[MARKET UPDATE] Asia-Pac stocks begin mixed following the similar performance stateside where the Dow extended on record levels, but the Nasdaq underperformed amid weakness in communication stocks, while the tech sector drags and tariff tensions resurface

A Dow-versus-Nasdaq split of this kind is the familiar value-over-growth rotation: episodes where record levels in the old-economy benchmark coincide with underperformance in megacap tech and communication names have typically flagged positioning crowding in the growth complex rather than a deterioration in the broader tape, and Asia-Pac sessions inheriting that handoff have tended to trade mixed and sector-divergent rather than directionally weak. The resurfacing of tariff language is the element that converts an internal rotation story into a cross-asset one; in comparable phases, tariff headlines have transmitted through the export-heavy Asian indices and the cyclical FX bloc first, with the dollar's haven bid and commodity curves responding only when rhetoric firms into dated measures. The distinction worth drawing is between tariff talk as negotiating noise, which has historically faded within sessions, and tariff schedules with implementation dates, which have sustained risk premia in trade-exposed currencies and industrials. Worth watching is whether the communication and tech weakness broadens into semiconductors and the wider growth factor, since narrow weakness confined to a few platform names has usually been idiosyncratic rather than regime-shifting. As a session wrap rather than a discrete catalyst, the signal is tonal.