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Stock market today: Asian shares are sharply lower, tracking a rates-driven tumble on Wall Street

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Asian markets are trading sharply lower after Wall Street tumbled as it focused on the downside of a surprisingly strong job market: the likelihood that interest rates will stay high.

Stock market today: Wall Street wraps its miserable September with another weak finish

Stocks fell after a report showed U.S. employers have many more job openings than expected. Expectations that interest rates will stay high are pressuring stocks as Treasury yields rise in the bond market. The 10-year Treasury yield climbed Tuesday to 4.79% from 4.69% late Monday and from just 0.50% early in the pandemic. It touched its highest level since 2007.

Investors increasingly are taking the Federal Reserve at its word that it will keep its main interest rate high for a long time in order to drive down inflation.its federal funds rate to the highest level since 2001, and it indicated last month it may keep the rate higher in 2024 than it earlier expected.

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