Stock futures fell on Wednesday, pressured by a rise in oil prices, as investors looked ahead to another busy day of corporate earnings. Futures tied to the Dow Jones Industrial Average dipped 102 points, or 0.2%. S&P 500 futures and Nasdaq-100 futures were down 0.4% and 1%, respectively. Traders have kept an eye on oil as they fear it could keep consumer goods prices elevated, which may lead the Federal Reserve to raise rates. As of Wednesday morning, fed funds futures traders were pricing in a 27% chance of a rate hike from the Fed this month. Traders were also pricing in a 70% chance of at least a quarter-point hike in September, according to the CME FedWatch tool. Earnings take center stage again on Wednesday, with reports due from ServiceNow, International Business Machines, Tesla, Texas Instruments, and Alphabet. Investors will be watching closely for updates on AI spending, cloud demand, corporate technology budgets, and the outlook for the second half of the year. Investors remain focused on whether strong demand for AI infrastructure and software will continue to justify elevated valuations across the technology sector as earnings season accelerates. “Q2 earnings season is ramping up, but with most hyperscalers yet to report, the market is still waiting for the definitive read on how AI investment is being monetized and translated into future capital spending,” said Julia Hermann, global market strategist at New York Life Investment Management. Shares of Super Micro Computer jumped 14% in premarket trading. The move comes on the heels of the server maker forecasting higher margins than expected for the fiscal fourth quarter, with the company saying that it received more than $60 billion in new orders in the period. U.S. Treasury yields inched higher on Wednesday as investors mapped escalating tensions across the Middle East and mulled prospects for Federal Reserve monetary policy in the months ahead. The yield on the 10-year U.S. Treasury note — the key benchmark for U.S. government borrowing — was broadly flat at 4.626%. The 2-year Treasury note yield, which more closely tracks short-term Federal Reserve interest rate policy, fell one basis point to 4.251%. The longer-dated 30-year Treasury bond yield was flat at 5.132%. Mainland China’s CSI 300 slipped 0.46% to 4,717.24. Asia-Pacific markets opened in the green on Wednesday. South Korea’s Kospi led gains in the region, advancing over 5% while the Kosdaq rose 2%. Japan’s Nikkei 225 added 0.34%, and the Topix was little changed. Australia’s benchmark S&P/ASX 200 was up 0.12%. Hong Kong’s Hang Seng Index was down 1% as of 3.17 a.m. ET. Oil prices were 4% higher on Wednesday morning following the 11th consecutive round of U.S. strikes against Iran overnight, as Secretary of State Marco Rubio said the Strait of Hormuz remains a sticking point between the two sides. Shortly after 4 a.m. ET, global benchmark Brent crude futures for July delivery were almost 4% higher at $94.23. Front-month U.S. West Texas Intermediate crude futures were up 3.8% to trade at $87.46. Precious metals traded higher on Wednesday, with gold prices surging to a two-week high as the Middle East conflict continues to weigh on markets. Gold futures were last seen 1.17% higher, at $4,125.00, while spot gold prices were trading at $4,120.32, a 1.08% rise. Investors flocked to bullion — long regarded a safe-haven asset during bouts of volatility — as the U.S. launched strikes against Iran for the 11th consecutive day.