U.S. stock futures were lower on Wednesday as investors took a breather from last week’s market rally, and weighed Federal Reserve Chair Jerome Powell’s latest comments on inflation. Futures tied to the Dow Jones Industrial Average dipped 83 points, or about 0.2%. S&P 500 and Nasdaq-100 futures also nudged lower by 0.3% and 0.4%, respectively. FedEx shares fell about 3% in premarket trading after the shipping giant posted weaker-than-expected revenue for its most recent quarter. On Tuesday, stocks closed lower for the second straight trading day. The Dow fell 245.25 points, or 0.72%. The S&P 500 slid 0.47%, and the Nasdaq Composite lost 0.16%. Stocks are overbought and in need of a catalyst, according to Quincy Krosby, chief global strategist for LPL Financial. Indeed, last week the S&P 500 hit its highest level since April 2022 and posted its fifth consecutive positive week. “With the S&P 500 and Nasdaq marching higher and breaking through key resistance levels, and underpinned by stronger volume and broader participation, markets reached short-term overbought levels on Friday,” she said by email. Federal Chair Powell on Wednesday said more interest rate hikes are likely ahead as the central bank continues its fight against inflation. At the conclusion of the central bank’s meeting last week, policymakers indicated there could be two more quarter-percentage point moves on the horizon this year. As far as quarterly results, KB Home will report after the close. Asia-Pacific markets largely fell on Wednesday, tracking Wall Street stock moves as two major Chinese indexes lost ground amid declines in tech and other sectors. Mainland Chinese markets were all weaker, with the Shenzhen Component down 2.18% and ending the day at 11,058.63, dragged by education and tech stocks and leading losses in the region. The Shanghai Composite also fell 1.31% to close at 3,197.9 and record its third-straight day of losses. Hong Kong’s Hang Seng index tumbled about 2%, mainly due to healthcare and technology stocks. In Japan, the Nikkei 225 was the only major index in the green as it reversed earlier losses and gained 0.56% along with the Topix, which rose 0.49%. The Nikkei closed at 33,575.14, while the Topix finished at 2,295.01. In Australia, the S&P/ASX 200 fell 0.26% to snap a seven-day winning streak, ending the day at 7,314.9. South Korea’s Kospi slipped 0.7% to close at 2,582.63, its third straight day of losses, and the Kosdaq closed 1.21% down at 875.7. Oil prices rebounded early on Wednesday, recovering after two straight sessions of losses, as expectations of hawkish Federal Reserve talk later in day and possible U.S. crude stock drawdowns outweighed China demand worries. Brent futures firmed 4 cents to $75.94 a barrel and U.S. West Texas Intermediate (WTI) crude futures inched up 6 cents to $71.25 a barrel. Gold prices edged lower on the dollar’s uptick on Wednesday as investors watched for interest rate cues from U.S. Federal Reserve Chair Jerome Powell’s congressional testimony. Spot gold fell 0.1% to $1,933.49 per ounce, trading in an $8 range. U.S. gold futures were also down 0.2% to $1,944.30.