Toplines Before US Market Open on Wednesday

S&P 500 futures skid, bond yields rise as high energy prices add to jitters over inflation.

(Oct 6) U.S. stock futures fell and bond yields rose Wednesday, pointing to another bumpy day on Wall Street as investors gird for a spell of higher inflation, driven by roaring energy markets.

At 7:37 a.m. ET, Dow E-minis were down 310 points, or 0.91%, S&P 500 E-minis fell 47.5 points, or 1.10% and Nasdaq 100 E-minis plunged 188.25 points, or 1.28%.

Here’s what we’re watching ahead of Wednesday’s open.

• Palantir TechnologiesPLTR0.17%jumped 8.3% ahead of the opening bell. The data-software company said it was selected for a U.S. Army intelligence program contract.
• FacebookFB2.06%shares ticked 1.4% lower premarket after the company spent a day in the headlines amid a whistleblower’s testimony on Capitol Hill and a widespread outage of its services.
• But the downdraft in major tech shares was hitting most of the giants.MicrosoftMSFT2.00%slipped 1.3% premarket,AppleAAPL1.42%shed 1.4%, Google-parentAlphabetGOOG1.80%fell 1.5%,NetflixNFLX5.21%gave up 0.9% andIntelINTC0.90%lost 1.3%.

• Cryptocurrencies turbo-charged by Tesla CEO Elon Musk got another boost Wednesday. The token Shiba Inu gained 65% over the previous 24 hours, adding to a days-long rally after Mr. Musk posted a new photo of his Shiba Inu puppy named Floki on Monday. The coin now has a market value of $8.5 billion, making it the twentieth largest cryptocurrency, according to CoinMarketCap.com. Dogecoin, a favorite of Mr. Musk’s, also rose 3.8% over the previous 24 hours.

• Shares of American Airlines GroupAAL0.37%lost 3.5% premarket andDelta Air LinesDAL-0.49%shed 2%, weighed down by concerns about fuel costs and a slowing economic growth.
• Constellation BrandsSTZ.B0.06% is due to report quarterly earnings before Wednesday’s open.
• Acuity BrandsAYI1.36% added 0.8% after the industrial-technology company said its profit for the fiscal fourth quarter rose as sales benefited from improved service levels and an improving economy.
• Vaccine makers Moderna andNovavax look set to remain stuck in the doldrums that began after Merck’s successful test of its Covid-19 treatment. Novavax dropped 5% premarket and Moderna fell 2.6%.
• Business-development companySaratoga InvestmentSAR1.73%‘s stock nudged up 1.2% in the extended session after it reported record repayments during the second quarter.
• Levi StraussLEVI1.55%will give an earnings update after the close.