U.S. stock futures were lower early Thursday, after the S&P 500 retreated from its record as yields spiked to multidecade highs.

Dow Jones Industrial Average futures fell 132 basis points, or 0.26%. S&P 500 futures dipped 0.15%, and Nasdaq-100 futures were 0.21% lower.

Levi Strauss shares dipped almost 2% in extended trading after the denim retailer lowered its revenue growth guidance for the full year, though it also raised its profit outlook.

Wall Street is coming off a losing session. The S&P 500 dipped 0.2%, pulling back from an all-time high it reached just one day prior. The Dow fell more than 340 points, or 0.7%. The Nasdaq Composite slid 0.2%.

The Treasury on Wednesday sold $39 billion of 10-year notes, drawing solid demand with indirect bidders — including global central banks — taking more than 80% of the auction, above a 10-auction average of 72.4%. The sale helped the 10-year Treasury note yield ease off its 24-year high during Wednesday's session. The Treasury is set to sell $22 billion of 30-year bonds later Thursday.

The 10-year Treasury note yield was last seen 4 basis points higher at 5.3178%, with the 30-year Treasury note yield up 4 basis points at 5.7064%.

In Asia, Japan's Nikkei 225 was down 1.12% while South Korea's Kospi lost 2.04%. Australia's S&P/ASX 200 was 0.64% lower. Mainland China's CSI 300 declined 0.43%, while Hong Kong's Hang Seng Index dropped 0.69%.

Higher yields have curbed investor appetite for equities in recent weeks, especially those parts of the market most hurt by higher borrowing costs. Industrials, for example, is the worst performing sector week to date.

Many investors are maintaining an optimistic view of the stock market, however. They expect that the start of earnings season could give the market the fuel it needs for the next leg higher.

In the third quarter, the S&P 500 is expected post a blended earnings growth rate of roughly 30%, which would be a third straight quarter of above-25% earnings growth, according to FactSet.

"If earnings remain strong, and the idea is that they probably will, if expectations are met and/or higher, that is going to sustain this rally — despite the fact that rates are higher," Courtney Garcia, senior wealth advisor at Payne Capital Management, told CNBC's "Closing Bell." "It's not going to derail the market."

On Thursday, investors will await results from PepsiCo before the open. Traders will also watch for weekly jobless claims data.