Stock futures climbed Wednesday evening following a market sell-off incited by the first Federal Reserve interest rate hike in three years.

Futures tied to the Dow Jones Industrial Average advanced 72 points, or 0.1%. S&P 500 futures

were up 0.2%, and Nasdaq-100 futures added 0.4%.

In Asia, Japan’s Nikkei 225 added 0.87%, while the Topix rose 0.71% Thursday.The Kospi advanced 1% and the small-cap Kosdaq gained 0.57%. Hong Kong’s Hang Seng index was down 0.49%, while Mainland China’s CSI 300 fell 0.16%. Australia’s S&P/ASX 200 inched 0.16% higher.

Generac rose more than 30% in extended trading after Amazon received warrants to buy up to $340 million of its shares. The warrants are part of a deal in which Generac will supply Amazon with backup power generators for its data centers.

In regular trading, the blue-chip Dow

lost more than 630 points, or 1.2%, dragged down by financial services names. The broad market S&P 500 edged lower by 0.5%, while the tech-heavy Nasdaq Composite ended the session marginally lower.

In a widely anticipated move, the Fed raised the overnight federal funds rate by a quarter percentage point on Wednesday afternoon, bringing the target range to 3.75%-4%. Policymakers also signaled another hike could come this year, with Fed Chairman Kevin Warsh saying that inflation remains too high.

Indeed, August’s latest consumer price index reading came in 3.4%, and oil prices have surpassed $100 per barrel.

“The bigger question now is whether this rate increase is one and done or the beginning of another tightening cycle,” said Steve Rick, chief economist at TruStage.

“Higher oil prices stemming from continued conflict in the Middle East could keep inflation elevated, but monetary policy works with long and variable lags, and additional increases would put more pressure on consumers and businesses already facing elevated borrowing costs,” he added. “The Fed should give this increase time to work before determining how much additional restraint is necessary.”

Investors are now turning to Thursday’s economic data for further clues on the health of the economy.

Weekly jobless claims data will be out at 8:30 a.m. ET. Traders are also monitoring August’s housing starts, which could offer a read on how elevated borrowing costs are affecting residential construction.

Mainland China and Hong Kong shares open lower

Mainland China and Hong Kong shares opened lower Thursday.

Hong Kong’s Hang Seng index was down 0.49%, with declines led by basic materials and tech sectors, down 1.55% and 1.20%, respectively.

Mainland China’s CSI 300 was 0.16% lower.

Asia-Pacific markets open higher, South Korea’s Kospi advances 1%

Asia-Pacific markets traded higher early Thursday.

Japan’s Nikkei 225 added 0.87%, while the Topix rose 0.71%.

The Kospi advanced 1% at the open, while the small-cap Kosdaq gained 0.57%.

Australia’s benchmark S&P/ASX 200 inched 0.16% higher.

Asia-Pacific markets set to open mixed following first U.S. Fed rate hike in three years

Asia-Pacific markets were set to open mixed Thursday, as traders assess the implications of the U.S. Federal Reserve hiking interest rates for the first time in three years.

Japan’s Nikkei 225 was poised to rise, with the Chicago futures contract at 64,430 and its Osaka counterpart last trading at 64,250, compared with the index’s previous close of 63,923.

Hong Kong Hang Seng index futures were at 24,401, compared with the index’s last close of 24,713.78.

Futures for Australia’s S&P/ASX 200 last traded at 8,627, while the index closed at 8,696.50.

Oil prices were lower after the Trump administration tried to reassure the market that Saudi Arabia’s damaged East-West pipeline will restart operations in days.

Tensions in the Middle East continue to simmer, with Iran on Wednesday vowing to fight on “until the last drop of blood,” according to the state media Islamic Republic News Agency.