Stock futures were lower Wednesday, putting Wall Street on track to build on the losses from the previous session. Futures tied to the Dow Jones Industrial Average dropped 136 points, or 0.4%. S&P 500 futures and Nasdaq-100 futures slipped 0.4% and 0.5%, respectively. Wall Street is coming off a losing session, as the yield on the 10-year Treasury note marched back above 4% after Federal Reserve Governor Christopher Waller warned easing monetary policy may come slower than anticipated. On Wednesday, European Central Bank President Christine Lagarde said she expects the ECB to cut rates later this year, but reiterated a data-dependent approach to policy. So far, traders are pricing in a roughly 60% chance that the Federal Reserve begins cutting rates in March as hopes mount for a pivot, according to CME Group’s FedWatch tool. Traders also weighed weaker-than-expected China GDP data that were released overnight. Fourth-quarter earnings gain steam this week and could serve as the next major test for the market that could dictate the setup for 2024. Shares of Charles Schwab fell 0.5% during premarket trading after reporting an earnings beat but revenue miss. US Bancorp also slipped 0.3% after its revenue also came in below expectations. “This reporting period may lack the splashy ‘earnings recession over’ headlines we got last quarter, but it takes on added importance because it sets the tone for 2024,” said Jeffrey Buchbinder, chief equity strategist at LPL Financial. “After 2023 was a year in which improving valuations delivered strong gains, this year, earnings will likely have to do the heavy lifting.” Wall Street awaits December retail sales due out Wednesday. The findings could offer further insight into the health of the consumer or contribute to growth concerns should spending ease. Economists polled by Dow Jones are expecting retail sales to rise 0.4% in December, up slightly from 0.3% in November. The Federal Reserve’s beige book and business inventories for November are also slated for Wednesday, along with remarks from New York Federal Reserve Bank President and CEO John Williams. Treasury yields were mixed Wednesday, with the 10-year yield holding above 4%, as investors focused on fresh data and commentary from Federal Reserve members. The yield on the 10-year Treasury note was flat on the day at 4.066%. It hovered around the 4% mark for much of last week. The 2-year Treasury yield rose by around 6 basis points to trade at 4.283%. Hong Kong’s Hang Seng index tumbled 3.68% on Wednesday to close at 15,282.32 — its lowest level since November 2022. The mainland Chinese CSI 300 fell to an almost five-year low after China’s fourth-quarter gross domestic product growth missed estimates. The index, which measures the largest companies listed in Shanghai and Shenzhen, fell 2.18% to close at 3,229.08. The country’s economy grew by 5.2% in the October to December period last year, China’s National Bureau of Statistics said Wednesday, missing expectations of a 5.3% growth forecast by economists polled by Reuters. GDP climbed 5.2% for the whole of 2023. South Korea’s Kospi was also down 2.47% to end at 2,435.9, its lowest since Nov. 14, while the small-cap Kosdaq dipped 2.25% to 833.05. In Australia, the S&P/ASX 200 fell for a fourth day, down 0.29% at 7,393.1. Japan’s Nikkei 225 extended losses for a second straight day after touching 33-year highs on Monday, with the index slipping 0.4% to 35,477.75 and the broad-based Topix fell 0.3% to end at 2,496.38. Oil fell more than $1 on Wednesday as economic growth in China, the world’s second-largest crude user, slightly missed expectations, raising concerns about future demand, while U.S. dollar strength dented investor’s risk appetite. Brent crude futures fell $1.32, or 1.7%, to $76.97 per barrel. U.S. West Texas Intermediate crude futures (WTI) were down $1.40, or 1.9%, at $71. Gold prices extended declines on Wednesday, hitting a near one-week low, pressured by a stronger dollar as hawkish comments from a Federal Reserve official diminished hopes of an interest rate cut in March. Spot gold was down 0.1% at $2,025.40 per ounce. It fell 1.3% in the previous session in its biggest single-day decline since Dec. 4, 2023. U.S. gold futures also fell 0.1% to $2,028.70.