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. The risk is that the economy might overshoot and end up in a painful recession that would cause layoffs for workers across the country and weaken corporate profits, dragging stock prices lower. at the end of April dropped to the lowest level since 2021. The numbers suggest a return to “a normal job market” following years full of strange numbers caused by the COVID-19 pandemic, according to Bill Adams, chief economist for Comerica Bank.
Early Wednesday, benchmark U.S. crude lost 2 cents to $73.23 a barrel. Brent crude, the international standard, added 3 cents to $77.55 a barrel. Elsewhere on Wall Street, Bath & Body Works tumbled 12.8% for the worst loss in the S&P 500 despite topping expectations for revenue and profit in the latest quarter. also gave back some of its big gain from the day before, when euphoria broke out after a central character in the stock’s 2021 run returned to say he had built a stake in the video-game retailer. It dropped 5.4%.
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