Asian shares mostly lower; China, Japan closed for holidays

The declines follow a retreat Friday on Wall Street, where the S&P 500 gave up 0.7% but still closed out its best month so far this year.

Investors backed away from technology, financial and communication stocks. Despite the decline, the S&P 500 ended April with a 5.2% gain, its best month since November 2020, when Biden was elected. It logged a gain of about 28% between November and April. Trillions of dollars in government support are helping the U.S. economy recover from the pandemic. The Commerce Department said U.S. household incomes surged 21% last month, driven largely by the US$1,400 payments that went out to most Americans as part of President Biden's economic package. Consumer spending rose at the fastest pace in nine months.

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