U.S. stock futures were lower on Thursday as investors faced more pressure from rising Treasury yields and elevated oil prices.

Dow Jones Industrial Average futures fell 436 points, or 0.9%. S&P 500 futures dipped 0.5%, and Nasdaq-100 futures were 0.7% lower.

The benchmark 10-year Treasury note yield rose more than 5 basis points to 5.331%, around levels not seen since 2002. The 30-year Treasury bond yield also traded near 24-year highs at 5.702% after rising more than 4 basis points. Those moves came after Federal Reserve Governor Christopher Waller said more hikes may be needed to curb inflation.

Oil prices spiked also after President Donald Trump said he doesn’t want to make a deal with Iran to end the war, while the U.S. is reportedly preparing for “massive bombing” in the Middle East. Brent crude
 jumped 4% to around $104 per barrel. West Texas Intermediate futures
, meanwhile, advanced 4% to around $92.

Yields and oil have stoked volatility in equities of late, as concern grows that higher energy prices will keep inflation elevated and force the Federal Reserve to further raise rates.

Many investors are maintaining an optimistic view of the stock market, however. They expect that the start of earnings season could give the market the fuel it needs for the next leg higher.

In the third quarter, the S&P 500 is expected post a blended earnings growth rate of roughly 30%, which would be a third straight quarter of above-25% earnings growth, according to FactSet.

“If earnings remain strong, and the idea is that they probably will, if expectations are met and/or higher, that is going to sustain this rally — despite the fact that rates are higher,” Courtney Garcia, senior wealth advisor at Payne Capital Management, told CNBC’s “Closing Bell.” “It’s not going to derail the market.”

Across the Atlantic, the pan-European Stoxx 600 was 0.85% lower in morning trade. The U.K.’s FTSE 100 was 0.44% down, while France’s CAC 40 shed 0.81%. The German DAX dipped 0.77%, as Italy’s FTSE MIB shed 0.98%.

In Asia, Japan’s Nikkei 225 closed 1.42% lower, while South Korea’s Kospi dropped 2.62%. Australia’s benchmark S&P/ASX 200
 fell 0.77%, and mainland China’s CSI 300 declined 1.09%.