Stock futures drop, a day after Wall Street had resumed its upswing
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On March 21, 2022, traders work on the floor of the New York Stock Exchange (NYSE) in New York City.
Reuters/Brendan McDermid
Futures for the Dow Jones Industrial Average, the S&P 500, and the Nasdaq fell on Wednesday, one day after Wall Street recovered from Monday's Federal Reserve-driven slump, which ended multiday winning streaks for the Dow Jones Industrial Average, S&P 500, and Nasdaq. The 10-year Treasury yield increased slightly on Wednesday, hovering near three-year highs of 2.38 percent.
Investors are digesting Fed Chairman Jerome Powell's comments on Monday, which suggested that larger-than-usual interest rate rises may be required to combat "too high" inflation.
On Tuesday, veteran investor Carl Icahn told CNBC that the US economy might be going into a "recession or even worse," citing market fears about inflation and Russia's conflict against Ukraine.
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