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S&P 500 futures shed 0.8% while Nasdaq Composite futures fall 1.5%, driven by declines in chip stocks amid valuation concerns and rise in bond yields
- The Philadelphia Semiconductor Index fell 1.4% on Tuesday and is down more than 7% over the last three days as investors grow concerned about elevated valuations and the sustainability of data center investment.
- The 30-year Treasury bond yield rose about 6 basis points to 5.198%, its highest level since July 2007, following last week inflation reports.