Asian shares slip in early trade after US declines

Asian stocks slipped early Friday, after shares on Wall Street fell amid uncertainty about current economic conditions.

Japan’s benchmark Nikkei 225 stock average was down 1.2 percent at 9574.44, on track for its second straight decline.

South Korea’s Kospi fell 0.56 percent to 1761.50, while the S&P/ASK in Australia slipped 0.88 percent to 4,484.10.

In New York on Thursday, the Dow Jones industrial average ended down 30.72, or 0.3 percent, at 10,467.16. The Dow has fallen 70 points over its last two session, but is still up 7.1 percent for July.

Several companies reported strong earnings, including Southwest Airlines Co., ExxonMobil Corp., but many in the market were put off by a job report showing many in the U.S. are still unemployed.

The Labor Department said initial claims for unemployment benefits dropped by a modest 11,000 to 457,000 last week, and investors were disappointed at the small drop.

The broader Standard & Poor’s 500 index fell 4.60, or 0.4 percent, to 1,101.53, while the tech-heavy Nasdaq composite index fell 12.87, or 0.6 percent,to 2,251.69.