Stock market today: Asian shares track Wall Street slump triggered by strong US spending data
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Asian shares skidded following a slump on Wall Street after higher yields in the U.S. bond market cranked up pressure on stocks. The Shanghai Composite index lost 1.7% to 3,007.07. The Hang Seng in Hong Kong lost 2.1% to 16,248.97. Tokyo's Nikkei 225 fell 1.9% to 38,471.20. Taiwan's Taiex led the regional decline, falling 2.7%. In South Korea, the Kospi declined 2.3% to 2,609.63, while Australia's S&P/ASX 200 fell 1.8% to 7,612.50. On Monday, the S&P 500 tumbled 1.2% to 5,061.82, following up on its 1.6% loss from last week. The Dow Jones Industrial Average dropped 0.7% to 37,735.11, and the Nasdaq composite slumped 1.8% to 15,885.02. The slump was triggered by strong US spending data, which raised hopes for growing profits at companies but also hurt prospects for easier interest rates from the Federal Reserve. Traders are now broadly forecasting just one or two cuts to rates this year, down from expectations for six or more cuts at the start of this year. High interest rates and bond yields hurt prices for all kinds of investments, particularly those that look expensive or those that compete for the same kinds of investors as bonds do. Big Tech stocks like Apple, Nvidia, and Microsoft felt pressure when yields are rising. In the oil market, a barrel of U.S. crude for May delivery slipped 10 cents to $85.31 per barrel. Brent crude, the international standard, shed 8 cents to $90.02 per barrel.

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https://abcnews.go.com/US/wireStory/stock-market-today-asian-shares-track-wall-street-109293273