Stock market today: Asian stocks follow Wall St tumble. Most markets in the region close for holiday

HONG KONG (AP) — Asian stocks fell Wednesday with most of the markets in the region closed for a holiday. Meanwhile, U.S. stocks closed out their worst month since September.

Oil prices were lower and U.S. futures were mixed.

Tokyo’s Nikkei 225 index lost 0.8%, down to 38,089.09 in early trading after the country’s factory activity experienced a milder shrink in April, as the manufacturing purchasing managers’ index from au Jibun Bank rose to 49.6 in April from 48.2 in March. A PMI reading under 50 represents a contraction, and a reading of 50 indicates no change.

The yen continues to struggle. On Wednesday, the U.S. dollar rose to 157.89 Japanese yen from 157.74 yen.

Australia’s S&P/ASX 200 dipped 1.2% to 7,574.20. Other markets in the region were closed due to the Labor Day holiday.

On Tuesday, the S&P 500 tumbled 1.6% to cement its first losing month in the last six, and ended at 5,035.69. Its momentum slammed into reverse in April — falling as much as 5.5% at one point — after setting a record at the end of March.

The Dow Jones Industrial Average dropped 1.5% to 37,815.92, and the Nasdaq composite lost 2% to 15,657.82.

Stocks began sinking as soon as trading began, after a report showed U.S. workers won bigger gains in wages and benefits than expected during the first three months of the year. While that’s good news for workers and the latest signal of a solid job market, it feeds into worries that upward pressure remains on inflation.

It followed a string of reports this year that have shown inflation remains stubbornly high. That’s caused traders to largely give up on hopes that the Federal Reserve will deliver multiple cuts to interest rates this year. And that in turn has sent Treasury yields jumping in the bond market, which has cranked up the pressure on stocks.

Tuesday’s losses for stocks accelerated at the end of the day as traders made their final moves before closing the books on April, and ahead of an announcement by the Federal Reserve on interest rates scheduled for Wednesday afternoon.

No one expects the Federal Reserve to change its main interest rate at this meeting. But traders are anxious about what Fed Chair Jerome Powell may say about the rest of the year.

GE Healthcare Technologies tumbled 14.3% after it reported weaker results and revenue for the latest quarter than analysts expected. F5 dropped 9.2% despite reporting a better profit than expected.

McDonald’s slipped 0.2% after its profit for the latest quarter came up just shy of analysts’ expectations. It was hurt by weakening sales trends at its franchised stores overseas, in part by boycotts from Muslim-majority markets over the company’s perceived support of Israel.

Helping to keep the market’s losses in check was 3M, which rose 4.7% after reporting stronger results and revenue than forecast. Eli Lilly climbed 6% after turning in a better profit than expected on strong sales of its Mounjaro and Zepbound drugs for diabetes and obesity. It also raised its forecasts for revenue and profit for the full year.

Stocks of cannabis companies also soared after The Associated Press reported the U.S. Drug Enforcement Administration will move to reclassify marijuana as a less-dangerous drug in a historic shift. Cannabis producer Tilray Brands jumped 39.5%.

The earnings reporting season has largely been better than expected so far. Not only have the tech companies that dominate Wall Street done well, so have companies across a range of industries.

In the bond market, the yield on the 10-year Treasury rose to 4.67% from 4.61%.

Benchmark U.S. crude fell 76 cents to $81.17 a barrel. Brent crude, the international standard, lost 72 cents to $86.51 a barrel.

In currency trading, the euro cost $1.0658, down from $1.0663.

A person passes the New York Stock Exchange on Tuesday, April 30, 2024 in New York. Global shares are trading mostly higher as investors keep their eyes on potentially market-moving reports expected later this week. (AP Photo/Peter Morgan)

A person looks at an electronic stock board showing Japan's stock prices at a securities firm Tuesday, April 30, 2024, in Tokyo. Asian shares mostly rose Tuesday, as investors kept their eyes on potentially market-moving reports expected later this week. (AP Photo/Eugene Hoshiko)

A window cleaner works along the window of at a securities firm building Tuesday, April 30, 2024, in Tokyo. Japanese characters read as "securities." (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan Yen/U.S. dollar exchange rate at a securities firm Tuesday, April 30, 2024, in Tokyo. Asian shares mostly rose Tuesday, as investors kept their eyes on potentially market-moving reports expected later this week. (AP Photo/Eugene Hoshiko)

A person stands in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Tuesday, April 30, 2024, in Tokyo. Asian shares mostly rose Tuesday, as investors kept their eyes on potentially market-moving reports expected later this week. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Tuesday, April 30, 2024, in Tokyo. Asian shares mostly rose Tuesday, as investors kept their eyes on potentially market-moving reports expected later this week. (AP Photo/Eugene Hoshiko)

