Stock futures slid Wednesday, with traders fretting over the possibility of a recession as the Federal Reserve could raise rates for longer than expected.
Futures for the Dow Jones Industrials dropped 160 points, or 0.5%, early Wednesday to 33,473.
Futures for the S&P 500 dwindled 27.75 points, or 1.1%, to 3,917.25.
Futures for the NASDAQ Composite faltered 124 points, or 0.2%, to 11,442.
Investors have been losing hope that the Fed will be able to engineer a so-called soft landing that successfully tamps down inflation through higher rates and also avoids a recession. Instead, concerns are swirling around the state of the economy and the likelihood of a downturn in 2023.
Investors await more economic data this week for clues on what to expect from the Fed. Mortgage loan application data showed a decline last week despite a fall in rates.
The tail end of earnings season continues with reports from Campbell Soup and GameStop.
In Japan, the Nikkei 225 declined 0.7% Wednesday, while in Hong Kong, the Hang Seng Index swooned 3.2%.
Oil prices gained 18 cents to $74.43 U.S. a barrel.
Gold prices picked up $1.90 to $1,784.30 U.S. an ounce.