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Stock market today: Asian markets are mostly lower as oil prices push higher

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Shares are mostly lower in Asia after a decline on Wall Street as traders returned from a long holiday weekend.

Coming off the Labor Day holiday in the U.S., investors have few economic reports to look forward to this week, while the latest round of corporate earnings is essentially finished.The S&P/ASX 200 in Australia slipped 0.8% to 7,257.70 as the government reported the economy grew at a 2.3% annual pace in the last quarter. In quarterly terms, it expanded a modest 0.2%. The figures were better than expected.

Losses in industrial, health care and financial stocks were the biggest drag on the benchmark S&P 500. Cintas fell 1.7%, Merck & Co. dropped 2.1% and JPMorgan Chase closed 1.1% lower.Energy stocks rose along with crude oil prices after Saudi Arabia and Russia said they will extend their voluntary production cut of 1 million barrels of oil a day through the end of the year. Chevron rose 1.3%.

The Institute for Supply Management releases its latest report on the U.S. services sector on Wednesday. The services sector employs most Americans and is a big component of the economy. Its health could provide more insight into how inflation is affecting consumer spending. Wall Street expects the Fed to hold its benchmark interest rate steady at its next meeting later in September, just as it did at its previous meeting. Investors are mostly betting that the central bank will maintain that pause through the rest of the year.

 

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