U.S. stock futures were going down on Wednesday, as bond rates stayed high and oil prices inched above $121 a barrel.

S&P 500 futures ES00, -0.24 percent lost 0.5 percent to 4,137.

DJIA futures YM00, -0.33 percent lost 172 points, or 0.5 percent, to 32,993

New York Stock Exchange (NYSE) 100 futures ES00, +0.24 percent fell 0.4 percent to 12,656.

It was a 0.8% gain for the Dow industrials DJIA, +0.80 percent on Tuesday as it ended the day with a closing price of $33,181.14. The S&P 500 SPX, +0.95 percent climbed 1 percent to 4,160.68. The Nasdaq Composite COMP, +0.94 percent gained 113.86 points, or 0.9 percent, to close at 12,175.23.

Tesla (NASDAQ: TSLA) stock is trading at $723.61+0.92%, Apple (NASDAQ: AAPL) at 147.61 – 0.75% and Microsoft (NASDAQ: MSFT) at $270.12 -0.85%.

What’s driving markets?

A follow-up to those gains might be a tall order as Treasury rates and oil prices increased, and as investors looked forward to Friday’s consumer price data for May. Wholesale inventories are the sole report on tap for Wednesday and coming at 10 a.m. Eastern.

Growth this year will be only 3%, while growth in 2023 is forecasted to be just 2.8%. This is due to “a fresh set of unfavorable shocks” attributed to the Russian invasion of Ukraine and the Chinese COVID-related shutdown.

The OECD’s prediction is close to the 2.9 percent growth the World Bank forecasted Tuesday for this year.

Read: Inflation is coming for middle-class consumers as increasing costs hit big-box shops. Will they cut down on discretionary purchases?

“With monetary policy supporting lower growth expectations, there is an increased amount of negative circulation here. Central banks continue to surprise on the hawkish side with no end in sight until inflation comes substantially near its target,” said Innes. “And although such tighter financial conditions are the clear road toward lower inflation, they are also equivalent to lower asset prices.”

The Central Bank of India followed up Tuesday’s bigger-than-expected boost in interest rates from the Reserve Bank of Australia, with an increase in its repo rate to combat growing inflation. The European Central Bank will meet Thursday but is anticipated by some to hold off any raise until July.

TMUBMUSD10Y’s 10-year yield increased by 4 basis points to 3.008%, while TMUBMUSD02Y’s 2-year yield increased by 2 basis points to 2.745 percent.

Crude oil prices in the United States grew by 1% to $120.71 per barrel, while Brent crude, the worldwide benchmark, rose by 8% to $121.59 per barrel.

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