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Happy Wednesday. Stock futures were lower Wednesday, pressured by rising oil prices and elevated bond yields.

On Tuesday, the benchmark U.S. 30-year Treasury yield surged to 5.33%, its highest level since April 2007, before dipping back below 5.3%.

Global government bonds stabilized Wednesday following the steep selloff ahead of the release of minutes from the Federal Reserve’s July meeting. The minutes are scheduled for release at 2 p.m. EDT, the Wall Street Journal reported.

President Donald Trump said earlier that there are no ongoing talks with Iran and no new discussions scheduled, nearly six months into the war involving the U.S., Israel and Iran.

Separately, Trump late Tuesday paused plans to impose 50% tariffs on certain Canadian imports, shortly before the duties were set to take effect at midnight.

Stocks closed lower Tuesday, pressured by a selloff in chipmakers and elevated bond yields.

“Chip stocks took a hit while rising bond yields weighed on asset prices around the world as investors became increasingly nervous about higher long-end rates,” said Kyle Rodda, senior financial market analyst at Capital.com.

“The move in yields was relatively modest and partly unwound throughout the US session. But the cross-asset price action points to one of the big structural tensions in the markets right now bubbling to the surface again.”

Rodda said big government spending and, partly by extension, the AI investment boom are driving significant competition for resources, creating greater scarcity, inflationary risks and a higher cost of capital.

“While this spending and investment is creating massive profits and therefore supporting higher share prices, the recycling of those earnings and increased borrowing by AI businesses into even greater spending and investment is fueling a feedback loop resulting in structurally higher yields,” he said.

Although market participants have been willing to stomach higher yields because future returns are expected to be worth it, Rodda said the rise in some parts of the yield curve to multi-year or multi-decade highs has shaken confidence enough to force a slight re-rating of stocks.