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Stock futures slid on Wednesday as the rotation out of high-flying technology shares continued.
Futures for the Dow Jones Industrials lost 103 points, or 0.3%, to 41,152.
Futures for the S&P 500 fell 50.5 points, or 0.9%, at 5,666.75.
Futures for the NASDAQ Composite gave back 286 points, or 1.4% to 20,312.
Apple and Tesla each dropped around 2% before the bell. That offered the latest sign of investors pulling back on megacap technology after the group’s monster run this year as artificial intelligence captured the market’s interest.
Semiconductor stocks struggled in particular within the tech sector following a Bloomberg News report that the Biden administration is considering tougher trade restrictions if companies continue granting China access to U.S.-made technology.
Nvidia fell 4% and U.S.-listed shares of Taiwan Semiconductor lost around 2%, in the premarket.
Moreover, Novo Nordisk and Eli Lilly shares dipped before the bell on Wednesday after Roche shared promising early stage trial data for its latest obesity drug candidate.
Shares of both Novo and Eli Lilly slipped more than 3% in the premarket. The former is known for the Wegovy drug, while the latter produces Zepbound.
In Japan, the Nikkei 225 gave way 0.4% Wednesday, while in Hong Kong, the Hang Seng nicked up 0.1%.
Oil prices docked 67 cents to $81.43 U.S. a barrel.
Gold prices hiked $10.10 to $2,477.90
