following a better-than-expected profit report from Netherlands-based ASML, a major equipment supplier to the semiconductor industry. It expects its revenue for 2025 to be 15% above last year’s, while next year’s should be at least as high as this year’s. Several big banks also drove the market higher.

Companies are under pressure to deliver strong profits after their stock prices broadly surged 35% from a low in April. To justify those gains, which critics say made their stock prices too expensive, companies will need to show they’re making much more in profit and will continue to do so.

Profit reports are under more scrutiny than usual as investors seek insights into the health of the U.S. economy. The U.S. government’s latest shutdown is delaying important updates on the economy, such as a report on inflation that was due Wednesday.

In other dealings early Thursday, U.S. benchmark crude oil gained 58 cents to $58.85 per barrel. Brent crude, the international standard, rose 55 cents to $62.46 per barrel.

The dollar rose to 151.07 Japanese yen from 151.06 yen. The euro climbed to $1.1658 from $1.1648.

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AP Business Writers Stan Choe and Matt Ott contributed.