By Devik Jain

(Reuters] – U.S. stocks index futures were quiet Wednesday morning ahead of minutes at the Federal Reserve’s December meeting. Big technology stocks fell as Salesforce.com declined following a broker downgrade.

Market participants shifted to economically sensitive technology shares, such as financials, industrials and energy. The Nasdaq Indexes were also lower on Tuesday.

Salesforce.com Inc. (NYSE:), fell 2.3% in premarket after UBS reduced its rating of the stock to “neutral”, from “buy”.

Shares of oil companies and major Wall Street lenders continued their march higher, with Marathon Petroleum Corp (NYSE:) and JPMorgan Chase & Co (NYSE:) leading the packs.

Google’s Alphabet (NASDAQ) Inc. are tech giants on the contrary. Microsoft Corp (NASDAQ :), Meta Platforms and Advanced Micro Devices(NASDAQ 🙂 Inc., Tesla (NASDAQ 🙂 Inc., and Nvidia [NASDAQ :] Corp declined between 0.2% to 1.3%

The recent surge in U.S. Treasury yields put pressure on interest-rate sensitive shares of growth. It was caused by rising anxiety towards Fed hikes to control inflation. [US/]

Last month, the U.S. central banking announced that it will end pandemic-era bond purchases in 2022. This signals at least three rate increases for this year. The minutes of the meeting will be available at 1400 ET/1900 GMT.

As the Fed prepares to stop QE purchases and increase rates, “the rising yields” will be a main story in the coming months. And the Fed minutes should give some light on the Fed’s plans,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

At 6:42 AM. ET were up 2 point, or 0.1%. They were also down 3.75 points (0.08%) and down 63.25 percent, or 33.99%.

The data side of things: December readings for ADP National Employment report (and Markit composite final PMI) are due to be published later in the day.

Peloton Interactive (NASDAQ) fell 1.6% following J.P. Morgan’s price cut on its stock. This was in anticipation of lower demand.

U.S.-listed stocks Alibaba Bilibili (NASDAQ) Inc fell 1.1% and 4.2% as China’s top regulator penalized the units of companies for failing to report on a dozen deals.