Asian stocks looked set for a choppy start Tuesday after U.S. shares wiped out a 4% rout to close higher in a wild session roiled by concerns over Federal Reserve policy tightening and geopolitical tension.
Futures for Japan, Australia and Hong Kong pointed lower earlier. Dip buyers left the S&P 500 and Nasdaq 100 in the green amid high volumes, a breathtaking turnaround of a U.S. selloff that at one point rivaled any of the last two years.
Treasuries were mixed and the yield curve steepened. An auction of two-year notes attracted the strongest demand since February 2020. Oil slid in New York.
The prospect of a Fed interest-rate hiking cycle and balance-sheet reduction to tackle inflation is rattling markets. Escalating U.S.-Russia tension over Ukraine has also encouraged demand for havens. A gauge of the dollar rose.
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