U.S. stock futures nudged higher Wednesday after the Dow Jones Industrial Average posted its biggest decline since March 2023. Futures tied to the Dow gained 88 points, or 0.2%. S&P 500 futures climbed 0.4%, and Nasdaq-100 futures added 0.6%. Lyft shares jumped more than 19% in the premarket after the ride-hailing company posted better-than-expected earnings in the fourth quarter. Airbnb slipped more than 5% even as the company beat on revenue expectations in its latest quarter. During Tuesday’s regular session, the 30-stock Dow shed 1.35% for its worst day since March 2023. The S&P 500 lost 1.37%, and the Nasdaq Composite slumped 1.8%. A hotter-than-anticipated inflation reading incited the sell-off as traders fretted that the Federal Reserve may not cut interest rates as early as they had hoped. The consumer price index gained 0.3% in January on a monthly basis and rose 3.1% year over year. Meanwhile, economists polled by Dow Jones were forecasting a 0.2% month-over-month increase and 2.9% from the prior year. Although January’s CPI report likely pushes the likelihood of a Fed rate cut to the second half of 2024 — versus investors’ initial expectations of rate cuts as early as March — the market rally isn’t over, according to U.S. Bank Wealth Management chief equity strategist Terry Sandven. Tuesday’s pullback “allows valuations to come a little bit more in line with fundamentals. The reset gives investors oriented toward reasonable valuations an opportunity to perhaps get into the market,” he said. “But importantly, with inflation, interest rates and earnings still being supportive of higher equity prices, we do not believe this is the beginning of the end, with a prolonged downturn in front of us,” Sandven added. On Wednesday, Wall Street will be listening for comments from Chicago Fed President Austan Goolsbee. U.S. Treasury yields eased on Wednesday as investors digested the latest inflation data and considered what it could mean for interest rates. The yield on the 10-year Treasury was last nearly 2 basis points lower to 4.3% after climbing by as many as 15 basis points on Tuesday. The 2-year Treasury yield was down by around 3 basis points to 4.62%. On Tuesday, it rose by as many as 19 basis points. Most Asia-Pacific markets fell on Wednesday, with the exception of Hong Kong, after hotter-than-expected U.S. inflation data sent Wall Street tumbling overnight. Hong Kong’s Hang Seng index reversed losses to gain 0.96%, bucking the wider downturn as the city returned to trade after the Lunar New Year holiday. Mainland Chinese markets will remain closed for the week. Japan’s Nikkei 225 retreated from 34-year highs, falling 0.69% to end at 37,703.32, while the Topix saw a larger loss of 1.05% and ended at 2,584.59. The Nikkei had rallied about 3% to breach the 38,000 mark briefly on Tuesday. It last touched that level in 1990. South Korea’s Kospi dropped 1.1% to close at 2,620.42, with heavyweight Samsung Electronics losing 1.6%, while the small-cap Kosdaq returned to positive territory and gained 0.96%, ending the day at 853.3. In Australia, the S&P/ASX 200 slid 0.87% to close at 7,537.7, extending its losing streak to a third day. Oil prices fell in early Asian trade on Wednesday after a U.S. industry group reported crude stocks rose more than expected last week and as investors reined in expectations for interest rate cuts by the U.S. Federal Reserve. Brent futures fell 29 cents, or 0.4%, to $82.48 when the market opened at 0000 GMT. U.S. West Texas Intermediate crude futures fell 22 cents, or 0.3%, to $77.65 a barrel. Gold prices extended declines on Wednesday, languishing below the key $2,000-per-ounce mark, pressured by a stronger-than-expected U.S. inflation report that caused investors to pull back on bets of rate cuts by the Federal Reserve. Spot gold fell 0.1% to $1,991.09 per ounce as of 1310 GMT — its lowest since Dec. 13. Bullion fell about 1.4% on Tuesday, its biggest daily loss since Dec. 4. U.S. gold futures slipped 0.1% to $2,004.40/oz.