07:51 AM EDT, 05/29/2024 (MT Newswires) -- US equity futures were lower Wednesday, pressured by rising bond yields.

Dow Jones Industrial Average futures fell 0.6%, S&P 500 futures declined 0.6%, and Nasdaq futures were down 0.7%.

Yield on the US 10-Year Treasury was up by more than 3 basis points at around 4.574% at last look.

Friday's report on personal income and outlays includes the personal consumption expenditure core price index, which is the Federal Reserve's preferred gauge of inflation.

Oil prices were higher, with front-month global benchmark North Sea Brent crude and US West Texas Intermediate crude both up around 0.7%, on expectations that major producers will extend voluntary output cuts. Members of the Organization of the Petroleum Exporting Countries and their allies are expected to meet on Sunday.

The Richmond Fed's manufacturing index, due at 10 am ET, is expected to come in at minus 6 in May following a minus 7 reading in April, according to estimates compiled by Bloomberg.