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

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Electric Vehicles,China,Stocks And Bonds

Asian stocks are down after a mixed finish on Wall Street, with the Dow Jones Industrial Average climbing to an all-time high while Big Tech companies pulled the S&P 500 and the Nasdaq composite lower. U.S. futures fell. Oil prices eased from their recent highs, which had been driven by heavy fire between Israel and Hezbollah on Sunday.

A person walks in front of an electronic stock board showing Japan’s Nikkei index at a securities firm Tuesday, Aug. 27, 2024, in Tokyo. People walk in front of an electronic stock board showing Japan’s Nikkei index at a securities firm Tuesday, Aug. 27, 2024, in Tokyo. A person stands as a car passes by in front of an electronic stock board showing Japan’s Nikkei index at a securities firm Tuesday, Aug. 27, 2024, in Tokyo.

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.

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. A surprisingly good report showed that orders for long-lasting goods from U.S. factories, including cars, jumped 9.9% in July. An update on consumer confidence is on tap for Tuesday and the U.S. will provide a revised estimate on Thursday of economic growth during the second quarter.

Others companies reporting quarterly results this week include Kohl’s, Chewy, Salesforce and Dollar General.

 

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