A man wearing a face mask walks past a bank's electronic board showing the Hong Kong share index in Hong Kong, today. Asian stocks followed Wall Street lower today as fears increased that U.S. rate hikes to fight inflation might stall economic growth. (AP Photo/Kin Cheung)

NEW YORK (AP) — Wall Street appeared headed for gains when the market opens today after recent losses dragged some benchmarks to their lowest levels in more than a year as war, inflation and rising interest rates have rattled investors in 2022.

Futures for the S&P 500 and the Dow Jones Industrial Average were each 0.7 percent higher.

Investors anxious about recent and potential future rate hikes and the Russian invasion of Ukraine have sent markets spiraling in recent months.

On Monday, the S&P 500 fell 3.2 percent and finished down 16.8 percent from its Jan. 3 record. The Dow fell 2 percent while the Nasdaq composite slid 4.3 percent.

Most Asian stock markets followed the U.S. lower overnight, while Europe trended higher in midday trading today.

The Federal Reserve is trying to cool inflation that is running at a four-decade high, but investors worry that might trigger a U.S. downturn. That adds to pressure from Russia’s war on Ukraine and a slowing Chinese economy.

Traders are pricing in the “impending deterioration of economic conditions,” said Yeap Jun Rong of IG in a report.

U.S. stocks have declined as the Fed turns away from a strategy of pumping money into the financial system, which boosted prices.

The U.S. central bank has raised its key rate from close to zero, where it sat for much of the coronavirus pandemic. Last week, it indicated it will double the size of future increases from its usual margin.

Shares in the interactive exercise company Peloton tumbled 24 percent in premarket trading as the former pandemic darling of investors reported another quarter of lackluster earnings. The company’s shares, now trading for around $10 each, have lost more than 90 percent of their value since Christmas of 2020.

Biohaven shares jumped more than 70 percent in premarket trading after Pfizer said it would pay $11.6 billion for the remaining portion of the migraine treatment maker it does not already own.

At midday in Europe, the FTSE 100 in London gained 0.5 percent, Frankfurt’s DAX added 1.1 percent and the CAC 40 in Paris gained 0.6 percent.

In Asia, the Nikkei 225 in Tokyo lost 0.6 percent to 26,167.10 and Hong Kong’s Hang Seng dropped 1.8 percent to 19,633.69.

The Shanghai Composite Index gained 1.1 percent to 3,035.84 after the Chinese government told local authorities to help small businesses pay rent and other expenses in a new effort to boost anemic economic growth.

The Kospi in Seoul shed 0.6 percent to 2,596.56 and Sydney’s S&P-ASX 200 declined 1 percent to 7,051.20.

India’s Sensex advanced 0.3 percent to 54,623.12. New Zealand, Singapore and Jakarta retreated while Bangkok gained.

In energy markets, benchmark U.S. crude slipped $1.49 to $101.60 per barrel in electronic trading on the New York Mercantile Exchange. The contract had plunged $6.68 to $103.09 on Monday. Brent crude, the price basis for international oil trading, fell $1.66 to $104.28 per barrel in London. It fell $6.45 the previous session to $105.94.

The dollar declined to 129.98 yen from Monday’s 130.32 yen. The euro edged lower to $1.0563 from $1.0566.