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Stock market today: Asian shares track Wall Street slump triggered by strong US spending data | Elaine Kurtenbach / AP Business Writer

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Asian shares skidded Tuesday following a slump on Wall Street after higher yields in the U.S. bond market cranked up pressure on stocks. The Shanghai Composite index lost 1.7% to 3,007.07 even though the Chinese government reported that the economy grew at a surprisingly fast 5.

Asian shares skidded Tuesday following a slump on Wall Street after higher yields in the U.S. bond market cranked up pressure on stocks.

Stocks had been solidly higher earlier in the day, as oil prices eased with hopes that international efforts to in the Middle East may help. But Treasury yields also spurted upward following the latest report on the U.S. But strong reports like Monday’s, which showed U.S. shoppers increased their spending at retailers last month by more than expected, have traders broadly forecasting just one or two cuts to rates this year, according to data from CME Group. That’s down from expectations for at the start of this year. Some traders are bracing for potentially no cuts because inflation and the overall economy have remained stubbornly above forecasts this year.

Microsoft, for example, swung from an early gain of 1.2% to its loss in the afternoon and was the second-largest force weighing on the S&P 500.

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