This comes as tech continues to lead the downside, with Nasdaq futures down 1.2% and Dow futures down by 0.6% currently. The drop is also putting a drag on European indices, with the DAX and CAC 40 both also down by 0.6% on the session.

There's not much in European morning trade to have caused the fall but it comes after Microsoft's slowing sales outlook earlier in the day and also stronger Australia and New Zealand CPI data - which may cause markets to be a bit more skeptical about the peak inflation narrative.

The dollar is slightly higher now with AUD/USD also seeing gains trimmed from 0.7110 earlier to 0.7080 levels now. GBP/USD is also seen down 0.3% now to 1.2285, sitting at the lows for the day.