U.S. 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 climbed 78 points or 0.2%. S&P 500 and Nasdaq 100 futures added 0.16% and 0.08%, respectively.

Micron’s shares dropped more than 4% after the company reported its earnings outlook and revenue outlook for 2022, which were lower than consensus estimates.

The Nasdaq Composite fell 2.83%, to 14,546.68, in regular trading. This was its worst day since March. The S&P 500 shed 2.04% and the Dow Jones Industrial Average lost 569.38 points, or 1.63%.

The Dow and S&P are down 3% for September. The Nasdaq’s decline is more than 4.5%.

As the benchmark 10-year Treasury yield hit a new high of 1.567% on Tuesday, stocks across all industries fell. The broader market was led lower by tech stocks, with Alphabet, Microsoft and Facebook losing over 3%. Amazon lost more than 2 percent. As future earnings are less likely to be affected by rising bond yields, tech stocks also suffered. The tech-heavy Nasdaq hit its 10th down day in the past 15 sessions.

Brian Price from Commonwealth Financial Network, heads investment management said “Some might believe that sentiments have become too bullish which contrarians believe sets up for a market pullback such as we’re currently seeing.” I wouldn’t be surprised if interest rates increase from here due to declining inflation expectations. Then it wouldn’t surprise me that the market will resume its climb higher in the fourth quarter.

Washington’s debt ceiling debate also had an impact on equity markets. There was still concern over supply chain problems and the rise in 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.

Charlie Ripley from Allianz Investment Management, senior investment strategist said: “Today’s interest rate-induced selloff is a reminder how effective monetary stimulation has been. With the Fed signaling that a swift withdrawal of the emergency stimulus measures will come soon.” Market participants will find this a difficult time as soon as Fed support is removed. Equity markets will need to become independent again. It is likely that the Fed will not taper its bond purchases if the economy isn’t ready.

On Wednesday, the Pending Home Sales data will be released.