U.S. equity futures fell on Wednesday, a day after the S&P 500 reached a fresh all-time high, as oil prices moved higher alongside Treasury yields. Futures tied to the Dow Jones Industrial Average were down 403 points, or 0.8%, while S&P 500 futures shed 0.5%. Nasdaq-100 futures slipped 0.8%. The S&P 500 closed above 7,800 for the first time on Tuesday, led by gains in chipmakers. Bond yields also eased, giving equities a boost. “Stocks have gotten cheaper since January, which is ironic, since we’re hitting all-time highs,” said Nancy Tengler, CEO and CIO of Laffer Tengler. “I don’t mind multiple compression because it tells me that this bull market is sustainable and it elongates it. I like where we sit for this bull market, and earnings growth does ultimately drive stock price performance.” Investors are awaiting the minutes of the Federal Reserve’s last meeting in September, at which the U.S. central bank raised interest rates for the first time since 2023. Minutes are set to shed light on how monetary policymakers are thinking about economic conditions. The benchmark 10-year Treasury note yield climbed more than 6 basis points to trade at 5.337%. Earlier in the day, it reached its highest level since April 2002. The 30-year bond yield gained more than 7 basis points to 5.716%. It had hit its highest level since May 2002. The moves come ahead of a planned auction by the Treasury Wednesday, in which it’s planning to sell $39 billion of 10-year notes. In Asia, Japan’s Nikkei 225 closed 0.92% lower as the broader Topix fell 0.7%. South Korea’s Kospi declined nearly 2%, while the small-cap Kosdaq lost 2.34%. Australia’s benchmark S&P/ASX 200 ended flat. The mainland China market remained closed for the Golden Week holiday. U.S. crude prices crept back toward $90 per barrel. International Brent crude futures, meanwhile, traded nearly 1% higher at around $101 per barrel. Those moves led yields, which took a breather in the previous session, to resume the recent surge that drove them to multiyear highs. Gold prices fell on ​a stronger U.S. dollar ​on Wednesday, while investors ​awaited the minutes of the Federal Reserve’s September meeting to gauge the degree of support among policymakers for further rate hikes. Spot gold fell 0.98% to $4,122.73 per ounce. U.S. gold futures for December delivery ⁠slid 0.91% to $4,149.00. The US dollar index rose 0.4%, making greenback-denominated gold more expensive for holders of other currencies.