Wall Street extended declines and the dollar gave up its gains ahead of Asia’s Wednesday trading day.

U.S. indexes fell on Tuesday as stocks sold off for a second day. The Dow Jones industrial average tumbled 362.59 points, or 1.37 percent, to close at 26,076.89, the S&P 500 lost 1.09 percent to finish at 2,822.43 and the Nasdaq composite lost 0.86 percent to end at 7,402.48.

That move lower came as U.S. government debt yields rose to their highest levels in around four years in the last session. The yield on the benchmark 10-year Treasury note last stood at 2.724 percent.

“The combination of profit taking into month-end, higher bond yields, stretched valuations and potential U.S. health care shake-up were the main drivers,” analysts at ANZ Research said in a morning note.

Back in Asia, futures implied another lower open for Japanese equities open after the softer session seen on Tuesday. Nikkei futures traded in Chicago were lower by 0.35 percent at 23,210 compared to the benchmark’s last close. Osaka futures traded at a similar level.

Down Under, the S&P/ASX 200 edged down 0.42 percent in the early going, with the energy sector the worst performer in the morning.

Investors around the world will also keep an eye on President Donald Trump’s State of the Union address expected later in the morning, Asia time.

Markets in Malaysia will be closed for Thaipusam.

In currency markets, the dollar index, which tracks the greenback against a basket of currencies, retraced gains seen during the Asian session on Tuesday. At 6:49 a.m. HK/SIN, the dollar index stood at 89.184 after rising as high as 89.637 earlier in the session.

Against the yen, the dollar traded at 108.77. The Australian dollar was softer overnight at $0.8083.

The dollar’s decline came as the Federal Open Market Committee began its January meeting. The FOMC’s statement is due Wednesday during U.S. hours.

Chinese conglomerate HNA Group informed creditors it could have a first-quarter cash shortfall of a minimum of 15 billion yuan ($2.4 billion), Reuters reported on Tuesday, citing a source. According to the news agency, the company said it was certain it could manage the issue.

Elsewhere, Japan Post Bank and Japan Post Insurance said in a statement that the companies would be creating a private equity fund management company. That company, called Japan Post Investment Corporation, will have an initial fund of as much as 120 billion yen ($1.1 billion), according to Reuters.

The economic calendar for Wednesday is rather full (all times in HK/SIN):

• 7:50 a.m.: Japan industrial production
• 8:30 a.m.: Australia inflation rate
• 9:00 a.m.: China PMI
• 1:00 p.m.: Japan consumer confidence
• 1:00 p.m.: Singapore business confidence