Stock futures slid on Wednesday as the rotation out of high-flying technology shares continued.Dow Jones Industrial Average futures shed 81 points, or 0.2%. S&P 500 and Nasdaq-100 futures lost 0.9% and 1.5%, respectively. Apple and Tesla each dropped around 2% before the bell. That offered the latest sign of investors pulling back on megacap technology after the group’s monster run this year as artificial intelligence captured the market’s interest. Semiconductor stocks struggled in particular within the tech sector following a Bloomberg News report that the Biden administration is considering tougher trade restrictions if companies continue granting China access to U.S.-made technology. The VanEck Semiconductor ETF (SMH) fell nearly 3% following the report. Nvidia and U.S.-listed shares of Taiwan Semiconductor lost around 4% and 2%, respectively, in the premarket. Those moves follow a winning session on Wall Street, with the Dow rallying more than 700 points to a record. Small caps also continued their resurgence, with the Russell 2000 adding 3.5% and notching a five-day winning streak. The iShares Russell 2000 ETF (IWM), which tracks the benchmark, retreated nearly 1% in Wednesday’s premarket trading. “The Dow has spent most of the past two years lagging the S&P 500 index,” said Chris Zaccarelli, chief investment officer of Independent Advisor Alliance. “But it has new wind in its sails this summer on the hopes that the market rally will broaden from a narrow set of technology companies into a broader array of companies throughout the economy.” This broadening market rally is underway as traders have become more optimistic on interest rate cuts, which should benefit small caps and companies with higher financing costs. Fed funds futures trading implies a 100% likelihood the Federal Reserve will lower rates in September, according to the CME FedWatch tool. U.S. Treasury yields were little changed on Wednesday as investors considered the state of the economy and outlook for interest rates. At 6:32 a.m. ET, the yield on the 10-year Treasury was up by less than 1 basis point at 4.172%. The yield on the 2-year Treasury was last at 4.455% after rising 1 basis point. Asia-Pacific markets traded mixed on Wednesday with Australia’s S&P/ASX 200 reaching an all-time high, while an increase in business optimism among large Japanese manufacturers lifted Japanese stocks. Japan’s Nikkei 225 declined 0.43% to close at 41,097.69, while the Topix rose 0.37% to end at 2,915.21. Australia’s benchmark index closed the day 0.73% higher at 8,057.9. Gold miners Northern Star Resources and Bellevue Gold rose more than 3% and almost 2%, respectively. Evolution Mining and Newmont Corporation climbed more than 2%. South Korea’s Kospi dipped 0.8% to 2,843, while the small-cap Kosdaq lost 1.21%, closing at 829.41. Hong Kong’s Hang Seng index was up 0.15% in its last hour of trade, while China’s CSI 300 rose marginally to end the session at 3,501.58. The Taiwan Weighted Index fell 0.77% after a report cited U.S. Republican presidential candidate Donald Trump saying that Taiwan should pay the U.S. for defense. Oil prices were steady on Wednesday, a day after benchmark Brent hit a one-month low, as a decline in U.S. oil stockpiles helped offset signs of weakening demand in China. Brent crude oil futures were up just 1 cent, or 0.01%, to $83.74 a barrel by 1013 GMT. U.S. West Texas Intermediate crude futures were up 10 cents, or 0.12%, at $80.86. Gold prices continued to notch new records Wednesday, lifted by increasing conviction that the Federal Reserve will cut interest rates in September following comments from Fed Chair Jerome Powell. Spot gold prices were last up 0.1% at $2,469.50 per ounce, after hitting an all-time high — according to LSEG data. Gold futures climbed 0.2% to $2,473.40 an ounce.