Stock market today: Asian shares mostly decline after Wall Street drops on higher bond yields

Also on investors’ minds is what appears to be China’s shaky recovery from the negative economic effects of the coronavirus pandemic.

The Dow Jones Industrial Average dropped 290.91 points, or 0.8%, to 34,474.83, and the Nasdaq composite fell 157.70, or 1.2%, to 13,316.93. The 10-year Treasury, which is the centerpiece of the bond market, is now yielding 4.28% after touching its highest level since October. Higher yields also mean borrowers have to pay more to get cash, which can crimp corporate profits and cause unforeseen things to break in the system, like the three high-profile U.S. bank failures that shook markets this spring.The average rate on a 30-year mortgage hit its highest level this week in more than 20 years.

Other strong economic data recently, including a report showing an acceleration in sales growth at U.S. retailers, mean the Fed could hike interest rates again at some point, he said. Hopes had been rising on Wall Street that the Fed could be done after it raised its main rate last month to the highest level in more than two decades.

A stronger economy would burn more fuel, and oil prices rose Thursday to recover some of their slide from earlier in the week. That helped propel stocks of energy producers to some of the rare gains within the S&P 500. Exxon Mobil rose 1.9% and ConocoPhillips gained 1.8%.

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