meric greenbaum designated market maker imc financial looks up at the board before the opening bell right before trading halted on the new york stock exchange on march 9 2020 in new york us stock futures were mostly flat tuesday night after the nasdaq plummeted in its worst day since march as a spike in bond yields sent stocks tumbling dow jones industrial average futures rose 78 points or 023 sp 500 and nasdaq 100 futures added 016 and 008 respectively shares of the semiconductor company micron fell more than 4 in extended trading after it reported earnings and revenue outlook for the first quarter of 2022 that missed consensus estimates in regular trading the nasdaq composite dropped 283 to 1454668 for its worst day since march the sp 500 shed 204 and the dow jones industrial average lost 56938 points or 163 the dow and sp are down 3 for september the nasdaq is down more than 45 stocks across industries slid as the benchmark 10year treasury yield touched a high of 1567 tuesday tech stocks led the broader markets lower with facebook microsoft and alphabet losing more than 3 amazon fell more than 2 rising bond yields hurt growth stocks including tech stocks because they lower the relative value of future earnings the techheavy nasdaq hit its 10th down day in the past 15 sessions some may believe that sentiment has become too ebullient which contrarians believe sets the stage for a market pullback like were seeing today said brian price head of investment management for commonwealth financial network if interest rate increases moderate from here on the back of declining inflation expectations then it wouldnt surprise me to see the market resume its march higher as we move into the fourth quarter the debt ceiling debate in washington also weighed on equities as well as continued concern about supply chain issues and rising consumer prices federal reserve chair jerome powell said tuesday to the senate banking committee that inflation could persist longer than expected as a result of supply chain issues and reopening pressures todays interest rate induced selloff is a reminder of how impactful monetary stimulus has been with the fed signaling a swift removal of the emergency stimulus measures is coming soon said charlie ripley senior investment strategist for allianz investment management this is an uncomfortable period for market participants as the removal of fed support will be underway soon and equity markets will have to learn how to stand on their own again however we should be reminded that it is unlikely the fed would move forward with tapering bond purchases if they didnt think the economy was ready pending home sales data is due out on wednesday