Japanese and Australian markets rise following choppy trade on Wall Street; most Asian markets closed for holiday

Japanese and Australian markets rose Thursday after swings on Wall Street overnight, as data pointing to a contraction in the U.S. economy in the first quarter heightened investors' fears of a looming recession.

Several Asia-Pacific markets, including South Korea, Hong Kong, China and India were closed for the Labor Day holiday.

Japan's benchmark Nikkei 225 climbed 1.13% to end the day at 36,452.30 while the broader Topix index edged 0.46% higher to 2,679.44. Earlier in the day, the Bank of Japan held interest rates steady at 0.5% in a unanimous vote.

Yields on 10-year Japanese Government Bonds (JGBs) fell by 5.4 basis points to 1.259% following the central bank's decision. Meanwhile, yields on 20-year JGBs dropped marginally by 1.5 basis points to 2.184%.

The Japanese yen depreciated 1.06% to 144.58 per dollar.

Over in Australia, the S&P/ASX 200 benchmark ended the day 0.24% higher at 8,145.60. The movement comes ahead of Australia's elections on Saturday and marks the index's fifth consecutive session in positive territory.

The country's surplus on trade goods widened sharply to 6.9 billion Australian dollars ($4.42 billion) in March, from a revised reading of 2.85 billion Australian dollars the month before.

The latest number is well above the 3.9 billion Australian dollar surplus forecast in a Reuters poll and comes as iron ore exports recovered from weather disruptions and gold shipments climbed, data released by the Australian Bureau of Statistics on Thursday showed.

In this time, Australia's exports jumped 7.6% year-on-year, while imports declined 2.2%.

U.S. futures jumped after two of the so-called "Magnificent Seven" stocks — Meta Platforms and Microsoft — posted their quarterly results.

In extended trading, shares of Meta advanced more than 4% on stronger-than-expected revenue in the first quarter. Meanwhile, Microsoft's shares surged 8%, after delivering better-than-expected results on the top and bottom lines in the fiscal third quarter, as well as strong results from its Azure cloud business and upbeat guidance.

Overnight stateside, the S&P 500 and the 30-stock Dow Jones Industrial Average notched their seventh consecutive winning day despite the volatility.

The broad-based market index advanced 0.15% to close at 5,569.06, while the Dow Jones index added 141.74 points, or 0.35%, settling at 40,669.36.

Meanwhile, the Nasdaq Composite ended the day flat at 17,446.34.

— CNBC's Brian Evans, Sean Conlon and Pia Singh contributed to this report.