Nasdaq Futures Drop 1.6% as Bond Yields Rise

US stock futures fell 1.6 percent on Tuesday, September 28, as the Nasdaq index futures suffered a sharp decline as rising bond yields pressured technology stocks.

Nasdaq100 futures fell 1.6%, S&P500 futures fell 0.8%, while Dow Jones Industrial Average futures lost about 114 points or 0.3%.

The 10-year Treasury yield continued its rapid climb, rising to 1.55% at one point overnight, and investors are betting that the Fed will deliver on its promise to curb emergency bond-buying stimulus as inflation rises.