Stock market today: Asian stocks are mixed after Wall Street slips to its worst loss in 4 months

Asian shares are mixed after Wall Street fell to its worst loss since September as the Federal Reserve indicated cuts to interest rates are not imminent. U.S. futures and oil prices rose. Hong Kong's Hang Seng advanced, but ceded much of its early gains. On Wednesday, the S&P 500 lost 1.6% and the Nasdaq composite fell 2.2%. The Dow fell 0.8%. Alphabet was one of the market’s heaviest weights after analysts pointed to some concerning trends in how much it’s earning from advertising. Microsoft fell despite delivering stronger profit and revenue than expected. Fed Chair Jerome Powell said cuts to rates may be likely this year, but not as soon as traders hoped.