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Asian stocks fell on Wednesday, with most regional markets closed for a holiday. Meanwhile, U.S. stocks closed out their worst month since September.Oil prices decreased, and U.S. futures were mixed.
Tokyo’s Nikkei 225 index dropped 0.8% to 38,089.09 in early trading after Japan’s factory activity experienced a slight improvement in April, with the manufacturing purchasing managers’ index from au Jibun Bank rising to 49.6 from 48.2 in March. A PMI reading below 50 signifies a contraction, while 50 indicates no change.
The yen remains weak, with the U.S. dollar rising to 157.89 Japanese yen from 157.74 yen on Wednesday.Australia’s S&P/ASX 200 fell 1.2% to 7,574.20. Other regional markets were closed for the Labor Day holiday.
On Tuesday, the S&P 500 dropped 1.6%, marking its first losing month in six, and ended at 5,035.69. Its momentum reversed in April, dropping as much as 5.5% at one point after reaching a record high at the end of March.
Stocks began falling as soon as trading started, following a report indicating that U.S. workers received larger-than-expected wage and benefit increases in the first quarter of the year.
While this is positive news for workers and a sign of a strong job market, it raises concerns about continued inflationary pressure.This development came after several reports this year showed persistent inflation levels.
As a result, traders have mostly abandoned hopes for multiple interest rate cuts from the Federal Reserve this year. This shift has led to a rise in Treasury yields in the bond market, putting more pressure on stocks.
Tuesday’s stock losses worsened toward the end of the day as traders made final adjustments before the close of April and ahead of the Federal Reserve’s interest rate announcement scheduled for Wednesday afternoon.
Traders do not expect the Federal Reserve to adjust its key interest rate at this meeting, but they are concerned about what Fed Chair Jerome Powell might say regarding the outlook for the rest of the year.
Cannabis company stocks surged following a report from The Associated Press indicating that the U.S. Drug Enforcement Administration will take steps to reclassify marijuana as a less-dangerous drug, marking a historic change. Cannabis producer Tilray Brands saw its stock soar 39.5%.
Earnings season has generally surpassed expectations. In addition to strong performances from tech companies that lead Wall Street, businesses across various industries have also shown positive results.
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