Stock market today: Asian shares mostly lower, tracking Wall Street retreat

Shares are mostly lower in Asia after Wall Street benchmarks retreated following the S&P 500's rise to its highest level since the spring of last year. Tokyo edged higher but other markets declined. U.S. futures were little changed and oil prices rose. The S&P 500 fell 0.5% Tuesday. The Dow lost 0.7% and the Nasdaq composite gave back 0.2%. The U.S. stock market took a step back after rising on hopes the economy can avoid a recession and inflation is easing enough for the Federal Reserve to stop raising interest rates soon. Critics say the Fed may have to keep rates higher for longer, which would pressure the economy.