People pass by an electronic stock board showing Japan's Nikkei 225 index, left, and U.dollar/Japanese yen conversion rate at a securities firm Tuesday, April 30, 2024, in Tokyo. Asian shares mostly rose Tuesday, as investors kept their eyes on potentially market-moving reports expected later this week.(AP Photo/Eugene Hoshiko)

People stand in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Tuesday, April 30, 2024, in Tokyo. Asian shares mostly rose Tuesday, as investors kept their eyes on potentially market-moving reports expected later this week.(AP Photo/Eugene Hoshiko)

WASHINGTON (AP) — Byron Buxton hit two homer and drove in three runs, Joe Ryan pitched seven scoreless innings and the Minnesota Twins halted a seven-game losing streak with a 10-0 victory over the Washington Nationals on Tuesday night.

Jose Miranda added a two-run homer as the Twins scored eight runs off Nationals left-hander Patrick Corbin (1-5). Willi Castro added a two-run shot off reliever Jacob Barnes as Minnesota responded following a players-only meeting after Monday night's 12-3 loss in the series opener.

Overall, the Twins scored more runs in the game than in the first six games of their skid combined.

Corbin allowed nine hits and three walks, and all of his season-worst eight runs allowed were earned.

Jacob Young had two of Washington's three hits as the Nationals were shut out for the third time in seven games. The loss came a day after snapping their own five-game losing streak.

Buxton has had hits in all three of his starts in his return after missing 14 games due to right knee inflammation.

He opened Tuesday's scoring in the second when he took Corbin's 0-1 offering the opposite way for a solo shot. In the fifth, he drove a two-run homer, his third of the season, slightly closer to dead center to stretch Minnesota's advantage to 6-0.

That was more than enough support for Ryan (3-3), who allowed three hits and two walks in his first scoreless outing since June of last season.

Both free passes came in Ryan's final inning, marking just the second time a Nationals runner reached scoring position. He got out of the inning by fanning Joey Gallo for his sixth strikeout.

TRAINERS ROOM

Twins: 3B/SS Royce Lewis (right quad strain) ran the bases on Monday for the first time since going on the 10-day injured list in late March. ... RHP Josh Winder (scapular stress fracture) was slated continue his rehab assignment by throwing two-plus innings for Triple-A St. Paul on Tuesday and Friday. He's allowed eight runs — seven earned — in his first five rehab outings.

Nationals: OF Lane Thomas (left knee sprain) went 0 for 3 and stole a base in his first rehab game Tuesday for Double-A Harrisburg. He will play again on Wednesday.

UP NEXT

Nationals RHP Jake Irvin (2-4, 3.91 ERA), a Twin Cities area native and former Twins draft selection in high school, pitches for the first time against Minnesota, which sends rookie RHP Simeon Woods Richardson (1-0, 2.97 ERA).

AP MLB: https://apnews.com/hub/mlb

Minnesota Twins starting pitcher Joe Ryan throws to a Washington Nationals batter during the second inning of a baseball game Tuesday, May 21, 2024, in Washington. (AP Photo/Nick Wass)

Minnesota Twins' Byron Buxton hits a home run against the Washington Nationals during the second inning of a baseball game Tuesday, May 21, 2024, in Washington. (AP Photo/Nick Wass)

Minnesota Twins' Carlos Correa runs to third on his triple against the Washington Nationals during the first inning of a baseball game Tuesday, May 21, 2024, in Washington. (AP Photo/Nick Wass)

Minnesota Twins' Byron Buxton celebrates his home run against the Washington Nationals during the second inning of a baseball game Tuesday, May 21, 2024, in Washington. (AP Photo/Nick Wass)

Washington Nationals starting pitcher Patrick Corbin throws to a Minnesota Twins batter during the fifth inning of a baseball game Tuesday, May 21, 2024, in Washington. (AP Photo/Nick Wass)

Minnesota Twins' Byron Buxton celebrates his two-run home run against the Washington Nationals during the fifth inning of a baseball game Tuesday, May 21, 2024, in Washington. (AP Photo/Nick Wass)

Minnesota Twins starting pitcher Joe Ryan throws to a Washington Nationals batter during the fifth inning of a baseball game Tuesday, May 21, 2024, in Washington. (AP Photo/Nick Wass)

Minnesota Twins' Byron Buxton celebrates his two-run home run against the Washington Nationals during the fifth inning of a baseball game Tuesday, May 21, 2024, in Washington. (AP Photo/Nick Wass)