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Stock futures pointed to a higher open Wednesday morning, recovering some of Tuesday's losses as Treasury yields pulled back from multi-month highs.

Contracts on the Nasdaq gained about 0.7% ahead of the opening bell. The index had closed out Tuesday's regular session lower by 2.8%, posting its biggest drop since March. And the S&P 500 and Dow also fell sharply.

The decline in technology stocks came as Treasury yields rapidly rose, with the swift move higher in borrowing costs pressuring valuations for growth and technology stocks.

"A lot of Big Tech is overpriced," Teddy Parrish, CEO and chief investment officer of Parrish Capital, told Yahoo Finance on Tuesday. “Those valuations are going to have to go a little lower in one or two ways: They either sell off, or earnings continue to go up and the stocks trade sideways. You can have a little of both, but to look at some of these larger tech companies that aren't growing nearly as fast as their P/E [price-to-earnings] multiples might imply, I think that a lot of them are ahead of themselves."

The yield on the benchmark 10-year note spiked to as much as 1.56%, or its highest level since June, before pulling back to just over 1.5% Wednesday morning. The 10-year yield has also risen markedly over a relatively short period of time, gaining more than 16 basis points from its low from last Friday to its peak on Tuesday.

Some strategists suggested the latest move lower on Tuesday may not spark a deeper drawdown or formal correction in the very near-term. Cyclical sectors including energy and industrials outperformed, buoyed by rising commodity prices as heightened inflation expectations pushed up prices of everything from crude oil to cotton so far this week.

"I don't think it's the start of a correction necessarily, but certainly we've seen rotational corrections throughout the entirety of this year," Art Hogan, National Securities Corporation chief market strategist, told Yahoo Finance of Tuesday's market moves. "This feels much more like a realignment. So, obviously we get strange machinations in the markets towards the end of a quarter and that's knocking on the door tomorrow."

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https://finance.yahoo.com/news/stock-market-news-live-updates-september-29-2021-222658646.html

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