Stock market today: Asian shares fall, tracking a decline on Wall St on fears rates may stay high
Shares are lower in Asia after a decline on Wall Street, where strong economic data revived worries that the Federal Reserve might keep interest rates high for longer than hoped
Shares fell in Asia on Thursday after a decline on Wall Street, where strong economic data revived worries that the Federal Reserve might keep interest rates high for longer than investors had been hoping.
Hong Kong's Hang Seng, which has bounced this week on news about Chinese policy changes for the property sector, declined on selling of tech shares. It fell 0.8% to 18,313.73.
The Shanghai Composite index lost 0.3% to 3,148.52, while Tokyo's Nikkei 225 edged 0.1% lower, to 33,200.85.
In Seoul, the Kospi sank 0.7% to 2,544.71. Australia's S&P/ASX 200 was off 1.1% at 7,176.70.
Shares in most other regional markets fell.
On Wednesday, the S&P 500 dropped 0.7%, closing at 4,465.48. The Dow Jones Industrial Average shed 0.6% to 34,443.19, and the Nasdaq gave back 1.1% to 13,872.47.
Big technology stocks were among the biggest drags on the market. Apple fell 3.6% and Nvidia dropped 3.1%.
But several companies made big moves after reporting earnings and other updates. AeroVironment jumped 20.7% after the maker of unmanned aircrafts raised its sales forecast for the year. Roku rose 2.9% after giving investors an encouraging financial update and saying it would cut 10% of its staff.
The latest pullback in stocks came as Treasury yields climbed following data showing the U.S. services sector remains strong.
The Institute for Supply Management’s latest survey showed that the sector, which employs most Americans, grew at a faster pace than economists expected in August. The sector is among the biggest pieces of the U.S. economy and it has remained
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