Stock market today: Asia markets are mixed after Wall Street's strong manufacturing data

BusinessA person looks at an electronic stock board showing Japan's stock princes at a securities firm Tuesday, April 2, 2024, in Tokyo. Asian shares were mixed on Tuesday after Wall Street pulled back from its record following a shaky day of trading, putting at least a temporary halt to its huge rally since Halloween. – Asian shares were mixed on Tuesday after Wall Street retreated as surprisingly strong U.S.

On Monday, the S&P 500 dipped 0.2% from its all-time high to finish at 5,243.77. The Dow Jones Industrial Average dropped 0.6%, from its record to 39,566.85. The Nasdaq composite was an outlier and added 0.1% to 16,396.83. It’s the latest evidence showing the U.S. economy remains strong despite high interest rates. That’s a positive for the stock market because it can drive growth in profits for companies. But it can also keep upward pressure on inflation. That in turn could mean a more hesitant Federal Reserve when it comes to the cuts to interest rates that investors crave.

The Fed has hiked its main rate to the highest level since 2001 in order to slow the economy and hurt investment prices enough to get inflation under control. Expectations for coming cuts have been a major reason the S&P 500 soared more than 20% from October through March.

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