International stocks retreated, tracking sell-offs in the U.S., but muted stock futures were speculating that U.S. markets could stabilize on Thursday’s trading session.

By the beginning of the day on Thursday in Hong Kong, futures related to the Nasdaq-100 technology fell by about 0.3%. The S&P 500 and Dow Jones Industrial Average fell about 0.1%.

On Wednesday, the S&P and Dow Jones indices suffered the worst percentage decline since 2020. Some major U.S. retailers, such as Target and Walmart, reported lower quarterly earnings this week due to rising costs, sluggish sales and supply chain disruptions, which is a cause for concern. the world economy may find itself on the path to recession.

“Include tightening monetary policy in the mix, we have a recipe for volatility and investor anxiety,” said Clara Chong, global market strategist at JP Morgan Asset Management.

Federal Reserve Chairman Jerome Powell said on Tuesday that the central bank’s determination to fight the highest inflation in 40 years should not be questioned, even if it requires rising unemployment.

In Hong Kong, shares of Chinese Internet companies fell to broader targets: the Hang Seng index fell by 2.7% and the Hang Seng Tech index – by 4.2%. Shares of giant Tencent on social media and video games fell 7.1% after the company reported the worst drop in profits for the quarter since listing in the city.

While Tencent executives said they see “clear, favorable” signals from the government, they also warned that it would be some time before its business began to enjoy more stable regulatory and support measures.

“Investors will need to review a more specific action plan from the Chinese authorities to be able to assess what a normalized profit forecast for the sector might look like,” said Ms. Chong of JP Morgan Asset Management.

In other Asian countries, the CSI index of the 300 largest stocks listed in Shanghai and Shenzhen fell 0.4%. Japan’s Nikkei 225 was down 1.9% and South Korea’s Kospi Composite was down 1.3%.

Yields on benchmark 10-year Treasury bonds rose to 2.904% from 2.884% on Wednesday. Profitability and prices are moving in the opposite direction.

In the energy markets, Brent oil rose 1.1% to $ 110.33 per barrel. According to CoinDesk, the cryptocurrency traded about $ 29,023 until early Thursday in Hong Kong. It was lower than 5pm on Wednesday ET when it was around $ 29,205.

Write to Dave Sebastian at dave.sebastian@wsj.com

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