U.S. stock market index futures fell in early trading on Wednesday as traders pored through the latest batch of corporate earnings. Futures on the Dow Jones Industrial Average futures declined by 222 points, or 0.66%. Nasdaq-100 futures shed 1.3%, and S&P 500 futures fell 0.8%. Shares of Microsoft dropped 2%. Initially shares rose after the tech giant posted fiscal second quarter per-share earnings that exceeded analysts’ estimates. However, shares declined after the company offered lackluster guidance on its earnings call. Investors are bracing for more high-profile corporate earnings amid fears of a recession. So far, more than 70 S&P 500 companies have reported fourth-quarter earnings, and 65% of them posted stronger-than-expected results, according to Refinitiv. “With the bulk of earnings still in front of the market, the question as to whether the shift towards growth being signaled by recent rallies is warranted could be answered by upside earnings surprises and solid guidance,” said Quincy Krosby, chief global strategist at LPL Financial. Tesla, Boeing, IBM and AT&T are among the companies slated to post numbers on Wednesday. The moves followed a three-day winning streak for the blue-chip Dow. All three major averages are up at least 1% week to date. Asia-Pacific shares traded mixed on Wednesday, taking the lead from Wall Street’s struggle for direction as China and Hong Kong markets remain closed for the Lunar New Year holidays. In South Korea, the Kospi rose 1.39% to close at 2,428.57, while the Kosdaq climbed 2% to end at 732.35. Japan’s Nikkei 225 added 0.35% to 27,395.01 and the Topix inched up 0.39% to 1,980.69. Australia’s S&P/ASX 200 declined 0.3% to 7,468.3 as the country’s inflation hits a post-1990 peak. Oil was little changed on Wednesday as a rise in U.S. crude inventories and global recession worries offset optimism for a demand recovery in China. Crude has rallied in 2023, with global benchmark Brent crude topping $89 a barrel this week for the first time since early December, on the ending of China’s COVID controls and hopes that the rise in U.S. interest rates will soon taper off. “Whether or not oil prices can resume their march higher will depend on how quickly China’s crude demand bounces back this quarter,” said Stephen Brennock of oil broker PVM. “In the meantime, attention is shifting to the state of U.S. oil inventories.” Brent crude was up 6 cents to $86.19 a barrel after declining 2.3% in the previous session. West Texas Intermediate (WTI) U.S. crude gained 15 cents, or 0.2%, to $80.28, after a 1.8% drop on Tuesday. Gold prices edged lower on Wednesday from a nine-month peak hit in the previous session as the dollar steadied and investors squared positions ahead of U.S. fourth-quarter economic growth figures. Spot gold fell 0.7% to $1,924.23 per ounce, after hitting its highest since late April on Tuesday. U.S. gold futures eased 0.5% to $1,925.