US futures edge up after Asian stocks plunge despite Fed chair Jay Powell’s dovish comments

US futures edge up after Asian stocks plunge despite Fed chair Jay Powell’s dovish comments

US stock futures were mostly steady on Wednesday, edging modestly higher after Federal Reserve chairman Jay Powell soothed markets the day before, after stocks tumbled at the start of the week due to worries that rising bond yields could dent the recent rally.

Yet those stock-market jitters hit Asia hard overnight, with equities in China and Hong Kong plunging, as technology firms took a battering.

S&P 500 futures were just 0.02% lower, Nasdaq futures were also down 0.02%, and Dow Jones futures were off by 0.07%.

Overnight in Asia, China's CSI 300 slid 2.55% while Hong Kong's Hang Seng index plunged 2.99%. The Hang Seng tech index - which features big names like Tencent and JD.com - sank 5.1%.

Europe's Stoxx 600 rose 0.13% in morning trading on Wednesday while the UK's FTSE 100 fell 0.36%.

Global stocks have pulled back from record highs in recent days, as rising bond yields and inflation expectations have weighed on investor optimism. Higher yields increase borrowing costs and can make stocks look less attractive - especially fast-growing companies that have not yet turned a profit.

Yet many analysts have said the pull-back from record highs is to be expected given the huge surge in big tech stocks such as