Asian markets fell in early trading Thursday, following the Fed’s first interest-rate cut in more than a decade.

Stocks slid on Wall Street after the Fed cut interest rates by 25 basis points and failed to clearly signal whether more cuts were on the horizon.

Meanwhile, trade negotiations between the U.S. and China concluded in Shanghai, with no major breakthrough. China did agree to buy more U.S. agricultural products, and the White House said talks are expected to continue in Washington in September. The ongoing trade war has hurt China economy, though a report Thursday found China’s factory activity improved slightly in June, though it was still in contraction.

Japan’s Nikkei NIK, +0.50% was flat, while Hong Kong’s Hang Seng Index HSI, -0.32% and the Shanghai Composite SHCOMP, -0.11% each fell about 0.7%. South Korea’s Kospi 180721, +0.26% was flat, while benchmark indexes in Taiwan Y9999, -0.25% , Singapore STI, +0.87% and Indonesia JAKIDX, +2.12% posted modest losses. Australia’s S&P/ASX 200 XJO, +1.51% slipped 0.2%.

Among individual stocks, electronics manufacturer TDK 6762, -0.26% surged in Tokyo trading along with Nintendo 7974, -0.33% and Mitsubishi UFJ 8306, +0.98% . In Hong Kong, casino operator Galaxy Entertainment 27, -0.47% fell, as did AIA Group 1299, +1.30% . SK Hynix 000660, -1.66% rose in South Korea while Samsung 005930, +0.17% fell slightly. BHP BHP, +1.86% and Rio Tinto RIO, +0.83% declined in Australia.

On Wall Street, the S&P 500 index SPX, +1.59% had its worst day in two months, falling 1.1% to 2,980.38. The index had hit an all-time high on Friday. The Dow Jones Industrial Average DJIA, +1.33% lost 1.2% to 26,864.27. The Nasdaq composite COMP, +2.26% fell 1.2% to 8,175.42.

The Fed hopes the rate cut will counter threats to the U.S. economy ranging from uncertainties caused by the nation’s trade disputes to chronically low inflation and a dimming global growth outlook.

Fed officials had signaled their readiness to take action to help shore up the U.S. growth, which faces threats from a tariff war with China.

Wednesday’s cut was the first since December 2008 during the global financial crisis, when the Fed slashed its rate to a record low near zero and kept it there until 2015. After that, the Fed went on to make nine quarter-point rate increases from December 2015 to December 2018.

The 10-year Treasury yield fell to 2.01% from 2.06% late Tuesday, a big move. The two-year yield, which is more influenced by the Fed’s movements, rose sharply to 1.86% from 1.83%.

Benchmark U.S. crude US:CLU19 fell 68 cents to $57.90 in electronic trading on the New York Mercantile Exchange. The contract gained 53 cents on Wednesday to close at $58.58. Brent crude UK:BRNV19 , used to price international oils, lost 70 cents to $64.53 per barrel in London. It rose 42 cents the previous session to $65.05.