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Stock market today: Asian shares track Wall Street's slide on worries over interest rates

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Asian shares have retreated after strong reports on the U.S. economy raised the possibility that interest rates may stay painfully high. U.S. futures edged higher and oil prices also rose. On Thursday, the S&P 500 fell 0.7% and pulled further from its record set earlier this week.

A person walks in front of an electronic stock board showing Japan’s Nikkei and New York Dow indexes at a securities firm Friday, May 24, 2024, in Tokyo. People stand in front of an electronic stock board showing Japan’s Nikkei 225 index at a securities firm Friday, May 24, 2024, in Tokyo. A person walks in front of an electronic stock board showing Japan’s Nikkei 225 index at a securities firm Friday, May 24, 2024, in Tokyo.

The S&P 500 fell 0.7% to 5,267.84 in its sharpest drop since Apri. The Dow Jones Industrial Average dropped 1.5% t 39,065.26, and the Nasdaq composite slipped 0.4% to 16,736.03. VF Corp., the company behind The North Face, Vans, Timberland and other brands, fell 2.9% after reporting a loss for the latest quarter, along with weaker revenue than analysts expected.

Nvidia also increased its dividend as its CEO, Jensen Huang, touted how “the next industrial revolution has begun.”

 

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