U.S. stock index futures were little changed Wednesday, a day after comments from Federal Reserve Chairman Jerome Powell’s indicated that interest rates may need to go higher for longer, spurring a broad-based market selloff. Dow Jones Industrial Average futures ticked 30 points, or 0.1%, higher. S&P 500 and Nasdaq-100 futures added about 0.1% each. The Dow closed nearly 575 points lower on Tuesday. The S&P 500 slid 1.53% to close below the key 4,000 threshold, and the Nasdaq Composite lost 1.25%. The sharp decline for stocks was accompanied by a spike in bond yields, with the rate on the 2-year Treasury surpassing 5% and touching the highest level since 2007. The shakeup in markets came after Fed Chair Powell spoke before the Senate Banking, Housing and Urban Affairs Committee. He cautioned lawmakers that the central bank’s terminal rate will likely be higher than previously anticipated due to stubbornly high economic data in recent weeks.  ″[Powell] is being very, very clear that if you look at what happened over the past year and a half, the call on inflation didn’t pan out,” Morgan Stanley’s global chief economist Seth Carpenter said on CNBC’s “Closing Bell: Overtime.” “I think now Powell is very much on board with the idea that he does not want to get caught flat-footed again, and so opening the door very wide for a 50 basis point hike was exactly what he did,” Carpenter added. On Wednesday, investors will be closely watching Powell speak before the House Financial Services Committee. Separately, Richmond Fed President Tom Barkin will also be speaking on the labor market Wednesday morning. January’s job openings and labor turnover data is due, as is the ADP jobs report for February. Hong Kong shares dropped more than 2% after Federal Reserve Chairman Jerome Powell cautioned that interest rates may need to be higher than expected, fueling concerns of a potentially larger hike at the next policy meeting. In Hong Kong, the Hang Seng index lost 2.35% in its final hour of trade, led by consumer cyclicals, healthcare, and basic materials stocks, leading losses in the region. Mainland China’s Shanghai Composite dropped fractionally to close at 3,283.25 and the Shenzhen Component traded down nearly 0.1% lower to end its session at 11,598.29. In Australia, the S&P/ASX 200 shed 0.77% to 7,307.8 as investors digested Reserve Bank of Australia’s governor Philip Lowe’s speech after the bank’s 25 basis point hike on Tuesday. South Korea’s Kospi fell 1.28% to 2,431.91. Japan’s Nikkei 225′s added 0.48% to close at 28,444.19 and the Topix inched up 0.3% to close at 2,051.21. Oil prices was flat on Wednesday amid fears that more aggressive U.S. interest rate hikes would hit demand, while the market awaited further clarity on inventories. Brent crude futures rose just 19 cents, or 0.2%, to $83.48 per barrel. U.S. West Texas Intermediate (WTI) crude futures advanced just 1 cent to $77.59 a barrel.