MANILA – Most Asian markets saw modest increases on Friday as U.S. stocks approached another high. Additionally, there were minor upticks in U.S. futures and oil prices.

Investors kept a close watch on potential developments after President Donald Trump announced a trade agreement between the U.S. and China had been reached. Commerce Secretary Howard Lutnick mentioned on Bloomberg TV that the agreement was finalized two days prior, though specifics were not disclosed, noting “The president likes to finalize these deals personally.”

Concerns over Trump’s elevated tariffs have lessened since his unexpected announcement in April proposing strict tariffs. However, these concerns have not completely disappeared. Investors are eagerly awaiting clarification on the extent of the tariffs, their economic impact, and potential inflationary effects.

Hong Kong’s Hang Seng index was barely changed at 24,333.43, while the Shanghai Composite index lost 0.2% to 3,441.30.

Tokyo’s Nikkei 225 index surged 1.6% to 40,215.36 as the government reported that consumer prices eased slightly in May.

South Korea’s KOSPI Composite Index slid 0.7% to 3,050.01.

Markets have settled somewhat after the upheavals of the Israel-Iran war and its aftermath.

On Thursday, the S&P 500 climbed 0.8% to 6,141.02 and was sitting just 0.05% below its all-time closing high set in February. It briefly topped the mark during the afternoon in the latest milestone for the index at the heart of many 401(k) accounts, which had dropped roughly 20% below its record during the spring on worries about President Donald Trump’s tariffs.

The Dow Jones Industrial Average rallied 0.9% to 43,386.84, and the Nasdaq composite gained 1% to 20,167.91. Reports Thursday added to evidence the U.S. economy is holding up despite higher tariffs and other challenges, though it has slowed. Orders for washing machines and other manufactured goods that last at least three years grew by more last month than economists expected. Another report said fewer U.S. workers filed for unemployment benefits last week, a potential signal of fewer layoffs.

A third report said the U.S. economy shrank by more during the first three months of 2025 than earlier estimated. But many economists say those numbers were distorted by a surge in imports as companies tried to get ahead of tariffs. They’re expecting a better performance in upcoming months.

Following the reports, Treasury yields swiveled up and down in the bond market before easing.

The yield on the 10-year Treasury fell to 4.24% from 4.29% late Wednesday. The two-year Treasury yield, which more closely tracks expectations for what the Federal Reserve will do, fell to 3.71% from 3.74% late Wednesday.

Analysts said yields may have felt pressure because of a report from The Wall Street Journal saying Trump could name his nominee to replace Fed Chair Jerome Powell unusually early, in an attempt to undermine him. That could hurt confidence among investors about the Fed’s capability to make unpopular decisions when it comes to fighting inflation.

On Wall Street, spices company McCormick jumped 5.3% after delivering a better-than-expected profit report and giving a full-year profit forecast that topped analysts’ expectations, including planned efforts to offset increased costs caused by tariffs.

Over the longer term, it’s been big technology stocks that have led the market for years and since the S&P 500 hit a trough in April.

Chip company Nvidia, which has been the poster child of the frenzy around artificial-intelligence technology, added 0.5%. It’s the most valuable company in the U.S. stock market after rushing 61% higher since April 8, towering over the S&P 500’s gain of 23%. Another AI darling, Super Micro Computer, rose 5.7% to bring its gain since April 8 to 55%.

In other dealings early Friday, the U.S. benchmark crude gained 35 cents to $65.59 per barrel. Brent crude, the international standard, added 36 cents to $67.05 per barrel

The U.S. dollar rose to 144.45 Japanese yen from 144.40 yen. The euro fell to $1.1699 from $1.1703.

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AP Business Writer Stan Choe contributed.