U.S. stock markets fell on Wednesday in a volatile session. Early gains were driven by expectations that Chinese authorities will take additional steps to stimulate the country's slowing economy. Global stock markets have suffered from intense volatility for weeks. Investors are trying to assess influence of China's economic slowdown on the global economy.

Investors remained focused on prospects of U.S. interest rates. Before the recent turmoil in stocks analysts expected the Federal Reserve to raise rates in September. The Fed can still conduct a rate hike next week, but many experts have moved their expectations till December or the beginning of 2016.

The Dow Jones Industrial Average fell 239.11 points, or 1.4%, to 16253.57. The S&P 500 declined 27.37 points, or 1.4%, to 1942.04. The Nasdaq Composite Index lost 55.40 points, or 1.2%, to 4756.53.

This morning in Asia Hong Kong Hang Seng lost 2.15%, or 476.46 points, to 21,654.85. China Shanghai Composite Index fell 0.96%, or 31.16 points, to 3,211.93. The Nikkei plunged 3.39%, or 637.14 points, to 18,133.37.

Asian stocks fell as weak data from the region added to concerns over the global economic growth.

Japanese stocks fell amid a weak core machinery orders report (-3.6% in August vs +3.7% expected) and profit taking after yesterday's gains. Declines in U.S. stocks have also made their negative contribution.