(Reuters) – U.S. Stock Index Futures fell Monday on the back of rising U.S. Treasury Yields. The Federal Reserve is expected to tighten its policy, and there are fears that China will slow down the economy.

Futures trading the fell by 2% Stocks of megacap companies Microsoft Corp (NASDAQ.com (NASDAQ.com:), Amazon.com.com. (NASDAQ.com:), Apple Inc. (NASDAQ.:), Alphabet-owner Google (NASDAQ.:) Inc., Meta Platforms. and Tesla (NASDAQ.:) Inc declined between 1.9% to 3.2% during premarket trading.

As data from last week showed strength in America’s economy, investors are betting on Fed rate increases to stem rising inflation. The yield on the benchmark 10-year Treasury bond rose to 3.19%. [US/]

Most traders anticipate the U.S. central banks to increase interest rates by 75 basis point at their June meeting after raising them by 50 basis points earlier in the month. [IRPR]

This year’s selloff has been particularly hard on technology-focused growth stock stocks, as they are less attractive when yields rise.

Tech-heavy Nasdaq posted its lowest closing price since 2020 Friday. It also suffered its fifth consecutive weekly loss. This is its longest losing streak in a row since 2012’s fourth quarter.

The S&P 500 growth index has dropped nearly 21% year-to-date, compared to a 13.5% fall in the benchmark .

Stocks fell globally and oil prices dropped on Monday. This was due to weak China data, tightened COVID-19 locksdown in Shanghai, and investors’ growing concern that the global economy may be heading for slowdown. [GLOB/MKTS]

At 06.19 a.m. ET fell 446 points or 1.36%. They were also down 67.75, or 1.64 percent, and 251.75, which is 1.98%, respectively.

Investors are looking for clues about the direction of interest rates, so this week’s focus will be on U.S. inflation and on a host of Fed speakers.

Morgan Stanley (NYSE: ) suffered 2.2% declines to be the leader among big banks.