U.S. stock futures were higher Wednesday as the rapid increase in the 10-year Treasury yield eased, causing investors to buy some beaten-up tech stocks on the dip.
Futures for the Dow Jones Industrials zoomed 154 points, or 0.5%, to 34,332.
Futures for the S&P 500 advanced 24 points, or 0.6%, to 4,367.50
Futures for the NASDAQ Composite Index recovered 100.25 points, or 0.7%, to 14,865. On Tuesday, the tech-heavy index posted its worst day since March amid a spike in bond yields.
The Dow and S&P are now down 3% for September. The NASDAQ is down more than 4.5%.
Tech stocks led Wednesday's rout with Facebook, Microsoft and Alphabet losing more than 3%. Amazon fell more than 2%. Rising bond yields can hurt growth stocks, including tech stocks, because they lower the relative value of future earnings and can make the shares look overvalued.
But tech stocks were rebounding in Wednesday's pre-market. Facebook, Amazon, Apple and Alphabet were all up about 1%. Nvidia and Zoom Video were also bouncing in the pre-market.
Shares of the semiconductor company Micron fell more than 3% in pre-market trading after it reported earnings and revenue outlook for the first quarter of 2022 that missed consensus estimates.
Pending home sales data is due out on Wednesday.
Overseas, in Japan, the Nikkei 225 lost 2.1% Wednesday, while in Hong Kong, the Hang Seng gained 0.7%
Oil prices added 50 cents to $74.49 U.S. a barrel.
Gold prices jumped $5.70 to $1,743.20 U.S. a pound.