Stock market today: Asian shares drop after Wall Street sinks on rate worries
Asian shares are mostly declining after Wall Street broke its record-breaking run-up
TOKYO — Asian shares mostly declined Wednesday after Wall Street broke its record-breaking bull run with its worst day in weeks.
Japan's benchmark Nikkei 225 slid 0.8% in morning trading to 39,511.88. Sydney's S&P/ASX 200 slipped 1.3% to 7,782.50. South Korea's Kospi dropped 1.4% to 2,714.18. Hong Kong's Hang Seng lost 1.1% to 16,753.82, while the Shanghai Composite fell 0.2% to 3,070.04.
Analysts said worries were growing that anxieties that rattled Wall Street might spread to Asia, despite recent relatively positive economic signs from China.
“Investors are grappling with the possibility that this turbulence could mark the beginning of a more significant correction in the markets,” said Stephen Innes, managing partner at SPI Asset Management.
China has set an ambitious target of around 5% economic growth this year, seeking to move past recent troubles in the property sector and the lingering effects of pandemic-era disruptions.
On Wall Street, the S&P 500 fell 37.96 points, or 0.7%, to 5,205.81 for its worst day in four weeks. It was its second straight drop after setting an all-time high to close last week.
Other indexes did worse. The Dow Jones Industrial Average lost 396.61 points, or 1%, to 39,170.24 and likewise pulled further from its record. The Nasdaq composite fell 156.38, or 1%, to 16,240.45, and the small stocks in the Russell 2000 index tumbled 1.8%.
Health insurance companies led the market lower on worries about their upcoming profits after the U.S. government announced lower-than-expected rates for Medicare Advantage. Humana tumbled 13.4%. Meanwhile, Tesla dropped 4.9% after delivering fewer vehicles for the start of
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