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· Dow futures point to an opening loss of more than 700 points after Tuesday’s surge

U.S. stock futures fell sharply on Wednesday morning stateside, pointing to another volatile session on Wall Street following a massive rally a day earlier.

As of 2:09 a.m. ET Wednesday, Dow Jones Industrial Average futures were down 620 points, indicating a loss of 762.16 points at the open. S&P 500 and Nasdaq 100 futures also pointed to losses.

· U.S. equity futures retreated with Treasury yields as investors awaited details from the Trump administration on planned stimulus measures to counter the coronavirus impact. Asian equities were mixed and the oil price surged with no clear trigger.

“We saw a relief rally yesterday that just hasn’t been sustainable,” Kerry Craig, global market strategist at JPMorgan Asset Management in Melbourne, told Bloomberg TV. A delayed response raises the risk that “employment growth starts to fall, unemployment starts to rise -- and that’s a more difficult story to try to reverse and see growth come back later in the year,” he said.

Meantime, Joe Biden appeared to cement his position as front-runner for the U.S. Democratic presidential nomination with primary victories Tuesday, further easing concerns among those opposing Bernie Sanders’s progressive platform.

Volatility continued to grip global financial markets rattled by the virus and an all-out oil price war. U.S. stocks plunged the most since 2008 on Monday, and further selling took futures 20% from records before the rally sparked by Trump’s promise for action Tuesday.

“We are strongly advocating do not sell in panic and fear because nobody really knows what the extent of the virus will be or the price war on oil,” Sandip Bhagat, chief investment officer at Whittier Trust, said on Bloomberg TV. “We know the repricing to this new reality will be slow, will be painful and it will take a long time.”

Here are some key events coming up:

The European Central Bank’s policy decision comes Thursday amid expectations it may ease policy.The U.K. Chancellor of the Exchequer unveils the government’s 2020 budget on Wednesday.The U.S. core consumer price index, due Wednesday, is expected to remain subdued in February.

· Asian shares and Wall Street futures fell on Wednesday as growing scepticism about Washington’s stimulus package to fight the coronavirus outbreak knocked the steam out of an earlier rally.

Markets had been recovering from a brutal global selloff on Monday that was triggered by the double shock of an oil price crash and the worsening outbreak.

Those gains looked short-lived in early Asian trade, with U.S. stock futures falling 2.2% and MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.29%. Australian shares were down 2.02%, while Japan’s Nikkei stock index slid 1.28%.

· Tokyo stocks continued to fall in choppy trading Wednesday, with the Nikkei ending at a roughly 15-month low, as investors were disappointed by a lack of details on a U.S. economic stimulus promised by President Donald Trump to alleviate the fallout from the coronavirus.

The 225-issue Nikkei Stock Average ended down 451.06 points, or 2.27 percent, from Tuesday at 19,416.06, its lowest close since Dec. 26, 2018. It moved in a range of nearly 600 points between positive and negative territory. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 21.56 points, or 1.53 percent, lower at 1,385.12.

Decliners were led by service, real estate and pharmaceutical issues.

· China stocks ended lower on Wednesday, though losses were contained as worries over the coronavirus outbreak in the country ebbed after President Xi Jinping's visit to Wuhan, and as investors expect Beijing's stimulus to underpin its economy.

The blue-chip CSI300 index .CSI300 fell 1.3%, to 4,028.43, while the Shanghai Composite Index .SSEC lost 0.9% to 2,968.52 points, after trading in positive territory in early morning.