Futures Dip as Rising Yields Dent Tech Shares

A street sign for Wall Street is seen outside of the New York Stock Exchange (NYSE) in New York City, N.Y., on June 28, 2021. Andrew Kelly/Reuters

U.S. stock index futures fell on Tuesday as rising Treasury yields weighed on major technology stocks, while bank shares extended gains as investors priced in an early policy tightening by the Federal Reserve.

Bank stocks rose in premarket trade, tracking gains in yields after Jerome Powell’s reappointment as Fed Chair raised market expectations for an interest rate hike by as soon as June 2022.