Further Fed fears are keeping Wall Street's enthusiasm in check this morning, with stock futures on pace for quiet losses. Investors continue to monitor the Federal Reserve's interest rate hike campaign after the Wall Street Journal implied that the Federal Reserve could hike rates by another 0.75 percentage point this month. Meanwhile, bond yields are cooling this morning, but the 10-year U.S. Treasury yield yesterday hit its highest level since June, while the 30-year benchmark settled at its highest level in eight years, no doubt spooking traders.

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Asian markets were mostly lower on Wednesday, after new data revealed China’s exports rose only 7.1% in August, well below estimates of a 12.8% rise and July’s 18% growth. Investors also watched surging stateside Treasury yields ahead of the U.S. Federal Reserve’s Beige Book. Pacing the laggards was South Korea’s Kospi, which fell 1.4%, followed by Hong Kong’s Hang Seng 0.8% loss. Elsewhere, Japan’s Nikkei settled 0.7% lower, while China’s Shanghai Composite closed slightly above breakeven with a 0.09% gain.

Recession fears continue to grip European markets, with stocks across the pond last seen swimming in red ink. The U.S. Fed’s economic assessment is in focus, as is a crucial European Central Bank (ECB) policy meeting that could result in multiple rate hikes to contain surging inflation. At last glance, London’s FTSE 100 is down 0.6%, while the German DAX and France’s CAC 40 are both 0.4% lower.

These investors are using the market's volatility to their advantage and scoring triple-digit gains on many of their trades.