US stock futures point lower as Treasury yields hit 2007 high

Risk appetite is being hit by rapidly rising long-term interest rates in the wake of global energy price increases caused by major supply disruptions resulting from the wars in the Middle East and Ukraine.

The interest rate on the US 10-year Treasury bond has risen to 5.02 percent for the first time since 2007, ahead of an interest rate announcement from the US Federal Reserve (Fed) on Wednesday.

Technology stocks are also under pressure after major players in the AI sector said technological development should be slowed.

The Nasdaq stock exchange has risen 12.6 percent since the turn of the year, while the S&P 500 index is up 11.3 percent.