Stock futures slipped on Monday as Wall Street struggles to keep the momentum from Friday’s rally. S&P 500 futures fell 0.4%. Nasdaq-100 futures were down 0.5%, while Dow Jones Industrial Average futures ticked down 164 points, or 0.4%. Adding pressure to futures was an uptick in U.S. Treasury yields. The benchmark 10-year Treasury yield rose nearly 3 basis points to 4.008%. That marks the first time since August that the yield topped 4%. Higher oil prices also weighed, as tensions in the Middle East remain high. U.S. crude climbed more than 2% to more than $76 per barrel. The move in futures comes after a bumpy week for stocks that saw the major averages grind out modest gains. The S&P 500 added 0.2% for the week, while the Nasdaq Composite inched up 0.1% and the Dow added 0.1%. It was the fourth winning week in a row for all three averages, helped by a stronger-than-expected jobs report on Friday that gave more support to the idea that the Federal Reserve may pull off a “soft landing” for the U.S. economy. The Dow closed at a record high after the report. “Two old adages on Wall Street: don’t fight the trend and don’t fight the Federal Reserve. … These remain among two key pillars for today’s equity market,” Truist Wealth co-chief investment officer Keith Lerner said in a note Friday. However, Lerner did caution that the looming U.S. presidential election and the potential for so-called “October surprise” could keep market volatility elevated in the coming weeks. On the economic front, key releases in the week ahead include the Federal Reserve meeting minutes on Wednesday and the consumer price index report on Thursday. Earnings season also starts to heat up, with results from Delta Air Lines and JPMorgan Chase due out Thursday and Friday, respectively. The 10-year Treasury yield, a benchmark for mortgages and car loans, jumped back above 4% on Monday amid stronger labor market readings and despite the start of a Federal Reserve rate-cutting campaign last month. The 10-year yield was up about 3 basis points to 4%, its highest since early August and a big turnaround from its 2024 low of around 3.58% reached a little more than a month ago. The yield on the 2-year Treasury was up over 6 basis points to 3.99%. Yields move inversely to prices. One basis point equals 0.01%. Asia-Pacific markets mostly climbed on Monday, led by Japan’s Nikkei 225 rising almost 2% as investors look ahead to a week of central bank decisions from around the region. The Nikkei climbed 1.8%, powered by financials and consumer cyclical stocks, and closed at 39,332.74. Mizuho Financial Group and Nikon were among top gainers on the index. South Korea’s Kospi reversed losses and rose 1.58% to 2,610.38, while the small-cap Kosdaq was up 1.56% and finished at 781.01. Australia’s S&P/ASX 200 rose 0.68% and closed at 8,205.4, with lithium stocks listed in Australia rallying after Rio Tinto expressed interest in acquiring U.S. lithium producer Arcadium. However, Hong Kong Hang Seng index climbed 1.32% as of its final hour, while mainland China’s markets remained closed for the Golden Week holiday and will return to trade on Tuesday. The HSI briefly passed the 23,000 mark on Monday and if it closes above that level it would be the first time since February 2022. U.S. crude oil rose about 2% on Monday, as the market waited for Israel to strike Iran. Oil prices spiked last week on fears that Israel could hit Iran’s oil industry in retaliation for Tehran’s ballistic missile attack. U.S. benchmark West Texas Intermediate surged 9.09% last week for the biggest weekly gain since March 2023. Global benchmark Brent jumped 8.43% for the biggest weekly advance since January 2023. West Texas Intermediate November contract: $75.93 per barrel, up $1.55, or 2.08%. Brent December contract: $79.47 per barrel, $1.42, or 1.82%. Gold prices held steady on Monday, off recent record highs as the market anticipated a smaller interest rate cut by the U.S. Federal Reserve next month, while traders awaited inflation data this week for further clues on policy easing. Spot gold was around $2,651.48 per ounce, off a record peak of $2,685.42 hit on Sept. 26. U.S. gold futures edged up about 0.2% at $2,671.70.