U.S. stock futures jumped on Wednesday as Treasury yields fell after the Treasury Department announced an increased buyback operation for longer-term debt. Dow Jones Industrial Average futures added 305 points, or 0.6%, while S&P 500 futures traded up 0.5%. Nasdaq-100 futures also gained 0.5%. Yields on the long end of the Treasury curve plummeted after the Treasury Department said Wednesday that it’s going to at least double the size of its government debt repurchases. The upscaled buyback is aimed at the 10- to 20-year as well as the 20- to 30-year parts of the market. The 30-year Treasury bond yield—which notched a new 19-year high of above 5.33% in the prior trading day—declined almost 9 basis points to 5.196%. The 10-year Treasury note yield also shed 6 basis points to 4.647%. Moderna was a major winner in the premarket, as shares popped more than 80% after the company’s and Merck’s experimental cancer vaccine showed success in a late-stage trial. Merck shares jumped more than 7%, supporting Dow futures. The major U.S. stock averages fell on Tuesday, with the S&P 500 posting its third consecutive loss, as sovereign bond yields around the globe hit multi-year highs. Along with the 30-year Treasury yield’s fresh 19-year high, Japan’s 10-year bond yield reached its highest level in three decades. Rates on France’s 30-year bond reached the highest going back to 2008. The German 30-year bund yield hit its highest point since 2011. Still, “the economy is strong enough,” Adam Parker, founder and CEO at Trivariate Research, told CNBC’s “Closing Bell” on Tuesday. “I think the earnings and cash flows from these big companies are strong enough that they’ll power through any kind of scare that happens around this.” The latest Federal Open Market Committee meeting minutes are set to release Wednesday afternoon. Investors will likely take a keen eye to the minutes, given the sharp divisions within the central bank. At the July meeting, there were three dissenters voting to hike rates, a division that investors will seek greater detail on. Japan’s Nikkei 225 closed 3.16% lower at 65,326.42, while South Korea’s Kospi dropped 5.80% to 6,471.17. Both indexes were weighed by losses in tech stocks. Samsung and SK Hynix, which are Kospi heavyweights, fell 7.82% and 9.75%, respectively. Over in Japan, SoftBank Group declined over 10%, and Nintendo was 2.09% lower. Australia’s benchmark S&P/ASX 200 fell 0.18% to 9,053.80. Hong Kong’s Hang Seng index was marginally lower in the last hour of trade Wednesday, while mainland China’s CSI 300 closed 2.90% lower at 4,588.70. Oil prices hit a three-week high on Wednesday ​as uncertainty over shipping through ​the Strait of Hormuz and ​ongoing supply disruptions supported the market. Brent crude futures climbed 40 cents to $91.42, while U.S. West Texas Intermediate crude futures were up 37 cents to $85.31 a barrel. Brent crude ⁠hit ‌its highest level since July 30, and WTI reached its ⁠highest since July 31. Gold rebounded on Wednesday as the U.S. dollar ​weakened and global bond ​yields eased from ​multi-decade highs, while markets awaited minutes from the Fed’s latest policy meeting for clues on its interest rate outlook amid persisting inflation risks. Spot gold rose 0.8% to $4,370.02 an ⁠ounce, while U.S. gold futures edged ⁠0.1% higher to $4,424.70. Bullion declined about 2% on Tuesday after long-term borrowing costs in the United States, Germany, and Japan rose to their highest levels in several decades on inflation concerns. The dollar ‌softened as the bond selloff slowed on Wednesday, improving the appeal of non-interest-bearing bullion.