Asia stocks slip after Wall Street hits another record – MarketWatch

BEIJING (AP) — Asian stock markets fell Tuesday after Wall Street rose to a record for an eighth day.

Tokyo, Hong Kong and Seoul declined while Shanghai advanced.

Wall Street’s benchmark S&P 500 index added 0.1% on Monday, boosted by gains for construction-related stocks after Congress last week approved a $1 trillion infrastructure bill.

Also Monday, the deputy chairman of the Federal Reserve, Richard Clarida, said conditions to raise interest rates might not be met until late next year. Traders worry a spike in inflation might prompt central banks to withdraw stimulus that helped to boost stock prices.

“Investors will be on the lookout for any clues that signal an adjustment to central banks’ taper process and rate hikes expectations,” Anderson Alves of ActivTrades said in a report.

The Nikkei 225 NIK, -0.75% in Tokyo lost 0.7% to 29,285 while the Shanghai Composite Index SHCOMP, +0.24% advanced 0.2% to 3,498.80. The Hang Seng HSI, +0.20% in Hong Kong declined less than 0.1% to 24,750.33.

The Kosp 180721, +0.08% i in Seoul lost 0.1% to 2,956.10 while Sydney’s S&P-ASX 200 XJO, -0.24% shed 0.2% to 7,444.70.

India’s Sensex 1, -0.19% opened down 0.2% at 60,425.05. New Zealand, Bangkok and Jakarta advanced while Singapore declined.

Also Tuesday, Japan’s government reported wage growth fell to a three-month lost of 0.2% over a year earlier in September.

On Wall Street, the S&P 500 SPX, +0.09% rose to 4,701.70, setting a record for an eighth day.

The Dow Jones Industrial Average DJIA, +0.29% rose 0.3% to 36,432.22. The Nasdaq Composite COMP, +0.07% gained 0.1% to 15,982.36. Both also were records.

Vulcan Materials VMC, +4.95%, which sells crushed stone and concrete, rose 4.9%. Equipment-maker Caterpillar CAT, +4.07% rose 4.1%.

Investor worries about inflation have been soothed by stronger corporate profits.

Advanced Micro Devices AMD, +10.14% jumped 10.1% for the biggest gain in the S&P 500 after announcing Facebook parent company Meta FB, -0.74% would use AMD chips in its data centers. Chipmaker Nvidia NVDA, +3.54% rose 3.5%.

Steelmakers and other companies that stand to benefit from increased infrastructure spending also rallied following Congress’ passage of the infrastructure bill. Nucor NUE, +3.60% gained 3.6%.

The Labor Department is due to report wholesale inflation Tuesday and consumer inflation Wednesday.

In energy markets, benchmark U.S. crude oil CL.1, +0.51% lost 3 cents to $81.90 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 66 cents on Monday to $81.93. Brent crude BRN00, +0.43%, the price basis for international oils, shed 8 cents to $83.35 in London. It rose 69 cents the previous session to $83.43 per barrel.

The dollar USDJPY, -0.34% fell to 112.78 yen from Monday’s 113.24 yen. The euro EURUSD, +0.04% advanced to $1.1602 from $1.1589.