Japanese and Australian markets are poised for a muted start on Thursday, after choppy trade on Wall Street overnight as data pointing to a contraction in the U.S. economy in the first quarter heightened investors’ fears of a looming recession.

Several Asia-Pacific markets were closed for the Labor Day holiday.

Japan’s benchmark Nikkei 225 was set to open higher, with the futures contract in Chicago at 36,335 while its counterpart in Osaka last traded at 36,260, against the index’s Wednesday close of 36,045.38.

The country’s central bank is widely expected to stand pat on interest rates at 0.5% in its two-day monetary policy meeting, which concludes later in the day.

Futures tied to Australia’s S&P/ASX 200 index stood at 8,114, pointing to a slightly lower open compared to its last close of 8,126.20.

U.S. futures jumped after two of the so-called “Magnificent Seven” stocks — Meta Platforms and Microsoft — posted their quarterly results.

In extended trading, shares of Meta advanced more than 4% on stronger-than-expected revenue in the first quarter. Meanwhile, Microsoft’s shares surged 8%, after delivering better-than-expected results on the top and bottom lines in the fiscal third quarter, as well as strong results from its Azure cloud business and upbeat guidance.

Overnight stateside, the S&P 500 and the 30-stock Dow Jones Industrial Average notched their seventh consecutive winning day despite the volatility.

The broad-based market index advanced 0.15% to close at 5,569.06, while the Dow Jones index added 141.74 points, or 0.35%, settling at 40,669.36.

Meanwhile, the Nasdaq Composite ended the day flat at 17,446.34.

— CNBC’s Brian Evans Sean Conlon and Pia Singh contributed to this report.