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Happy Thursday. Stock futures were falling, as a surge in oil prices, spiking Treasury yields and hawkish signals from the Federal Reserve weighed on risk appetite.

“Markets have turned more defensive this morning as renewed Middle East tensions, rising oil prices and persistently elevated bond yields put pressure on risk appetite,” said Daniela Hathorn, senior market analyst at Capital.com.

“The broader equity rally remains supported by strong earnings expectations and AI investment, but the increasingly narrow leadership is leaving markets exposed to shifts in the rates outlook.”

The combination of rising bond yields, higher oil prices and the Fed’s hawkish signals weighed on stocks Wednesday.

Hathorn said the Fed minutes reinforced the central bank’s hawkish bias, although the key takeaway appears to be a lack of appetite for continued rate hikes.

“Most policymakers still anticipate another rate hike before year-end, despite softer employment data suggesting the labor market is losing momentum, but these are seen as an insurance against sticky inflation rather than the start of a new tightening cycle,” she said.

“However, the 10-year Treasury yield continues to trade around 5.3%, with the bond sell-off reflecting a combination of resilient economic activity, persistent inflation risks, heavy government borrowing and growing competition for capital.”

PepsiCo (PEP) is among the companies scheduled to report earnings today, while the ADP Weekly Employment Change report is slated to be released this morning.