NEW YORK — Stocks are slipping after the latest hotter-than-forecast reading on the economy raised more worries about inflation and interest rates staying high. The S&P 500 was 0.3% lower early Tuesday and on track for its first losing month in the last six. The Dow Jones Industrial Average fell 196 points, and the Nasdaq composite was down 0.4%. Stocks have struggled as traders largely gave up on hopes for multiple interest rate cuts this year.
Also on investors’ minds is the jobs report hitting Wall Street on Friday that could show hiring by U.S. employers cooled in April and that growth in workers’ wages held relatively steady. Japan's benchmark Nikkei 225 jumped 1.2% to finish at 38,405.66, coming back from a national holiday. Sydney's S&P/ASX 200 rose 0.4% to 7,664.10. South Korea's Kospi added 0.2% to 2,692.06. Hong Kong's Hang Seng edged up 0.1% to 17,763.03, while the Shanghai Composite fell 0.3% to 3,104.82.
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