Today, Asian stocks edged higher with technology shares supported by gains in their Wall Street peers. Gains were limited ahead of U.S. inflation data which could offer clues on the pace of interest rate hikes this year.
The Dow Jones 30 fell on Monday as investors remain on the edge for a potential global trade war since President Donald Trump implemented tariffs on steel and aluminum imports last week. Boeing, Caterpillar and United Technologies all fell more than 2%. Earlier in the session, Dow 30 rose more than 100 points as shares of Apple and Goldman Sachs reached all-time highs.
The S&P 500 Index slipped 0.13% overnight following its biggest rally in five weeks that was spurred by Friday’s better-than-expected jobs report, with industrials dropping 1.3%. Meanwhile, a rise in tech stocks boosted the Nasdaq to a new record high. The tech-heavy index gained 0.36% to reach a record as Apple recovered its losses from last month's correction.
Global indexes fell more than 10% last month, marking the first correction of that size since 2016. The correction was sparked, by fears that higher inflation and an overheated economy could push the Federal Reserve to tighten monetary policy faster than the market had priced it in. Inflation fears eased Friday as wage-growth was below economists’ forecasts.