Stocks Decline on Fed Rate Outlook; Oil Rises on OPEC Cuts
• Treasuries slipped as a Fed official said recent US economic data may delay expected interest rate cuts this year; Japanese stocks dragged Asian equities lower • An Asia-Pacific equity gauge declined, with Japanese shares performing worst as they traded ex-dividend; Australian stocks hit a fresh record high • The yen steadied after pulling back from its lowest level against the dollar since 1990; the BOJ discussed being cautious about further rate hikes • Oil prices climbed, heading for a solid quarterly gain on expectations OPEC+ supply cuts would tighten the market • After the S&P 500's 25% surge since October, some have warned momentum stocks are vulnerable to profit taking if positions unwind