TOKYO (AP) — Asian shares mostly rose Wednesday, tracking a rally on Wall Street following a report that showed U.S. inflation was not as bad last month as economists expected.

South Korea’s Kospi surged 6.2% to 7,284.41 as prices rebounded from a recent sell-off in semiconductor stocks. Shares in computer chipmaker SK Hynix rose 9.4%, while those of Samsung Electronics surged 6.1%.

Japan’s benchmark Nikkei 225 rose 1.3% to 68,613.89.

Australia’s S&P/ASX 200 rose 0.4% to 8,841.10.

Hong Kong’s Hang Seng edged up 1.5% to 24,701.10, while the Shanghai Composite lost 0.2% to 3,957.79 after the Chinese government reported the economy expanded at a 4.3% annualized pace in April-June, slowing sharply from 5% in the first quarter of the year.

Stock price gains overall were moderate given worries that the United States and Iran may return to an all-out war. That has pushed oil prices higher. Investors are also watching for earnings reports from various companies for the spring.

Renewed attacks have raised the risks of further disruptions of transport of oil and gas through the Strait of Hormuz.

In energy trading, benchmark U.S. crude rose 30 cents to $79.64 a barrel. Brent crude, the international standard, gained 62 cents to $85.35 a barrel.

“The U.S.-Iran Memorandum of Understanding signed last month has proved to be anything but. The two sides are once again exchanging military strikes, and they hold completely different views on the state of affairs in the Strait of Hormuz,” said Tim Waterer, chief market analyst at KCM Trade.

“With shipping around the Gulf becoming increasingly fraught with danger, traffic flows are declining once more,” he said.

On Wall Street, the S&P 500 added 0.4% to recover some of its 0.8% loss from the prior day, closing at 7,543.59. The Dow Jones Industrial Average added less than 0.1% to 52,508.27. The Nasdaq composite climbed 0.9% to 26,107.01.

Stocks got help from easing yields in the bond market, which fell after a report said U.S. consumers had to pay prices for gasoline, food and other costs of living that were 3.5% higher last month than a year earlier.

Lower inflation can relieve pressure on the Federal Reserve to raise interest rates. Higher rates would keep a lid on inflation, but they also slow the economy and hurt prices for all kinds of investments.

Following the inflation report, traders saw less than a 17% chance that the Fed will raise its main interest rate at its next meeting in a couple weeks. Rebounds for big, influential tech stocks also helped steady the market. Micron Technology rose 4.9%, and Nvidia climbed 4.1%. A day before, they were two of the heaviest weights on the S&P 500 after falling 4.4% and 3.5%, respectively.