Rising oil prices have triggered a fresh wave of selling in both bonds and equities, and even record profits from chip manufacturing giant Samsung Electronics failed to boost demand for risk assets.

US stock index futures traded modestly lower. At 7:55 New York time, S&P 500 futures were down 0.4%, Nasdaq 100 futures fell 0.7%, and Dow futures dropped 0.9%. The S&P 500 is poised to retreat from its record high for a second consecutive trading session.

Samsung Electronics reported a sharp increase in profit but still fell short of the market's previously elevated expectations. The stock dropped 2.4% in Seoul, and chip stocks also languished in US premarket trading.

Brent crude rose more than 4% after reports challenged the market's earlier expectation that US President Donald Trump would avoid escalating conflict with Iran before next month's election.

Alexandre Baradez, chief market analyst at IG in Paris, said: "Whenever oil prices rebound, it translates into higher bond yields and puts pressure on stock markets, even though equities are still showing considerable resilience at the moment. Technology and energy are the main drivers of the US market, so any sign of a slowdown is bound to have an impact."

With the corporate earnings season approaching, stocks had largely ignored the shock of bond yields rising to multi-decade highs. Now, corporate earnings need to justify that resilience.