US premarket, global shares fall on rate hike fear, Russia

NEW YORK (AP) — U.S. markets were on track to open lower on Wednesday, after a Federal Reserve official’s comments fueled expectations of more aggressive rate hikes and the White House announced more sanctions on Russia. On Wall Street, futures for the S&P 500 tumbled 0.9% and the same for the Dow Jones Industrial Average retreated 0.7%. Shares in London and Frankfurt were sharply lower in midday trading. Tokyo and Hong Kong fell. Oil prices rose more than $1 per barrel. Traders are pricing in a nearly 78% probability the Fed will raise its key rate by half a percentage point at its May meeting.