Futures tracking the S&P 500, Dow and Nasdaq 100 fell by as much as 0.5% on Thursday, paring the previous session’s modest advance. Treasury yields rose across maturities as investors worried that efforts to support longer-term notes and bonds could intensify an already inflationary environment with abundant dollar liquidity. Higher fuel and gas prices also lifted borrowing costs after President Trump said the US had entered "economic war" against Iran, prolonging blockades affecting tankers crossing the Persian Gulf. Banks maintained their declines as short-term Treasury securities weakened further. AI hyperscalers (large-scale operators of artificial-intelligence infrastructure) were mostly lower before the open after OpenAI reported tepid financial results and failed to expand at the pace of rival Anthropic. Walmart fell more than 6% after its second-quarter sales missed expectations.