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Dow Futures Drop 200+

Stock futures slid on Wednesday, as traders kept an eye on Treasury yields with inflation concerns simmering.

Futures for the Dow Jones Industrials sank 249 points, or 0.7%, to 38.695.

Futures for the S&P 500 flopped 34 points, or 0.6%, at 5,290.75.

Futures for the NASDAQ Composite slipped 129 points, or 0.7%, to 18,811.50.

Nvidia shares rose slightly in premarket trading, extending gains since its earnings last week. Over the three trading days after the report was released, Nvidia surged roughly 20%. It was one of few bright spots in megacap tech before the bell, with Tesla, Alphabet and Microsoft and Meta all in the red.

Outside of tech, American Airlines tumbled more than 8% in the premarket after slashing its sales outlook for the second quarter. Southwest Airlines dipped about 2.5% in sympathy. On the other hand, Dick’s Sporting Goods jumped more than 7% on the back of strong earnings and raised guidance.

The major averages are on track to close the month with impressive gains, partly propped up by enthusiasm about a better-than-expected quarterly earnings season. The S&P 500 is up 5.4% this month, while the Dow has advanced 2.7%. The NASDAQ has climbed 8.7% in May.

In Japan, the Nikkei 225 lost 0.8%, while in Hong Kong, the Hang Seng index dumped 1.8%.

Oil prices hiked 66 cents to $80.49 U.S. a barrel.

Gold prices dulled $13.30 to $2,349.30 U.S. an ounce.

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