published Dec 27, 2018, 7:23:02 PM, by Matthew Burgess(Bloomberg) —

The late surge in U.S. stocks on Thursday might prove to be a one-afternoon wonder, if futures trading Friday is anything to go by. Despite the biggest upward reversal on Wall Street since 2010, contracts are in the red in Asian trading.

March contracts on the S&P 500 Index were down 0.3 percent as of 10:01 a.m. in Tokyo, paring an earlier 0.7 percent drop, while those on Nasdaq 100 and Dow Jones Industrial Average fell as much as 0.8 percent and 0.7 percent respectively. The benchmark index for American equities erased a 2.8 percent tumble late Thursday afternoon, finishing the day with a 0.9 percent gain.

Friday marked the second straight day that U.S. stock futures traded decisively lower at the open after the benchmark index had rallied, bouncing from the brink of a bear market. Everything from higher interest rates, political turmoil in Washington and concerns about global growth have hammered investor sentiment in recent sessions.

Where stocks head from here is anyone’s guess as uncertainty looks set to continue into the first quarter of 2019, said Ben Emons, managing director at Medley Global Advisors. While a bounce is positive news, it’s coming with much more volatility — which normally falls when stocks rally, he said on Bloomberg TV. Among key events next quarter are the Brexit-deal vote in the U.K., a U.S.-China trade-talks deadline and the annual gathering of China’s legislature.

To contact the reporter on this story: Matthew Burgess in Sydney at mburgess46@bloomberg.net To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net Christopher AnsteyCOPYRIGHT © 2018 Bloomberg L.P