U.S. stock index futures fell more than 1% on Wednesday after soaring oil prices fed into fears of higher inflation and fueled concerns of sooner-than-expected easing of the Federal Reserve’s monetary stimulus.
The benchmark U.S. 10-year yield touched their highest since June, slamming shares of mega-cap growth companies including Apple Inc, Facebook, Amazon.com Inc and Alphabet Inc, which fell about 1.5% each in premarket trading after staging a strong rebound on Tuesday.
Economy-sensitive parts of the market also came under pressure, with lenders such as Bank of America Corp, JPMorgan Chase & Co and Morgan Stanley shedding more than 1% each.
