Stock market today: Global shares decline as higher Treasury yields weigh on stocks

FILE - A person stands in front of an electronic stock board showing Japan's Nikkei index at a securities firm in Tokyo, on May 28, 2024. Asian shares were mostly lower Wednesday, May 29, 2024, after a mixed session on Wall Street following a three-day holiday weekend.– Shares retreated Wednesday in Europe and Asia as a rise in bond yields added to pressure on stocks.

Strong spending by U.S. consumers has been one of the main reasons the economy has managed to defy predictions of a recession, at least so far, but someThe Fed has been holding the federal funds rate at the highest level in more than two decades in hopes of grinding down on the economy and investment prices enough to get high inflation fully under control. If it leaves rates too high for too long, it could kneecap the job market and overall economy.

This week has several reports that could sway the Fed’s thinking, beyond Tuesday's on confidence among consumers.

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