S&P 500 futures fell slightly on Monday as a drop in key technology stocks overshadowed a move lower in Treasury yields. Futures tied to the broad market index fell about 0.2%, while Nasdaq-100 futures lost 0.6%. Dow Jones Industrial Average futures traded 54 points, or 0.1%, lower. Declines in chip stocks weighed on equity futures Monday. Micron Technology shed more than 3%, while Advanced Micro Devices and Broadcom pulled back almost 2% and around 1%, respectively. The iShares Semiconductor ETF (SOXX) slid almost 2 as well. Other tech stocks fell as well. Coherent and Lumentum dropped 5%, as did Sandisk. Corning moved down almost 3%, while Seagate Technology pulled back almost 4%. Stocks have been pressured by rising bond yields around the globe, with rates in Japan, France, and Germany scaling to multi-year highs. Investors grew fearful that the U.S.-Iran war would continue for longer, keeping oil prices elevated and driving inflation higher. “The Treasury attempts to cap long rates by issuing more short-term paper, as the financing tool will tether US government interest rate expense ever closer to what the Federal Reserve does with the Fed funds rate,” said Peter Boockvar, chief investment officer at One Point BFG Wealth Partners. “I don’t think this is something Kevin Warsh will talk about in his speech Friday, but it is a new element he’s going to have to deal with.” Chairman Kevin Warsh is expected to deliver a speech at the Fed’s annual symposium in Jackson Hole, Wyoming. On top of that, investors this week will get new inflation data in the form of the July personal consumption expenditures price index on Wednesday. Artificial intelligence will also be in focus, with Nvidia and Marvell Technology set to report earnings Wednesday and Thursday, respectively. Those figures will come after Bloomberg News reported over the weekend, citing sources, that Nvidia has notified clients that servers with Vera Rubin and Blackwell chips will see price hikes of more than 15%. Treasury yields moved lower after CNBC reported that the Treasury may use the General Account to fund a buyback operation. The 10-year Treasury note yield fell 4 basis points to 4.7%. The yield on the 30-year Treasury bond, which topped 5.3% last week to reach levels not seen in nearly 20 years, shed 4 basis points to 5.23%. The report comes after Treasury Secretary Scott Bessent told CNBC last week that the Treasury Department’s plans to at least double the level of government debt buybacks in the next few months could be larger than the $4 billion that was announced earlier that week. Some reprieve was given to the long end of the U.S. yield curve after the initial announcement, but it was ultimately short-lived. Japan’s Nikkei 225 closed 0.74% lower at 65,528.09, while South Korea’s Kospi dropped 3.12% to 6,696.96. Australia’s benchmark S&P/ASX 200 rose 0.49% to 9,103.10. Hong Kong’s Hang Seng index was down 1.84% in the last hour of trade on Monday, while mainland China’s CSI 300 closed 1.21% lower at 4,563.13. Oil prices fell Monday as investors awaited details of what Washington has billed as its toughest-ever sanctions campaign against Iran, while Tehran dismissed the threat of intensified economic pressure. West Texas Intermediate futures, the U.S. benchmark, declined about 1.62% to $85.65 per barrel. Brent crude, the international benchmark, lost 1.38% to $93.09 a barrel. Gold rose to its highest in ​more than three months on ​Monday, building on ​gains from last week as a muted dollar boosted appeal, while investors awaited U.S. inflation data and remarks from Federal Reserve Chairman Kevin Warsh this week ⁠for ‌signals on the interest-rate path. Spot gold was ⁠up 0.7% at $4,635.25 an ounce, hitting its highest level since May 15, while U.S. gold futures rose 0.2% to $4,691.10. Bullion rose more than 5% last week after ‌the U.S. Treasury Department’s buyback support plan pushed the dollar lower, making greenback-priced bullion more affordable for foreign investors.