U.S. stock futures showed mixed results Wednesday morning. The U.S. military intercepted an Iranian missile barrage, causing Brent crude prices to rise over 3%.
Geopolitical tensions heightened as investors awaited the Federal Reserve's upcoming interest rate decision. The semiconductor industry faced a continued downturn, pressuring the broader technology sector.
Concerns over high valuations and potential competition drove the recent sell-off. Shares of Micron Technology and Western Digital, owner of the SanDisk brand, fell in pre-market trading.
This decline contributed to a significant drag on the Nasdaq index. Traders currently price in a 30% chance of a Federal Reserve interest rate hike.