Stock market today: Asian benchmarks are mixed while US seems committed to current rates

Asian shares are trading mixed after most U.S. stocks slipped on firmer expectations that the Fed is committed to its current rate practices. Shares fell in Tokyo and Hong Kong in Wednesday afternoon trading, while being little changed in Seoul and Sydney. Shares rose in Shanghai. On Wall Street, the S&P 500 fell 0.2%, the Dow Jones Industrial Average rose 0.2%, and the Nasdaq composite fell 0.1%. Federal Reserve Chair Jerome Powell said the Fed may not cut interest rates for a while because it needs more confidence inflation is subsiding. The two-year Treasury yield rose more than 4.9% from the previous day.