People stand near an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, Aug. 17, 2023, in Tokyo. Asian stocks followed Wall Street lower Thursday after notes from a U.S. Federal Reserve meeting dented hopes interest rate hikes are finished. – Asian stocks followed Wall Street lower Thursday after notes from a U.S. Federal Reserve meeting dented hopes interest rate hikes are finished.Wall Street's benchmark S&P 500 lost 0.
The bond market is drawing money out of stocks as rising interest rates increased the yield, or the difference between the price and the payout at maturity. Wall Street has retrenched this month on such concerns and expectations interest rates might stay high for longer than expected.
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