Stock market today: Asian markets retreat after data dash hopes that a US rate cut is imminent

Asian markets have retreated after a mixed batch of data on the U.S. economy dashed hopes that easier interest rates are coming soon. Hong Kong's benchmark fell nearly 2%. Oil prices and U.S. futures fell. On Thursday, the S&P 500 fell 0.3% and the Dow Jones Industrial Average lost 0.4%. The Nasdaq composite fell 0.3%. The latest data showed that inflation remains worse than expected. That suggests that the Federal Reserve might not begin cutting interest rates this month. But traders still largely expect cuts to start in June, and other reports on Thursday showed some softening in price pressures in the U.S.