Stock futures fell Wednesday as traders fretted over another move higher in Treasury yields, as investors monitored the progress on a new U.S. budget bill. Dow Jones Industrial Average futures lost 424 points, or 1%. Futures tied to the S&P 500 shed 0.8%, as did Nasdaq-100 futures. The 30-year Treasury bond yield moved back above 5% on Wednesday, while the benchmark 10-year Treasury note yield traded over 4.53%. Yields moved above those key levels earlier in the week after Moody’s downgraded U.S. bonds late Friday. The latest moves come as traders look to Washington as Republican leaders work to finalize a budget bill that would lower taxes. However, the measure has faced pressure from GOP members looking for higher deductions on state and local taxes. Investors also worry the measure could worsen the U.S. deficit. Wednesday’s action comes after a tough session for the three major averages. The S&P 500 ended a six-day win streak, while the Nasdaq Composite saw its first negative day in three. The Dow fell more than 100 points, breaking a three-day positive streak. That marks a pullback amid a major recovery rally for U.S. equities. Investors had been cheering progress on trade deals following President Donald Trump’s announcement of broad and steep tariffs last month. All three major averages are still above where they traded on April 2, the day Trump unveiled his import tax policy. The S&P 500 is now up on the year, a sharp reversal after at one point falling on an intraday basis into bear market territory, a term referring to a decline of at least 20% from a recent high. “The equity market’s recovery over the past month has been extraordinary in terms of both speed and scale,” said Kristian Kerr, head of macro strategy at LPL Financial. “While it may be tempting to interpret this powerful rally as a definitive signal that risks have subsided, the reality is that plenty of uncertainty remains.” Treasury yields moved higher on Wednesday as investors feared a new U.S. tax bill could worsen the country’s deficit following a Moody’s downgrade of the U.S. credit rating. At 6:57 a.m. ET, the 30-year Treasury bond yield was up over 6 basis points at 5.03%. The 10-year yield was more than 5 basis points higher at 4.537%. The 2-year yield advanced just over 2 basis points, reaching 3.994%. Asia-Pacific markets traded mostly higher Wednesday after Wall Street halted its six-day win streak. Japan’s benchmark Nikkei 225 slipped 0.61% to close at 37,298.98 after the country reported that exports slowed for a second straight month as the country reels under U.S. President Donald Trump’s sweeping tariffs. South Korea’s Kospi climbed 0.91% to close at 2,625.58 while the small-cap Kosdaq traded 1.13% higher to close at 723.62. Australia’s benchmark S&P/ASX 200 climbed 0.52% to close at 8,386.8. Hong Kong’s Hang Seng index rose 0.62% higher to close at 23,827.78 while mainland China’s CSI 300 added 0.47% to close at 3,916.38. Oil prices jumped more than 1% on Wednesday after reports Israel is preparing a strike on Iranian nuclear facilities, raising fears that a conflict could upset supply availability in the key Middle East producing region. Brent futures for July rose 86 cents, or 1.32%, to $66.24 a barrel by 0003 GMT. U.S. West Texas Intermediate crude futures for July climbed 90 cents or 1.45% to $62.93. Gold prices rose on Wednesday to their highest levels in a week as the dollar weakened and investors sought safety amid U.S. fiscal uncertainty, with Congress debating a sweeping tax bill. Spot gold was up 0.2% at $3,293.98 an ounce, as of 0209 GMT, after hitting its highest level since May 12 earlier in the session. U.S. gold futures gained 0.3% to $3,295.80. The dollar retreated to its lowest level since May 8, making greenback-priced gold cheaper for overseas currency holders.