S&P 500 futures declined early Thursday, weighed in part by a rebound in oil prices, as traders looked ahead to the release of a key inflation reading. Futures linked to the broad market index were 0.2% lower, while Nasdaq 100 futures lost about 0.3%. Futures tied to the Dow Jones Industrial Average slipped 62 points. Shares of Snowflake soared 36% in Wednesday’s extended trading session after the cloud-based data platform provider inked a plan to spend $6 billion on Amazon Web Services over five years. The company also reported a first-quarter earnings and revenue beat. The moves came after a decline in oil prices pushed the blue-chip Dow to a new intraday and closing record on Wednesday. Crude oil prices fell in Wednesday’s session after Secretary of State Marco Rubio said during a White House Cabinet meeting that talks with Iran have made some progress, adding that the administration prefers “the negotiated diplomatic route, and we’re going to give it every chance to succeed.” However, President Donald Trump said that he will not allow Iran to control the key Strait of Hormuz as part of a deal. These comments came after Iranian state television had earlier said that Tehran is committed to restoring commercial traffic through the Strait of Hormuz back to prewar levels within one month of an agreement with the U.S., Reuters reported. The White House denied the report about a memorandum of understanding as “a complete fabrication.” Investors are awaiting the release of April’s personal consumption expenditure price index reading, due out at 8:30 a.m. ET on Thursday. The index, which is the Federal Reserve’s preferred gauge of inflation, is especially important now that Kevin Warsh has taken the helm as Fed chair. Economists polled by Dow Jones expect a month-over-month increase of 0.5% and a year-over-year rise of 3.8%. Excluding volatile food and energy prices, they anticipate gains of 0.3% and 3.3%, respectively. Treasury yields rose early Thursday after Iranian strikes on a U.S. military base earlier in the session prompted renewed pessimism on the likelihood of a swift resolution to the conflict. The yield on the 10-year U.S. Treasury note—the main benchmark for mortgages, auto loans, and credit card debt—increased by more than 1 basis point to reach 4.4945%. The 2-year Treasury note yield, which is more sensitive to short-term Federal Reserve interest rate decisions, was also 1 basis point higher at 4.0534%. The longer-dated 30-year Treasury bond yield, which typically reacts to political risks, was less than 1 basis point higher at 5.0222%. Asia-Pacific markets fell Thursday as tensions in the Middle East escalated after fresh U.S. strikes in Iran overnight. Major Asian indexes pared losses. South Korea’s Kospi ended Thursday’s session at 0.53% lower at 8,185.29, while the small-cap Kosdaq dropped 2.54% to 1,104.36. Japan’s Nikkei 225 fell 0.47% to 64,693.12, while the Topix declined 0.41% at 3,902.01. Australia’s S&P/ASX 200 was 1.43% lower at 8,592.90. China’s CSI 300 gave up early losses to gain 0.12% at 4,914.21, while Hong Kong’s Hang Seng dropped 1.38% in the last hour of afternoon trade. India’s Nifty 50 was flat, while the BSE Sensex was down 0.19%. Oil prices rose on Thursday after fresh U.S. strikes in Iran renewed concerns over disruptions to commercial shipping through the Strait of Hormuz. Brent crude futures, the international benchmark, were up 2.14% to $96.31 per barrel by 5:06 a.m. ET, easing from earlier gains of more than 3%, while West Texas Intermediate futures gained 2.2% to $90.63 per barrel. Gold prices fell to a two-month low on Thursday, as renewed uncertainty over the trajectory of the U.S.-Iran war gave the dollar a boost and drove oil prices higher. At 3:43 a.m. ET, spot gold was trading around 1.6% lower at $4,385.85 an ounce. Front-month U.S. gold futures were down 1.3% to settle at $4,389.70. The move put spot prices at their lowest since March 26. The gold sell-off came as the U.S. dollar edged higher, making gold priced in the greenback more expensive for international holders.