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Ahead of the opening bell, Dow futures were down more than 150 points. S&P 500 and Nasdaq futures were also down sharply.
The Turkish lira, as well as other emerging market currencies like Argentina's peso and India's rupee, have slid in recent months amid expectations that the Federal Reserve will continue to reduce the pace of its monetary stimulus, which has supported the flow of cash into developing economies.
Central banks in India and South Africa also raised rates.
Investors turned their attention to the Federal Reserve may announce further cuts to its stimulus.
The Fed will announce its latest policy moves at 2 p.m. ET. It is widely expected to announce a further pull-back in its bond-buying program, which has helped stimulate growth.
Earnings will also be top-of-mind for investors Wednesday.
Dow Chemical (Fortune 500)reported better-than-expected earnings and sales, raised its dividend 15% and boosted its share buyback program to $4.5 billion. ,
Shares of Electronic Arts ( were higher as investors shrugged off a weak outlook to focus on the earnings and revenue beat. )
AT&T (Fortune 500) was in the red after the telecom firm reported earnings that beat forecast, while issuing an underwhelming outlook. ,
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|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.32%||4.26%|
|15 yr fixed||3.36%||3.27%|
|30 yr refi||4.31%||4.24%|
|15 yr refi||3.34%||3.25%|
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