• The Dow Jones Industrial Average .DJI fell 299.24 points, or 1.16 percent, to 25,410.03, the S&P 500 .SPX lost 35.32 points, or 1.27 percent, to2,744.28 and the Nasdaq Composite .IXIC dropped 91.11 points, or 1.23 percent, to 7,330.35.
U.S. stocks suffered on Tuesday their biggest daily drops since the selloff three weeks ago after comments from Federal Reserve Chairman Jerome Powell revived fears about more interest-rate increases than expected this year.
Powell gave an upbeat view on the U.S. economy and said data has strengthened his confidence on inflation. Traders boosted bets the central bank will squeeze in a fourth rate hike this year following the remarks.
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• Asian markets edged down early on Wednesday after U.S. stocks slid following a congressional testimony from the Federal Reserve's new chief. Still, losses in Asia were slighter than declines of more than 1 percent recorded by U.S. indexes on Tuesday.
• The Nikkei 225 slipped 0.39 percent in early trade, paring some of its recent gains.
Financials and most manufacturers traded in negative territory, while automakers and technology names were a mixed picture. Among large caps, Honda Motor shed 0.58 percent, SoftBank Group edged down 0.71 percent and Fast Retailing lost 0.89 percent.
Reference: Reuters, CNBC
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