Stock futures fell Monday as Treasury yields rose and traders looked ahead to the release of corporate earnings from tech industry giants. Futures tied to the Dow Jones Industrial Average dropped 121 points, or 0.3%. S&P 500 futures and Nasdaq 100 futures lost 0.3% each, respectively. The benchmark 10-year Treasury note yield briefly climbed back above the key 5% level. It was last trading just below that mark. Interest rates have soared in recent weeks, with the 10-year’s break above 5% on Thursday marking the first such occurrence for the benchmark since July of 2007. Comments from Federal Reserve chair Jerome Powell that monetary policy could tighten further seemingly stoked investor concern and underpinned the rise in Treasury yields. 5% on the 10-year Treasury is a key level for Wall Street and is a strong signal that investors may be losing faith that the Fed could cut interest rates in the near future, and pressure equities as a result. Some analysts think the benchmark yield could still have further room to run.  The rapid rise in yields “should accelerate an already weakening economic picture that is masked by higher rates,” said Canaccord Genuity Group chief market strategist Tony Dwyer in a Monday note. Wall Street is coming off a tough week. The S&P 500 ended the week 2.4% lower, notching its first losing week in three. The Dow Jones Industrial Average shed 1.6%, while the Nasdaq Composite slumped 3.2% to register its second losing week in a row. Earnings season ramps up this week, with a slew of big tech titans set to report. Investors will anticipate results from Alphabet, Amazon, Meta and Microsoft to provide key information for the stock market. U.S. Treasury yields ticked higher Monday, hovering around multiyear highs as investors continue to assess the prospect of higher-for-longer interest rates from the Federal Reserve. At around 9:07 a.m. ET, the yield on the benchmark 10-year Treasury note rose by 4 basis points to 4.961%, while the yield on the 30-year Treasury bond climbed around 2 basis points to 5.11%. Yields move inversely to prices. Asia-Pacific markets continued their sell-off ahead of a week of inflation readings from across the region and South Korea’s third-quarter gross domestic product numbers. Australia will release inflation figures for September on Wednesday, while Japan will release Tokyo’s inflation numbers on Friday. Tokyo’s inflation is considered a leading indicator of nationwide figures. Singapore saw its September inflation rate rise slightly to 4.1% from 4% in August, in line with expectations. In Australia, the S&P/ASX 200 fell 0.82% to close at 6,844.1, extending declines from last week for a third straight session of losses. Japan’s Nikkei 225 slipped 0.83% to end the day at 30,999.55, the third time the index closed below the 31,000 mark this month. Before October, it has held above 31,000 since May. The Topix was down 0.75% and ended at 2,238.81. South Korea’s Kospi closed 0.76% lower at 2,357.02, marking its third day of losses, while the Kosdaq reversed early gains to end down 0.72% in a fourth straight daily loss. Hong Kong’s markets are closed for a holiday Monday, but the mainland Chinese CSI 300 index closed down 1.04% to slump to its lowest closing level since February 2019 at 3,474.24. Oil prices slipped on Monday as investors continued to focus on the situation in the Middle East, where diplomatic efforts are intensifying in an attempt to contain the conflict between Israel and Hamas. Brent crude futures fell 31 cents, or 0.3%, to $91.85 a barrel, as of 8:00 a.m. ET. U.S. West Texas Intermediate crude futures were down 40 cents, or 0.4%, at $87.68 a barrel. Gold prices held steady on Monday after hitting a five-month peak in the last session as investors looked forward to key U.S. economic data this week and kept a close watch on growing unrest in the Middle East. Spot gold was ticked down 0.1% $1,978.29 per ounce by 7:55 a.m. ET, and U.S. gold futures eased 0.2% to $1,990.20.