Asian stocks down after Big Tech pulls S&P 500 and Nasdaq lower

HONG KONG — Asian stocks were down Tuesday after a mixed finish on Wall Street, where the Dow Jones Industrial Average climbed to an all-time high while Big Tech companies pulled the S&P 500 and the Nasdaq composite lower.

But additional tariffs on China are clouding its manufacturing prospects. Canada announced a 100% tariff on the import of Chinese electric vehicles and a 25% tariff on Chinese steel and aluminum on Monday, with the measures set to take effect on Oct. 1. This will apply to all EVs shipped from China, many of which are Tesla cars produced in the country.Hong Kong’s Hang Seng shed 0.2% to 17,760.40 and the Shanghai Composite index dropped 0.3% to 2,846.19.

The Dow rose 0.2%, to 41,240, eclipsing its previous high set in mid-July. The average is less influenced by Big Tech, with only Apple and Microsoft among the most valuable “Magnificent Seven” stocks in the index. That helped limit the impact of the Big Tech decliners.The stock market is coming off a two-week winning streak that’s helped keep the S&P 500 and Dow within striking distance of notching new highs.

All told, the S&P 500 fell 17.77 points to 5,616.84. The Dow rose 65.44 points to 41,240.52, and the Nasdaq dropped 152.03 points to close at 17,725.76. In energy trading, benchmark U.S. crude fell 30 cents to $77.12 a barrel. Brent crude, the international standard, gave up 25 cents to $80.11 a barrel.

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