U.S. equity futures fell as the 10-year Treasury yield surpassed 4.6%, signaling investor caution amid rising yields. Major semiconductor stocks, including Micron Technology and NVIDIA, continued their pre-market declines, potentially marking a third consecutive day of losses if the S&P 500 index drops further. The combination of rising yields, high inflation, and elevated oil prices is weighing on investor sentiment. Despite these challenges, Ed Yardeni of Yardeni Research suggests that a stagflationary environment may not impede stock market performance if companies can maintain profit growth.