Stock market today: Asian shares mostly decline after Wall Street drops on higher bond yields

A currency trader passes by the screens showing the Korea Composite Stock Price Index , top left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Aug. 18, 2023. – Asian shares mostly slipped Friday as rising yields in the bond market on Wall Street set off expectations that high interest rates would continue in the U.S.

Also on investors' minds is what appears to be China's shaky recovery from the negative economic effects of the coronavirus pandemic. The losses were widespread. Some of the hardest hit were high-growth stocks seen as the most vulnerable to higher interest rates. Meta Platforms sank 3.1% and Tesla dropped 2.8%. Apple fell 1.5% and was the heaviest weight on the S&P 500.

Higher yields are good for bond investors, who get fatter payouts for their investments. But it hurts stock prices because investors are suddenly less inclined to pay high prices for investments that aren't as steady as bonds. Other strong economic data recently, including a report showing an acceleration in sales growth at U.S. retailers, mean the Fed could hike interest rates again at some point, he said. Hopes had been rising on Wall Street that the Fed could be done after it raised its main rate last month to the highest level in more than two decades.

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