Futures fall as technology stocks lag ahead of US Federal Reserve minutes

US stock index futures fell for the third straight session on Wednesday, led by losses in rate-sensitive technology stocks on fears that rising inflation could force the US Federal Reserve to pare back its support soon.

The yield on 10-year Treasury notes touched a one-week high, driving down shares of Apple Inc, Microsoft Corp and Facebook Inc by about 1 per cent premarket.

Tech and other growth stocks are sensitive to yields as their value rests heavily on earnings years into the future, which are discounted more deeply when expectations of interest rates hikes rise.

Investors will also focus on minutes from the Fed’s April policy meeting, where it stood pat on interest rates. The statement is due to be issued at 2 p.m. ET (1800 GMT).