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The U.S. stocks traded down while marked the worst Christmas Eve trading day. The S&P 500 entered the correction territory and the Dow Jones Industrial Average plunged 653 points in a volatile session. Dow futures sank about 2 percent before recovering its earlier losses and then, again fell more than 2 percent.

The S&P 500 dropped 2.7 percent and entered a bear market due to falling down by 20.06 percent from its recent highs. Now, all 11 sectors of the S&P 500 are running in the negative territory for the fourth quarter. Meanwhile, the Nasdaq Composite shed 2.2 percent.

These results came into effect after the U.S. President Donald Trump tweeted that the U.S. Federal Reserve is the greatest problem for their economy. As reports said Donald Trump is all set to remove Jerome Powell from his position as chairman of the Fed. He remarked that the Fed is continuing to hike interest rates really fast.

On the other hand, Japanese stocks experienced gains following Christmas Eve. The Nikkei 225 gained 0.26 percent despite removing its earlier highs and the Topix index climbed 0.76 percent. However, the heavyweight index Fast Retailing shed 1.83 percent after experiencing gains.

In South Korea, the Kospi dropped 1.43 percent as Samsung Electronics shares slipped 0.9 percent. Over in China, both the Shenzhen composite and the Shanghai composite traded flat. Meanwhile, the Shenzhen composite shed 0.166 percent.

Hong Kong and Australian stock markets are closed on Wednesday due to a public holiday.

The U.S. dollar index that marks the greenback against its major peers traded at 96.547 after experiencing a high of 96.66. The Australian dollar traded at 0.7043 against the dollar and the Japanese yen was at 110.39 against the dollar after experiencing a high of 110.12.