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Asian stocks edge lower after Wall Street dips in month-end trade

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Asian stocks were set to weaken on Tuesday following a softer Wall Street close while the dollar slipped as markets digested new Federal Reserve comments that suggested rates will stay low for an extended period.

FILE PHOTO: Passersby wearing protective face masks following an outbreak of the coronavirus disease are reflected on a screen displaying stock prices outside a brokerage in Tokyo, Japan, March 17, 2020. REUTERS/Issei Kato

The Dow Jones Industrial Average and the S&P 500 ended in the red, while the Nasdaq rose solidly. The S&P gained more than 7% for the month to notch its best August since 1986 in what is traditionally a softer month for stock performance. Most stocks slid overnight, but chalked up another month of gains for August. U.S. tech shares rose again Monday, powered by stock splits that lifted Apple Inc and Tesla Inc.

Fed Vice Chair Richard Clarida on Monday expanded on Governor Jerome Powell’s comments from last week, saying that under the U.S. central bank’s new policy view, a low rate of unemployment does not on its own trigger higher interest rates. Monday marked the first trading day for the revamped Dow, with Salesforce.com, Amgen Inc and Honeywell International Inc joining the 30-component index, replacing Exxon Mobil Corp, Pfizer Inc and Raytheon Technologies Corp. Honeywell ended the session lower while a move higher late in the day pushed Salesforce and Amgen into positive territory.For a graphic on MSCI’s World Stock Index:The Dow Jones Industrial Average fell 0.79%, the S&P 500 lost 0.23%, and the Nasdaq Composite added 0.68%.

 

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Utoh...looks like the party is over.

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