Asian Stocks Fall, US Stocks End Worst Month Since September
Asian stocks fell on Wednesday, with most markets in the region closed for a holiday. Meanwhile, US stocks closed out their worst month since September.
Tokyo's Nikkei 225 index lost 0.4%, down to 38,271.77. This followed a report showing a milder contraction in the country's factory activity in April.
The S&P/ASX 200 dipped 1.1% to 7,581.90. Other markets in the region were closed due to the Labor Day holiday.
On Tuesday, the S&P 500 tumbled 1.6%, ending its first losing month in the last six. The Dow Jones Industrial Average dropped 1.5%, and the Nasdaq composite lost 2%.
Wage Growth: A report showed US workers won bigger gains in wages and benefits than expected during the first three months of the year. This fueled concerns about inflation and potential interest rate hikes.
Despite a largely positive earnings season, some companies, like GE Healthcare Technologies and F5, reported weaker results than expected.
The fast-food giant's profit fell short of analysts' expectations due to weakening sales trends at its franchised stores overseas.
3M: The company's stock rose 4.7% after reporting stronger results and revenue than forecast.
The pharmaceutical company's stock climbed 6% after turning in a better profit than expected on strong sales of its diabetes and obesity drugs.
These stocks soared after the US Drug Enforcement Administration announced plans to reclassify marijuana as a less-dangerous drug.
Investors are anxiously awaiting the Federal Reserve's announcement on interest rates scheduled for Wednesday afternoon. While no change is expected at this meeting, traders are keen to hear Fed Chair Jerome Powell's comments about the rest of the year.