Stock market today: Asian shares drop after Wall Street sinks on rate worries

Asian shares are mostly declining after Wall Street broke its record-breaking run-up. Benchmarks dropped in Wednesday afternoon trading in Tokyo, Sydney, Seoul, Hong Kong and Shanghai. Analysts say the worries that rattled Wall Street may spread to Asia. The S&P 500 fell 0.7%, the Dow Jones Industrial Average lost 1%, and the Nasdaq composite gave back 1%, as expectations grew that the Federal Reserve may cut interest rates fewer times than expected this year. Concerns have also grown that the U.S. stock market had become too expensive after leaping since late October.