(Reuters) – U.S. Stock Index futures dropped on Wednesday as Wall Street investors feared that aggressive Federal Reserve moves to combat inflation would be made. Investors were keeping an eye on the minutes of the March central bank meeting.

Lael brainard, Fed Governor said Tuesday that she anticipates an increase in interest rates and a quick balance sheet runoff. That would scare investors while dragging down the tech-heavy Nasdaq by more than 2%.

Premarket trading saw a drop of more than 1% for technology stocks and megacap growth, whose values are likely to be affected by rising bond yields. A benchmark 10-year yield of 2.633% reached a 3-year peak. [US/]

Tesla (NASDAQ) Inc. Meta Platforms Inc. Apple Inc (NASDAQ) Amazon.com Inc. Alphabet Inc. Microsoft Corp (NASDAQ:) The drop in stock prices was between 0.9% – 1.9%

At 1800 GMT, the Federal Open Market Committee will release its minutes of March’s meeting. These documents could show how quick and deep policymakers plan to reduce the several trillion dollar amount of assets acquired to stabilize financial markets in the wake the pandemic.

Trades now expect 83.1% chance of 50 basis point rate increases at the Fed meeting in May. [IRPR]

Wall Street’s fear gauge or, rose to 22.8 point, its highest level since March 28,

At 06:37 AM. ET fell 184 points (or 0.53%) and was down 31.25, or 0.699%, respectively.

Investors waited for details about the West’s latest coordinated sanctions against Russia as a response to the civilian deaths in Ukraine.

JetBlue Airways Corporation (NASDAQ:) fell 3.7% following Tuesday’s announcement that the carrier had placed an unsolicited $3.6 Billion bid Spirit Airlines (NYSE:) Inc threatens merger plans with Frontier Group Holdings Inc. Frontier Group Holdings Inc. and Spirit Airlines declined 3.9% and 1.2% respectively.