Wall Street Reacts as Rising Treasury Yields Hit Tech Stocks Again

Traders returning from the U.S. holiday are facing a sea of red as a deeper slide in tech drags down stock futures across the board.

The latest lurch lower is being blamed on surging bond yields as investors prepare for the paring of Federal Reserve stimulus. Growth firms whose profit potential lies in the future are in the line of fire, with Nasdaq futures tumbling as much as 2% as tech stocks lead declines in Europe.