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U.S. stocks bounced higher in Wednesday’s premarket as the runup in bond yields moderated. The 10-year Treasury yield’s spike to three-month highs above 1.567% slammed tech stocks Tuesday. The Nasdaq lost 2.8%. Big Tech companies, and those in growth are most sensitive to rising rates because their valuations are heavily dependent on future growth and cashflow. The S&P 500 lost 2%. The Dow Jones Industrial Average sank 569 points, or 1.6%. With two days left in September, the Dow was down 3%; the S&P 500 was off than 3.7%; and the Nasdaq was nearly 4.7% lower in the historically nasty month for stocks.

President Joe Biden canceled a trip to Chicago that was supposed to focus Covid vaccinations so he can stay at the White House on Wednesday to try to build support for his party’s $3.5 trillion budget plan. Democratic leaders plan to take advantage of their narrow majority in both the House and Senate to pass the social safety-net spending package, without any GOP support.

• Biden met on Tuesday with hold-out centrist Senate Democrats Joe Manchin and Kyrsten Sinema.
• The House could decide when it votes on the $1 trillion bill for infrastructure after the Democrats have made progress on their budget measure.
• There is also the need for immediate funding of the federal government to continue operations beyond the end of Thursday’s fiscal Year-end. This will avoid a shutdown. The nation must also raise its debt ceiling within the next few weeks in order to avoid default.

United Airlines said 593 employees are facing termination for failing to comply with the carrier’s Covid vaccination policy, one of the strictest mandates from a U.S. company. The vaccine requirements were met by more than 96% in the United workforce of 67,000 employees. On Monday, the last day to submit proof of vaccination was set. Nearly 2000 United workers sought to be exempted from the mandate due to religious or medical reasons. The Chicago-based airline announced the temporary unpaid leave for employees who have been granted exemptions.

Lucid has started production of its first electric vehicles for customers, with deliveries scheduled to begin late next month. For the EV company, which launched on Nasdaq in July after a SPAC acquisition, this milestone is vital. This company is considered a strong competitor to Tesla. The top-end Lucid Air Dream Edition will be available in late October, followed by less expensive models. Lucid The company has had more than 13,000 reservation requests. In July, the company informed investors that it plans to make 20,000 Lucid Air sedans by 2022. This will generate more than $2.2 million in revenues. Lucid’s shares increased 7% in premarket.

Tesla CEO Elon Musk said the U.S. government should steer clear of trying to regulate cryptocurrencies. “It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement,” Musk said Tuesday at the Code Conference. Musk frequently spoke out in support of digital currencies on Twitter and was answering a question by Kara Swisher, a New York Times columnist. Tesla stated earlier in the year that bitcoin was bought to maximize returns.

— The Associated Press and Reuters contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.