U.S. Futures Fall as 30-Year Treasury Yield Reaches 5.70%

U.S. stock futures fell Wednesday as a global bond selloff pushed the 30-year Treasury yield to 5.70%, while oil moved closer to $100 a barrel.

Dow Jones futures dropped 0.7% in morning trading. S&P 500 futures declined 0.3%, and Nasdaq-100 futures slipped 0.6%.

The 30-year Treasury yield reached its highest level since 2002 as investors awaited minutes from the Federal Reserve’s latest meeting. Higher long-term yields can weigh on stock valuations by increasing borrowing costs and the return available from bonds.

The pullback followed record closes for the S&P 500 and Nasdaq-100 on Tuesday. The futures declines pointed to a narrower and more cautious market move as rising yields and higher oil prices added pressure to the session.

Investors awaited minutes from the Federal Reserve’s latest meeting.