Wall Street Set to Extend Losses

US stock futures tracking the broader market were down roughly 0.5% on Wednesday, putting Wall Street to extend losses as concerns about a longer rate-hike cycle and a looming recession took the driver's seat.

The chief executives of America's biggest companies, including JPMorgan Chase CEO Jamie Dimon, are feeling increasingly sour about the health of the world's largest economy as it deals with the twin shocks of high inflation and rising interest rates.

This narrative that the Federal Reserve's aggressive tightening will drag the US economy into a recession in 2023 has countered some optimism around China's reopening.

On the corporate side, MongoDB jumped more than 25% in premarket trading on better-than-expected third-quarter revenue and upbeat fourth-quarter guidance.

In regular trading on Tuesday, the Dow fell 1%, the S&P 500 dropped 1.4%, and the Nasdaq Composite tumbled 2%.