U.S. stock futures traded near flatline early Wednesday after major indices posted a third consecutive losing session. The Dow Jones Industrial Average fell 0.2 percent, or 116 points. The S&P 500 slid 0.7 percent. The Nasdaq Composite dropped 1.3 percent.

Bond yields globally surged to multi-decade highs. The 30-year U.S. Treasury yield touched a new 19-year high Tuesday. Japan's 10-year bond yield hit its highest point in three decades. German 30-year bund yields reached their highest level since 2011, and France's 30-year bond climbed to a peak not seen since 2008.

Technology stocks fell alongside rising yields. Despite the surge in long-term rates, the stock market's reaction remained relatively contained.

Adam Parker, founder and CEO at Trivariate Research, said Tuesday that strong economic conditions and robust corporate earnings are sufficient to withstand current market volatility.

Asian markets declined broadly Wednesday. South Korea's Kospi dropped 5.54 percent. Japan's Nikkei 225 fell 2.64 percent, with the Topix down 2.76 percent. Australia's S&P/ASX 200 slipped 0.39 percent. Mainland China's CSI 300 fell 2.41 percent. Hong Kong's Hang Seng inched 0.2 percent higher.

Investors await the Federal Open Market Committee meeting minutes scheduled for Wednesday afternoon. The July minutes will detail internal divisions among policymakers, including the three dissenters who voted to raise rates.

Retail earnings continue this week. Target, TJX, and Lowe's report before Wednesday's open. Analog Devices also reports earnings Wednesday.

Oil prices edged higher Wednesday during conflicting reports on the Strait of Hormuz. Brent crude futures rose 0.7 percent to $91.66 a barrel. U.S. West Texas Intermediate crude gained 0.86 percent to $85.67 per barrel. President Donald Trump said Tuesday that no talks with Iran were underway and affirmed the Strait of Hormuz remained open, contradicting Tehran's claim that the shipping route was closed.

Unitree Robotics, a Hangzhou-based robot manufacturer, surged on its Shanghai trading debut Wednesday, climbing 629.4 percent. The company raised approximately 905 million dollars in its initial public offering, with shares opening at 1,100 yuan.