Stock market today: Asian shares track Wall Street’s slide on worries over interest rates

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Asian shares retreated Friday after strong reports on the U.S. economy raised the possibility of interest rates staying painfully high. U.S. futures edged

Asian shares retreated Friday after strong reports on the U.S. economy raised the possibility of interest rates staying painfully high.Japan’s Nikkei 225 index lost 1.2% to 38,646.11 and the Hang Seng in Hong Kong fell 1.5% to 18,589.89.

Treasury yields cranked up the pressure following the stronger-than-expected reports on the U.S. economy, which forced traders to rethink bets about when the Federal Reserve could offer relief to financial markets through lower interest rates. The Fed is trying to pull off the difficult feat of slowing the economy enough through high rates to get inflation back to 2% but not so much that it forces a painful recession. It’s been holding its main interest rate at the highest level in more than two decades to do so, and Wall Street is itching for some easing.

The sharpest single drop within the S&P 500 came from Live Nation Entertainment, which tumbled 7.8% after the Justice Department accused it and its Ticketmaster business of running an illegal monopoly over live events in the country. Nvidia also increased its dividend as its CEO, Jensen Huang, touted how “the next industrial revolution has begun.”

 

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