Oil Prices Fall, Bond Yields Retreat as S&P Futures Tick Higher

S&P futures ticked higher this morning after three straight sessions of losses as oil prices and bond yields retreated. The price of WTI crude fell over -1% on Wednesday, paring some of yesterday's surge even as fighting between the U.S. and Iran over control of the Strait of Hormuz intensified.

The drop in oil prices eased concerns about persistent inflation, buoying the debt market. The 10-year T-note yield fell two basis points to 4.78% after earlier reaching 4.82%, its highest level since November 2023.

Meanwhile, Dell Technologies (DELL) surged over +9% in pre-market trading after posting upbeat Q2 results and raising its full-year sales outlook amid robust demand for AI servers.