Stock market today: Asia follows Wall Street lower after Fed's notes dent hopes of rate hikes ending

The Shanghai Composite Index held steady at 3,150.29 while the Nikkei 225 in Tokyo retreated 0.4% to 31,652.76 after being down more than 1%. The Hang Seng in Hong Kong was off 0.1% at 18,308.06, recovering from a loss of more than 2% in early trading.India’s Sensex opened down 0.3% at 65,324.26. Bangkok gained while New Zealand and other Southeast Asian markets retreated.The Dow Jones Industrial Average lost 0.5%, to 34,765.74. The Nasdaq composite dropped 1.1% to 13,474.63.

Yields widened further following the release of Fed notes increased expectations of another possible rate hike. When safer bonds are paying higher returns, investors often feel less incentive to buy stocks, whose prices are more volatile. Wall Street has retrenched this month on such concerns and expectations interest rates might stay high for longer than expected.

The yield on the 10-year Treasury rose to 4.26% from 4.22% late Tuesday. It is once again close to where it was when the 2007-09 Great Recession sent interest rates crashing. The 10-year yield helps set rates for mortgages and other important loans.

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