- US equity futures rose, as strong earnings from Google parent Alphabet Inc. and an upbeat outlook from Microsoft Corp. helped alleviate some of the market's overall scepticism.
- The tech-heavy Nasdaq 100 futures gained more than 1%, while the S&P 500 futures gained more than 0.5%. Microsoft surged in extended trading on the back of a strong sales forecast, while Alphabet's revenues allayed investors' worst fears.
- Still, the mood is tense ahead of a much-anticipated federal reserve interest-rate increase, part of a global wave of monetary tightening to combat inflation, which is fueling fears of a global economic slowdown.
- Asian shares fell amid falls in Hong Kong and China, mirroring a similar drop in US stocks on Tuesday before earnings lifted spirits after the bell. Bond yields and the Australian currency fell as inflation fell short of expectations.
- Treasury yields were little changed as traders braced for the widely anticipated 75 basis-point Fed rate hike later Wednesday. The dollar fell, oil was around $95 per barrel, and bitcoin briefly surpassed $21,000.