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Nasdaq futures are flat after the index closes in the correction range

A trader on the floor of the New York Stock Exchange.

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US stock futures changed slightly on Wednesday after another choppy trading session as investors remained cautious amid rising prices and the Nasdaq plunged into the correction range.

Futures linked to the Dow Jones Industrial Average rose 19 points, or 0.05%. S&P 500 futures fell 0.04% and Nasdaq 100 futures fell 0.08% lower.

United Airlines shares fell about 2.5% in expanded trading after the company reported its quarterly results, warning that omicron has dented bookings and will delay its pandemic recovery.

In general trading, the Dow fell for the fourth day in a row by 339 points or 0.9%. The S&P 500 also fell 0.9 per cent. The Nasdaq Composite closed 1.15% and is now around 10% off its record high in November.

This year's turbulence in tech stocks, triggered by a rise in interest rates in the first week of January, continued on Wednesday as 10-year US government yields peaked at 1.9%. It started the year at around 1.5%.

Brad McMillan, chief investment officer at the Commonwealth Financial Network, acknowledged that the turbulence could last for some time, but said investors should not panic about interest rate hikes and that they are normal as the economy returns to normal.

"The economy and markets can and will adapt to changes in interest rates," McMillan said. "This environment is a normal part of the cycle, and one we see on a regular basis. The current trend may be a bit faster than we have seen, but it is a response to real economic factors - and therefore usually in context."

Stock options and investment trends from CNBC Pro:

In addition to growth stocks, banks also withdrew on Wednesday despite strong earnings reports from Bank of America and Morgan Stanley, both of which saw shares rise.

Major regional banks Regions Financial and Fifth Third will report earnings Thursday before the clock, as well as American Airlines, Union Pacific and Baker Hughs. Netflix is ​​the big name to watch Thursday. The streaming giant is set to report its quarterly results after the clock.

In economic data, investors expect figures on unemployment claims and existing home sales on Thursday.

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