Stock market today: Asian shares mostly decline after Wall Street drop on rate cut concerns

Asian shares are mostly declining after a Federal Reserve official said the central bank might not deliver any of the cuts to interest rates this year that Wall Street has been counting on. Benchmarks fell in Tokyo, Sydney and Seoul and was little changed in Hong Kong. On Wall Street, the S&P 500 dropped 1.2% Thursday for its worst day since February. The Dow swung 1.4% lower, and the Nasdaq composite lost 1.4%. Markets were already unsettled before Minneapolis Fed President Neel Kashkari expressed concern about inflation. Friday’s U.S. jobs report could shake the market further.