Overview

• The Dow industrials fell 349.27 points to 45,282.47 on Aug. 25 in a nearly broad-based retreat.
• The Nasdaq Composite slipped 47.24 points to 21,449.29 as buying cooled after recent gains.
• Fed Chair Jerome Powell signaled the possibility of interest-rate cuts on Aug. 22, which had driven stocks to record territory earlier.
• The yen strengthened into the low ¥147 per dollar range in Tokyo, with a 03:00 JST quote at ¥147.54–¥147.58, about ¥0.21 firmer versus the prior day.
• BOJ Governor Kazuo Ueda’s remarks on persistent wage pressures bolstered expectations for additional BOJ tightening, while traders cited a lack of fresh catalysts and caution over high prices.