(Reuters) – Wall Street futures dropped Monday due to lower Wall Street stocks. However, high-growth stocks and Treasury yields pushed Treasury yields higher ahead of Tuesday’s inflation data. This could support a Federal Reserve that is more hawkish.

Tesla Inc (NASDAQ) fell 3.4% during premarket trading following data showing that China auto sales dropped in March. The drop was caused by China’s restrictions to control COVID-19.

Twitter Inc (NYSE:) fell 2% following reports that Elon Musk, Tesla’s chief executive officer, rejected the site’s offer to be on the board.

Meta Platforms is a megacap growth stock such as Meta Platforms Microsoft Corp (NASDAQ:) The benchmark rose to 2.75 %, and the average fell by 1%. [US/]

The market-leading technology and growth stocks have seen their valuations rise rapidly since the low interest rate environment. However, they have been under pressure from late March due to Fed signals that rates will be raised aggressively to curb inflation.

The data expected Tuesday to show that U.S. consumer prices rose to 8.5% in March from 7.9% in February, which was a four-decade record.

At 06:52 AM. ET fell 18 points or 0.05%. ET was down 15.25 point or 0.34% and was down 108 or 0.75%.

Investors will be also focusing their attention on large U.S. banks which open the earnings season for the first quarter on Wednesday. These banks are likely to report a dramatic decline in quarterly earnings over a previous year.

U.S.-listed Chinese stocks mirrored the decline in domestic stock prices amid worries about pandemic curbs in China and rising inflation. Alibaba Group Holdings Inc. JD, (NYSE:) (NASDAQ:).com Inc. Pinduoduo (NASDAQ:) Inc declined between 1.2% & 2.4%