Why are futures down in volatile trade? Elevated VIX readings above 19 suggested hedging demand increasing sharply. Risk-off flows pushed S&P futures to session lows, with financials and tech leading declines. DETROIT — James Reimer stepped into a game as a Toronto Maple Leafs goaltender for the first time in over nine years on Saturday in a 6-5 overtime loss to the Detroit Red Wings in pre-season action. Meta ( META ) shares fell nearly 3% Wednesday morning, extending a recent downturn in the stock. Shares dropped 1.2% during the previous trading session and have fallen more than 9% from record high of $790 in August. Why are futures down? Futures slipped in early trading following hawkish remarks from Fed officials hinting at possible rate hikes beyond mid-year. Nasdaq futures fell 120 points as rate-sensitive mega-cap tech faced renewed valuation pressure.