U.S. stock futures edged higher overnight, but stock markets in Asia traded sharply lower Thursday after another day of wild volatility on Wall Street Wednesday.
Dow futures were up 75 points, or 0.31% to 24,045 just before 11 p.m. Eastern. S&P futures gained 0.32% and Nasdaq futures were 0.28% higher. Gold futures remained strong, adding 0.80, or 0.06% to 1,319.80. Crude oil futures sank 1% to 60.54.
In Tokyo, the Nikkei 225 Average was off more than 700 points, or 3.22%, to 21,185.76 and in Hong Kong, the Hang Seng was down 1,164.36 points, or 3.82%, to 29,286.91. Shanghai's Composite Index was the biggest percentage loser, falling more than 4.59% to 3,112.37.
In New York Thursday, Feb. 8, stocks finished sharply lower, following three days of intense volatility and rising bond yields. The Dow Jones Industrial Average finished down 1,032 points, or 4.15%, to 23,860. The S&P 500 declined 3.75%, while the Nasdaq slid 3.90%.
Like last week, bond yields were trading near multi-year highs. The U.S. 10-year Treasury bond was yielding 2.849% on Thursday; the yield's four-year high is 2.885%.
New York Federal Reserve President William Dudley called the decline in stocks "small potatoes" in an interview with Bloomberg News, and reiterated that three rate hikes in 2018 remained a reasonable forecast.
A report in the South China Morning Post on Thursday noted "Chinese investors' favorite large-cap stocks have succumbed to the turmoil in global stock markets."
After defying the sell-off to rise to a more than two-year high on Monday, the SSE 50 Index, a gauge of the 50 most valuable companies on the Shanghai exchange, has run out of steam, falling 2.8% on Thursday, adding to a loss of 6.5%. This has set the measure on course for its steepest weekly decline in two years, the SCMP reported.