U.S. stock futures were lower on Thursday as investors faced more pressure from rising Treasury yields and elevated oil prices. Dow Jones Industrial Average futures fell 347 points, or 0.7%. S&P 500 futures dipped 0.4%, and Nasdaq-100 futures were 0.6% lower. The benchmark 10-year Treasury note yield rose more than 5 basis points to 5.331%, around levels not seen since 2002. The 30-year Treasury bond yield also traded near 24-year highs at 5.702% after rising more than 4 basis points. Those moves came after Federal Reserve Governor Christopher Waller said more hikes may be needed to curb inflation. Oil prices spiked also after President Donald Trump said he doesn’t want to make a deal with Iran to end the war, while the U.S. is reportedly preparing for “massive bombing” in the Middle East. Brent crude jumped 4% to around $104 per barrel. West Texas Intermediate futures, meanwhile, advanced 4% to around $92. Key areas of the market sensitive to higher borrowing costs, such as banks and technology, were under pressure yet again. Intel and Marvell Technology shares were each down more than 2%, while Bank of America and Citigroup shed around 1%. Yields and oil have stoked volatility in equities of late, as concern grows that higher energy prices will keep inflation elevated and force the Federal Reserve to further raise rates. Many investors are maintaining an optimistic view of the stock market, however. They expect that the start of earnings season could give the market the fuel it needs for the next leg higher. In the third quarter, the S&P 500 is expected to post a blended earnings growth rate of roughly 30%, which would be a third straight quarter of above-25% earnings growth, according to FactSet. “If earnings remain strong, and the idea is that they probably will, if expectations are met and/or higher, that is going to sustain this rally—despite the fact that rates are higher,” Courtney Garcia, senior wealth advisor at Payne Capital Management, told CNBC’s “Closing Bell.” “It’s not going to derail the market.” Palantir Technologies was one of the few stocks trading higher on Thursday, with shares gaining 2% after the name received an upgrade at Goldman Sachs. The firm called for more upside ahead, as the total addressable market could be “setting up for another step function change” as a result of the shift to sovereign AI and bespoke applications. In Asia, Japan’s Nikkei 225 closed 1.42% lower, while South Korea’s Kospi dropped 2.62%. Australia’s benchmark S&P/ASX 200 fell 0.77%, and mainland China’s CSI 300 declined 1.09%. Gold prices ​edged up on Thursday ​after hitting a two-month ​low in the previous session, as investors assessed the minutes of the US Federal Reserve’s September meeting for clues on its interest rate trajectory. Spot gold ⁠rose ‌0.3% to $4,122.99 per ounce by 0916 GMT, having ⁠touched its lowest level since August 5 on Wednesday as a firmer dollar and higher US Treasury yields weighed. US gold futures for December delivery added 0.18% to $4,147.90.