Stock futures turned lower Wednesday after the major averages this week built on their strong rally to end 2023. S&P 500 futures inched 0.2% lower, while Nasdaq 100 futures dipped 0.3%. Futures tied to the Dow Jones Industrial Average slipped 89 points, or 0.2%. FedEx slumped 11% in premarket trading after the package delivery giant posted a disappointing revenue outlook for the fiscal year. Results for its fiscal second quarter also fell short of Wall Street’s expectations on the top and bottom lines. Stocks rose broadly during regular trading Tuesday, with the S&P 500 gaining 0.59% and edging closer to its record close and intraday high hit in January 2022. The Nasdaq Composite jumped 0.66% to close above the 15,000 level for the first time since January 2022, while the 30-stock Dow advanced 251.90 points, or 0.68%. Both indexes notched a ninth consecutive winning day, and the Dow closed at a fresh record high. All three major averages are headed for a winning December and 2023 as stocks build on the recent rally and investors look forward to rate cuts from the Federal Reserve in the new year. The S&P 500 has risen 4.4% this month and 24.2% year to date, while the Dow has added 4.5% and 13.3%, respectively. The Nasdaq is up 5.5% for December and 43.4% for 2023, putting it on pace for its best year since 2020. While the recent market may appear “strong under the hood” and helpful in fueling broader confidence on Wall Street, Charles Schwab’s Kevin Gordon cautions investors against getting overexuberant. “This stealthy rotation under the surface can likely continue as we head into 2024, but given the almost (and oddly) euphoric reaction to the Fed’s December decision, it wouldn’t be surprising to see a short-term pullback given sentiment has gotten quite frothy,” the senior investment strategist said. The tail end of earnings season presses on Wednesday with results from General Mills and Micron Technology. Consumer confidence data for December and existing home sales for November are also due. The personal consumption expenditures price index is set to release on Friday. The 10-year U.S. Treasury yield fell Wednesday to its lowest level since July as traders assessed the path of future rate cuts from the Federal Reserve. The yield on the benchmark 10-year Treasury note was last down around 4 basis points to 3.879%. Earlier in the session, it hit a low of 3.871%, or its lowest level since July 27 when the 10-year yielded as low as 3.839%. The 2-year yield slipped about 6 basis points to 4.382%. Meanwhile, the yield on the 30-year Treasury bond dropped 3 basis points to 4.005%. Asia markets rose Wednesday, with Japan stocks extending gains to another session after the country’s central bank left its ultra-loose monetary policy unchanged at its final meeting this year. The Bank of Japan kept interest rates at -0.1%, while sticking to its yield curve control policy that keeps the upper limit for 10-year Japanese government bond yield at 1% as a reference. BOJ Governor Kazuo Ueda also struck a dovish tone at a press conference after the policy decision. The People’s Bank of China held its one-year loan prime rate — the peg for most household and corporate loans in the country — at 3.45%. The five-year benchmark loan rate — the peg for most mortgages — was unchanged at  4.2%. In Australia, the S&P/ASX 200 ended the session 0.65% higher at 7,537.90, hitting a 10-month high. Hong Kong’s Hang Seng index gained 0.56%, while China’s CSI 300 was the only large market in Asia that fell, closing 1.1% lower at 3,297.50. Japan’s Nikkei 225 closed 1.37% higher at 33,675.94, while the broader Topix was 0.67% higher at 2,349.38. South Korea’s Kospi rose 1.78% to end at 2,614.30, gaining the most among Asia-Pacific markets and the small-cap Kosdaq added 0.55% at 862.98. Oil prices rose more than 1% on Monday on jitters over global trade disruption and geopolitical tensions in the Middle East following Houthi attacks on ships in the Red Sea. Brent crude futures edged up 99 cents, or 1.25%, to $80.22 a barrel while U.S. West Texas Intermediate crude was at $75.01 a barrel, up $1.07, or 1.45%. Gold prices held steady above the key $2,000 level on Wednesday, supported by prospects of interest rate cuts from the Federal Reserve next year, while investors awaited U.S. inflation numbers later this week. Spot gold was little changed at $2,032.60 per ounce, as of 0131 GMT. U.S. gold futures fell 0.2% at $2,046.10.