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Stock market today: Asian shares mixed after calm day on Wall St

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Asian shares are mixed after U.S. stocks held relatively steady on Wall Street. Tokyo's Nikkei 225 lost 1.5% but most other markets saw modest changes. The yen weakened further against the U.S. dollar. On Tuesday, the S&P 500 rose 0.1% in its fourth straight gain. The Dow Jones Industrial Average rose 0.1%, and the Nasdaq composite slipped 0.1%.

A currency trader passes by the screen showing the Korea Composite Stock Price Index at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, May 8, 2024. Currency traders work near the screen showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, May 8, 2024.

A weak yen helps the profits of Japanese companies that earn much of their revenue overseas, but fluctuations in rates can upend planning and the yen’s weakness has severely eroded the purchasing power of both households and businesses, pushing up costs of imports of food and energy, among other things.

The Dow Jones Industrial Average added 0.1%, to 38,884.26, and the Nasdaq composite slipped 0.1%, to 16,332.56. That could suggest investors are listening to critics who have been calling the U.S. stock market broadly too expensive following its run to records this year. For stock prices to climb further, either profits will need to grow more or interest rates will need to fall.

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