Praveen Paramasivam, Bansari Mayur Kandar and Bansari Mayur Kamdar

(Reuters] – Wall Street was poised for a calm open Friday after U.S. Treasury yields surged following a volatile week. This followed concerns about the Federal Reserve’s aggressive actions to reduce inflation and the continuing conflict with Ukraine.

After taking a tumble this week because of a surge on yields, some technology and growth stocks fell in premarket trades. This was due to investors focusing on the Fed’s plans to decrease its balance sheets. [US/]

Stocks in Tesla (NASDAQ) Inc, Nvidia(NASDAQ:) Corp Microsoft Corp (NASDAQ): The benchmark fell by 0.5%, hitting 2.71%. It was the highest point in three years.

Cornerstone Wealth’s senior investment analyst Sean Bandazian said, “As Fed Policy turns hawkish or rates move higher,” that equity valuations are typically reset lower and the group most affected is the high multiple-growth stocks.

After Fed officials made comments about concerns that rapid rate increases could cause an economic slowdown, the three major indexes were expected to finish the week lower.

In a weekly note, Bank of America’s strategists warn that the macroeconomic situation is rapidly deteriorating and may lead to the U.S. going into recession.

Although markets are showing significant improvement since February’s lows in response to the Ukraine conflict, volatility gauges continue to rise this week due to a bond market crash and new sanctions against Russia. Investors were on edge.

Informally, the European Union adopted its fifth round of sanctions on Russia following its invasion of Ukraine. These included bans on coal imports, wood and chemicals.

Lenders JPMorgan Chase & Co (NYSE:), Bank of America Corp (NYSE:), Citigroup Inc (NYSE 🙂 Goldman Sachs Group Inc (NYSE: ) rose by approximately 0.5% per share.

The first quarter results season for the big U.S. banks will begin next week. They are likely to see a decline in earnings over the previous year, as they have benefited from exceptional dealmaking and trading and money set aside for loan loss releases.

08:57 AM ET ET was up 62 points or 0.18%. ET was up 2.25 points or 0.05%. ET fell 14.5 points or 0.1%.

Spirit Airlines (NYSE) Inc rose 1.5% upon announcing that it would begin talks with JetBlue Airways Corp (NASDAQ:) Corp about its unsolicited $3.6-billion offer. JetBlue shares climbed 1.3%.