On Wall Street, the S&P 500 fell to 4,090.75. New Zealand and Southeast Asian markets also declined. The Shanghai Composite Index rose 0.5% to 3,340.28 and the Hang Seng in Hong Kong surged 1.1% to 19,924.15. “The key takeaway, in my view, is that we are likely at or very near the end of the rate hike cycle,” said Kristina Hooper of Invesco in a report. The Fed's statement dropped a reference to “additional policy firming” but stopped short of declaring an end to rate hikes. Wall Street's benchmark S&P 500 index fell 0.7% on Wednesday after the Fed announced a 0.25 percentage point increase in its lending rate.

Markets: Asian stock markets were mixed Thursday after the Federal Reserve raised its benchmark lending rate again to cool inflation and said it isn't sure what may come next. dollar and South Korean won, top right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, May 4, 2023. Ahn Young-joon/AP Show More Show Less 2 of8 Currency traders watch monitors near the screens showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S.

1 of8 A currency trader works near the screens showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S.

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