Wall Street futures pointed moderately lower pre-bell as global bond yields continued to grind higher, triggered by rising oil prices and heavy government borrowing.

In the futures, the S&P 500 fell 0.2%, the Nasdaq declined 0.5% and the Dow Jones was off 0.1%.

West Texas Intermediate crude oil traded down 0.2% at $90.33, in morning hours.

The VanEck Semiconductor fund (SMH) traded down nearly 1%, before the bell.

Yields 10-year US Treasuries offered 4.81% in morning trades, testing 13-year highs. Government bond yields in Germany, Japan and the UK are also notching multi-year highs.

Asian exchanges traded mostly lower overnight, led by a 4% slip on Seoul's semiconductor-laden KOSPI index.

European bourses tracked moderately south midday on the continent.

Dell Technologies (DELL) traded up 7.8% pre-bell after the IT outfit overnight reported fiscal Q2 earnings and revenue above expectations, and boosted guidance.

On the economic calendar is the August ADP Employment Report at 8:15 am ET.

The factory orders bulletin for July logs at 10 am, followed by the weekly EIA petroleum status report at 10:30 am.

The Beige Book, the Federal Reserve's semi-quarterly compilation of economic and business reports from the 12 regional branches, posts at 2 pm.

In pre-market action, Bitcoin traded at $76,513, and spot gold was lower at $4,363 an ounce.