US, Asian stock markets mixed following Fed rate hike  

Asian stock markets were mixed today after the Federal Reserve raised its benchmark lending rate again, according to the Associated Press. Shanghai and Hong Kong advanced, while Seoul and Sydney declined. Japanese markets were closed for a holiday. 

On Wall Street, the S&P 500 fell to 4,090.75. The Dow Jones Industrial Average lost 0.8% to 33,414.24, and the Nasdaq composite slipped 0.5% to 12,025.33.  

Traders expect a U.S. recession this year as the Fed and other central banks in Europe and Asia try to extinguish inflation that was near multidecade highs. They also worry industry turmoil might prompt banks to reduce lending, worsening downward pressure on economic activity.   

PacWest Bancorp sank 2% after being up earlier in the day but plunged another 52.5% in after-hours trading. It and other similar lenders have large amounts of uninsured deposits that have become a liability. Western Alliance Bancorp fell 4.4%.