U.S. stock futures were trading higher on Wednesday morning after the Nasdaq plummeted in trading to its worst day since the month of March as an increase in bond yields led to the tumbling of stocks.
Dow Jones Industrial Average futures increased by 167 points. Nasdaq 100 and S&P 500 both traded in positive territory.
Shares of the semiconductor company Micron decreased by more than 3% in extended trading after it reported revenue outlook and earnings for the first three months of 2022 that missed consensus estimates.
In regular trading, the Nasdaq Composite decreased by 2.83% to 14,546.68, marking its worst day since the month of March. Dow Jones Industrial Average lost 569.38 points, and The S&P 500 shed 2.04%.
The Dow and S&P are down by 3% for September, while Nasdaq is down by more than 4.5%.
Charlie Ripley, the senior investment strategist, said, “Today’s interest rate induced sell-off is a reminder of how impactful monetary stimulus has been with the Fed signaling a swift removal of the emergency stimulus measures is coming soon.”