Stock futures rose on Friday as investors tried to find their footing following a steep sell-off driven by rising Treasury yields. Dow Jones Industrial Average futures were up 375 points, or 0.7%. S&P 500 futures climbed 0.5%, and Nasdaq-100 futures advanced 0.8%. Wall Street is coming off a losing session, as Treasury yields resumed their march higher after the government’s efforts to stymie a selloff in the Treasury market. Bonds, particularly on the long end of the curve, have been under pressure as investors fear rising inflation due to higher oil prices. During Thursday’s session, the S&P 500 and Nasdaq Composite dropped 0.9% and 1%, respectively. That pullback left the S&P 500 down 1.9% for the week and the Nasdaq off by 2.5%, putting them on pace to snap a three-week winning streak. The Dow Jones Industrial Average has fallen 1.8% week to date, on track for back-to-back weekly losses. “Unlike QE via the [Federal Reserve], the Treasury cannot create money to fund asset purchases,” wrote Ulrike Hoffmann-Burchardi, chief investment officer of the Americas at UBS. “Any buybacks must be financed elsewhere, most likely through increased bill issuance or adjustments to other parts of its funding program.” “In effect, the operation reshapes the maturity profile of debt held by investors rather than reducing the amount of debt markets must absorb. It neither removes the government’s financing needs nor resolves concerns about Treasury supply,” she wrote. The downturn this week also impacted stocks beyond the U.S., with the MSCI All Country World Index on track for a weekly decline of 1.5%—its biggest drop in five weeks. Longer-dated U.S. government bond yields edged higher on Friday as investor jitters over the Treasury Department’s extended debt repurchase program and soaring national debt continued to hover over markets. The yield on the 30-year U.S. Treasury bond, one of the targets of the buyback plan, rose more than 2 basis points to 5.26%. A week ago, the long bond yielded 5.21%. The 10-year U.S. Treasury yield—the key benchmark for mortgages, auto loans, and credit card debt—was up more than 2 basis points at 4.72%. Last Friday, the 10-year yield was as little as 4.63%. The shorter-dated 2-year Treasury note yield, which more closely tracks short-term Federal Reserve rate expectations, was higher by more than 3 basis points at 4.219%. A week later, the two-year low yield was about 4.10%. In Asia, Japan’s Nikkei 225 closed 0.30% lower, while South Korea’s Kospi rose 0.88%. Australia’s benchmark S&P/ASX 200 fell 0.27%. Mainland China’s CSI 300 closed 0.57% higher. Oil prices were on track Friday for a second consecutive week of gains, as hopes of a swift reopening of the Strait of Hormuz continued to fade. U.S. Treasury Secretary Scott Bessent told CNBC on Thursday that Washington will impose the “toughest sanctions in history” against Iran, echoing President Donald Trump’s threat on Wednesday of a “crushing” economic operation. Bessent also told CNBC he did not know why crude oil prices had gained following the president’s comments, since “maximum economic pressure” meant it was “likely” there would not be a return to large-scale military attacks. Brent crude futures were 18 cents higher at $93.96 per barrel. U.S. West Texas Intermediate futures rose 11 cents to $86.94 per barrel. Oil prices are up more than 5% for the week. Gold was set to rise for a third consecutive week on Friday, scaling a more-than-three-month high and breaching ​its 200-day moving average, ​driven by a feeble dollar and the U.S. Treasury’s surprise mid-week liquidity support announcement. Spot gold climbed 1.5% to $4,587.23 an ounce, having hit $4,601.29—its highest since May ⁠15—earlier in the session. U.S. gold futures rose 1.6% ⁠to $4,645.00. Bullion has gained 5% so far this week after its biggest one-day gain since early February on Wednesday but ended lower on Thursday as bond yields rose following a sell-off. “Gold surged again after ‌a setback on Thursday as long-end Treasury yields climbed following a Bessent interview that failed to quell investor concerns about spiraling U.S. debt and fiscal ​sustainability,” said Ole Hansen, head of commodity strategy at Saxo Bank.