Stock market today: Asian stocks trade mixed after Wall Street logs modest gains

TOKYO — Asian shares traded mixed Wednesday, as investors weighed recent data highlighting a slowing U.S. economy that offers both upsides and downsides for Wall Street.

On Tuesday, the S&P 500 ticked up by 0.2% to 5,291.34, though more stocks within the index fell than rose. The Dow Jones Industrial Average rose 0.4% to 38,711.29, and the Nasdaq composite added 0.2% to 16,857.05.Action was stronger in the bond market, where Treasury yields slid after a report showed U.S. employers were advertising fewer job openings at the end of April than economists expected.

But it also followed a report on Monday that showed U.S. manufacturing contracted in May for the 18th time in 19 months. Worries about a slowing economy have hit the price of crude oil in particular this week, raising the possibility of less growth in demand for fuel.A barrel of U.S. crude has dropped close to 5% in price this week and is roughly back to where it was four months ago. That sent oil-and-gas stocks to some of the market’s worst losses for a second straight day.

The smaller companies in the Russell 2000 index, which tend to thrive most when the U.S. economy is at its best, fell 1.2%. In an update posted at 9 p.m. last night NYSE said it would "bust" all the "erroneous" trades of Berkshire Hathaway stock at or below $603,718.30 a share. -- Axos Financial Inc., which has lent to properties including former President Donald Trump’s flagship New York tower, plunged after Hindenburg Research said it was short the stock because of the bank’s exposure to problematic commercial real estate loans.

"The current upcycle started in late'23, so we are only in quarter 3, implying strength likely till mid-26E," Bank of America wrote on Monday.Speaker Johnson announces plan to take on justice system following Trump conviction

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