Asian markets were cautious as investors braced for the biggest Federal Reserve interest rate-hike since 2000 and awaited more clues on how pugnaciously it will tackle inflation.
S&P 500 and Nasdaq 100 contracts pushed higher after a second straight daily advance in U.S. shares during a choppy Tue. Stocks wavered in Asia amid a slide in Chinese technology firms in Hong Kong. Japan and China are closed.
Half-point Fed moves are fully priced in by swaps traders for June, July and September -- the most aggressive trajectory in three decades. Any indications that a bigger, 75-basis-point increase is a possibility could roil markets.
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The latest U.S. data showed record levels of job openings and workers quitting in March, pointing to the prospect of higher wages feeding into price pressures.
S&P 500 futures rose 0.3% while Nasdaq 100 futures rose 0.4%.
Australia’s S&P/ASX 200 Index rose 0.1%, South Korea’s Kospi index added 0.1%, and Hong Kong’s Hang Seng Index fell 0.7%.
Overnight on the Wall Street, stocks eked out modest gains after a choppy day of trading investors wait to find out how aggressively the Federal Reserve will raise interest rates at its latest policy meeting on Wednesday.
The S&P 500 ended 0.5% higher after briefly slipping into the red earlier in the day. The Dow Jones Industrial Average rose 0.5% and the Nasdaq inched up 0.2%.
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