Markets roil, futures slump after Dow's record, one-day gain

Markets roil, futures slump after Dow's record, one-day gain
A headline appears on a television screen on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew) (Source: Richard Drew)

FRANKFURT, Germany (AP) — More wild market swings appeared imminent Thursday, with U.S. stocks heading sharply lower after the largest single-day point gain in history for the Dow.

Slowing economic growth globally and a partial U.S. government shutdown heading into its sixth day whipsawed markets from Europe to Asia. Dow futures pointed to a 400-point loss less than two hours before the opening bell, following a 1,000-point gain the previous day.

Trading resumed in European markets which had been closed for the Christmas holiday, and the German DAX slid 1.7 percent to 10,447.53. France's CAC 40 gave up 0.1 percent, to 4,619.74. Britain's FTSE 100 fell a full percentage point to 6,616.55.

Futures for the broad S&P futures slumped 1.5 percent to 2,430.50 and the battered Nasdaq, down more than 18 percent in the past three months, slid 1.6 percent, to 6,188.50.

On Wednesday, U.S. markets snapped a four-day losing streak and clocked their best day in more than 10 years as the Dow jumped 5 percent, or 1,086 points, to 22,878.45. Advisers to President Donald Trump said there were no plans to oust Fed chairman Jerome Powell, though his sentiment on the man he nominated, played out it tweets, seem as volatile as the stock markets. Strong holiday sales, up more than 5 percent during the holiday season in the U.S., also lifted spirits in the shortened trading week. Mastercard SpendingPulse said U.S. shoppers spent more than $850 billion this year.

Specialist Jay Woods works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew)
Specialist Jay Woods works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew) (Source: Richard Drew)
Trader Michael Milano works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew)
Trader Michael Milano works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew) (Source: Richard Drew)
Trader Steven Kaplan works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew)
Trader Steven Kaplan works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew) (Source: Richard Drew)
Specialist James Denaro works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew)
Specialist James Denaro works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew) (Source: Richard Drew)
University of Wisconsin football Team Captain Alec Ingold, second from right, and University of Miami football Team Captain Jaquan Johnson, right, ring the New York Stock Exchange opening bell, Wednesday, Dec. 26, 2018. Their teams will play each other in the New Era Pinstripe Bowl, which will be played at New York's Yankee Stadium on Thursday, Dec. 27, 2018. (AP Photo/Richard Drew)
University of Wisconsin football Team Captain Alec Ingold, second from right, and University of Miami football Team Captain Jaquan Johnson, right, ring the New York Stock Exchange opening bell, Wednesday, Dec. 26, 2018. Their teams will play each other in the New Era Pinstripe Bowl, which will be played at New York's Yankee Stadium on Thursday, Dec. 27, 2018. (AP Photo/Richard Drew) (Source: Richard Drew)
Specialist Vera Liu, left, and trader James Matthews work on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew)
Specialist Vera Liu, left, and trader James Matthews work on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew) (Source: Richard Drew)
Specialist Mario Picone works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew)
Specialist Mario Picone works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew) (Source: Richard Drew)
Trader Dudley Devine works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew)
Trader Dudley Devine works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew) (Source: Richard Drew)
Specialists work at a post on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew)
Specialists work at a post on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew) (Source: Richard Drew)
Trader Gregory Rowe works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew)
Trader Gregory Rowe works on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew) (Source: Richard Drew)
Specialists Peter Mazza, left, and Mario Picone work on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew)
Specialists Peter Mazza, left, and Mario Picone work on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. Stocks are opening strongly higher on Wall Street Wednesday, with real estate, raw materials and energy stocks leading a broad rebound from Monday's steep losses. (AP Photo/Richard Drew) (Source: Richard Drew)
Trader Frank Masiello smiles as he works on the floor of the New York Stock Exchange before the closing bell, Wednesday, Dec. 26, 2018. The Dow closed up more than 1,000 points in best day for Wall Street in 10 years as stocks rally back from Christmas Eve beating.(AP Photo/Richard Drew)
Trader Frank Masiello smiles as he works on the floor of the New York Stock Exchange before the closing bell, Wednesday, Dec. 26, 2018. The Dow closed up more than 1,000 points in best day for Wall Street in 10 years as stocks rally back from Christmas Eve beating.(AP Photo/Richard Drew) (Source: Richard Drew)
Specialist John O''Hara gestures as he looks at the Dow Jones industrial average before the closing bell on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. The Dow closed up more than 1,000 points in best day for Wall Street in 10 years as stocks rally back from Christmas Eve beating.(AP Photo/Richard Drew)
Specialist John O''Hara gestures as he looks at the Dow Jones industrial average before the closing bell on the floor of the New York Stock Exchange, Wednesday, Dec. 26, 2018. The Dow closed up more than 1,000 points in best day for Wall Street in 10 years as stocks rally back from Christmas Eve beating.(AP Photo/Richard Drew) (Source: Richard Drew)

"The question, of course, is whether this is just a snapback bear market rally, or as Trump said, a tremendous opportunity to buy stocks?" Chris Weston of Pepperstone Group Limited said. "We can assess the fundamental drivers, such as poor global economics, the Fed not altering its forward guidance or providing flexibility to the pace of balance sheet normalization, and ascertain nothing has really changed here," he added.

Bloomberg reported that the U.S. will send a government delegation to hold trade talks with Chinese officials in Beijing in the week starting Jan. 7. It cited two people familiar with the matter. This follows a meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping in Argentina earlier this month. The two leaders agreed to hold off on additional tariffs for 90 days, to work on disagreements on trade and technology policies.

Nikkei 225 index rebounded 3.9 percent to 20,077.62. It tumbled more than 5 percent on Tuesday before recovering slightly a day later. South Korea's Kospi was less than 0.1 percent higher at 2,028.44. The Shanghai Composite index lost 0.6 percent to 2,483.09. The Hang Seng index was 0.7 percent lower at 25,478.88 while Australia's S&P-ASX 200 jumped 1.9 percent to 5,597.20. Stocks climbed in Taiwan and throughout Southeast Asia.

Benchmark U.S. crude dropped 86 cents to $45.36 a barrel in electronic trading on the New York Mercantile Exchange. The contract posted its biggest one-day gain in more than two years and settled at $46.22 a barrel in New York on Wednesday. Brent crude, used to price international oils, shed $1.11 to $53.36 a barrel.

The dollar fell 0.52 percent to 110.76 yen. The euro rose 0.4 percent to $1.1391.

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Liang contributed from Singapore.