The U.S. Treasury's decision to expand buybacks of longer-dated debt helped pull long-term yields lower, supporting gold and broader risk assets even as Federal Reserve minutes showed a firmer appetite for further tightening if inflation fails to cool. U.S. stock futures edged higher after the prior session's bond-led rally, with Dow futures up 45 points, or 0.1%, S&P 500 futures up 13 points, or 0.2%, and Nasdaq 100 futures ahead by 145 points, or 0.5% at 02:39 ET. The Treasury move came after a debt-market selloff had pushed the 30-year yield to its highest level in nearly two decades, while analysts at Capital Economics said equities have recently been driven more by artificial intelligence themes than by bond-market swings. Fed minutes from July showed that three of the 12 voting members of the Federal Open Market Committee backed a quarter-point rate increase, while many of the 19 total members said more tightening would likely be warranted if inflation does not decline toward the Fed's 2% target. Capital Economics said the minutes confirmed a more hawkish turn since June, but softer inflation, labor-market and activity data suggest hikes are not imminent. Walmart was due to report quarterly earnings, with investors focused on whether growth in Walmart Connect, its advertising business, can offset pressure from discounting and softer consumer spending. The unit grew 44% in the quarter ended April 30, while Walmart shares were up just over 1% so far this year. Geopolitical and fiscal pressures remained in view. President Donald Trump warned of “TREMENDOUS Economic Consequences” for countries doing business with Iran and described planned action as the “MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY,” as uncertainty around the Strait of Hormuz and slower tanker traffic helped keep Brent crude up more than 5% this week and trading at $92.05 a barrel, up 0.5% on Thursday. Separately, the Treasury Department said total U.S. public debt outstanding reached $40.047 trillion on Tuesday, pushing gross national debt above $40 trillion for the first time and renewing concern over deficits, entitlement spending and interest costs.