US equity futures were edging lower pre-bell Tuesday as concerns about inflation and higher oil prices lifted global bond yields while technology-related stocks slipped.

Dow Jones Industrial Average futures were 0.5% lower, S&P 500 futures were down 0.5%, and Nasdaq futures were 1% lower.

The US 10-year Treasury note yield reached a 20-month high, rising 3 basis points to trade at 4.7880%, while borrowing costs in Japan and the UK attained multi-decade highs.

Traders digested the latest round of earnings, with Medtronic (MDT) posting higher fiscal Q1 adjusted earnings and revenue.

Palo Alto Networks (PANW) is expected to report its fiscal Q4 results after the market closes. Analysts polled by FactSet expect earnings of $0.98 per share on revenue of $3.35 billion.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 4% at $91.93 per barrel and US West Texas Intermediate crude 2.2% higher at $87.64 per barrel.

The final S&P Global manufacturing purchasing managers index for August, due at 9:45 am ET, is seen at 53.4, up from its prior value of 53.2, according to estimates compiled by Bloomberg.

The August Institute for Supply Management's manufacturing index, due at 10 am ET, is projected at 55.2, down from 55.6 in the previous month. July job openings from the US Department of Labor's Job Openings and Labor Turnover Survey are expected at 7.313 million, compared with 7.359 million in the prior month. The July construction spending report is also due at 10 am ET.