Stock futures slid on Wednesday, as rising Treasury yields once again pressured the broader market while artificial intelligence darling Nvidia kept climbing. Futures tied to the Dow Jones Industrial Average fell by 257 points, or 0.7%. S&P 500 futures slipped 0.7%, while Nasdaq 100 futures lost 0.9%. Nvidia shares rose slightly in premarket trading, extending gains since its earnings last week. Over the three trading days after the report was released, Nvidia surged roughly 20%. It was one of few bright spots in megacap tech before the bell, with Tesla, Alphabet and Microsoft and Meta all in the red. Outside of tech, American Airlines tumbled more than 8% in the premarket after slashing its sales outlook for the second quarter. Southwest Airlines dipped about 3% in sympathy. On the other hand, Dick’s Sporting Goods jumped more than 7% on the back of strong earnings and raised guidance. Wednesday’s move lower in futures comes as the 10-year Treasury note yield ticked higher for a second day, last trading above 4.57%. On Tuesday, the benchmark yield popped above 4.5% — a troublesome level for stock investors — following a Treasury Department auction that was met with weak demand. “Stocks are getting hit in most major markets as the poor US price action from Tues carries over into Wednesday,” Adam Crisafulli of Vital Knowledge wrote. “The narrative is starting to splinter a bit, with the macro conversation worried about a reacceleration of inflation … while certain industries grapple with the EPS implications of disinflation/deflation.” That follows after a mixed start to the week. The Dow dropped more than 200 points on Tuesday following the move higher in yields. The S&P 500 closed around its flatline, while the Nasdaq Composite reached a record above 17,000 thanks to strong gains in Nvidia. The major averages are on track to close the month with impressive gains, partly propped up by enthusiasm about a better-than-expected quarterly earnings season. The S&P 500 is up 5.4% this month, while the Dow has advanced 2.7%. The Nasdaq has climbed 8.7% in May. The advances arrive even as traders have lowered their expectations for Federal Reserve rate cuts. Indeed, fed funds futures trading data suggests a nearly 54% chance that rates will hold steady in September, according to the CME FedWatch Tool. U.S. Treasury yields advanced for another day on Wednesday, as investors considered the state of the economy and digested a poor auction on the five-year note. The yield on the 10-year Treasury added over 3 basis points to 4.578%, holding above the 4.5% mark it initially crossed Tuesday. The 2-year Treasury yield was last more than one basis point higher at 4.97%. Asia-Pacific markets traded mostly lower on Wednesday as investors assessed Australia’s inflation numbers for April and consumer confidence data from Japan. The Australian S&P/ASX 200 fell 1.3% after the CPI announcement, closing at 7,665.6. Japan’s Nikkei 225 fell 0.77% to 38,556.87, while the broad-based Topix dropped 0.97% to end at 2,741.62. Both indexes reversed course from the open to trade lower. South Korea’s Kospi fell 1.67% and closed at 2,677.3, dragged by a 3.09% loss in heavyweight Samsung Electronics as one of its unions announced a strike. The small-cap Kosdaq was 1.48% lower. Hong Kong’s Hang Seng index fell 1.67%, leading losses in Asia, while mainland China’s CSI 300 rose 0.12% to close at 3,613.52, the only major Asian benchmark in positive territory. Oil prices rose on Wednesday on expectations major producers will maintain production cuts at a meeting this Sunday at the same time fuel consumption should begin rising with the start of the peak summer demand season. Brent crude futures for July delivery rose 59 cents, or 0.7%, to $84.81 a barrel. U.S. West Texas Intermediate futures for July climbed 60 cents, or 0.75%, to $80.43. Gold prices slipped on Wednesday as U.S. Treasury yields firmed, while investors geared up for a crucial inflation report due later this week that could provide insights into the Federal Reserve’s policy path. Spot gold fell 0.8% to $2,342.50 per ounce by 0919 GMT. On May 20, prices hit an all-time high of $2,449.89. U.S. gold futures dropped 0.6% to $2,342.90. The U.S. 10-year Treasury yield rose for a second straight day and the dollar index gained 0.1%, making gold less attractive. Higher rates tend to reduce the appeal of holding non-yielding bullion.