Stock market today: Asian stocks follow Wall Street higher ahead of Federal Reserve conference

People stand in the rain in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Tuesday, Aug. 22, 2023, in Tokyo. – Asian stocks followed Wall Street higher on Tuesday as traders waited for signs of interest rate plans from this week's Federal Reserve conference.Wall Street's benchmark S&P 500 index rose Monday for its first gain in five days as tech stocks rallied.

Fed Chair Jerome Powell “may even mention that further rate hikes cannot be entirely ruled out,” said Clifford Bennett of ACY Securities in a report. The Kospi in Seoul added 0.2% to 2,515.07 while Sydney's S&P-ASX 200 was less than 0.1% lower at 7,113.30. The Dow Jones Industrial Average slipped 0.1% to 34,463.69. The Nasdaq composite climbed 1.6% to 13,497.59.

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