Stock market today: Dow, S&P 500, Nasdaq fall as oil rises, reviving inflation worries

US stocks pulled back in premarket trading on Thursday as the market was caught in a tug-of-war between earnings optimism and revived inflation concerns.The Dow Jones Industrial Average (^DJI) fell 0.2%, and the S&P 500 (^GSPC) dropped 0.3%, while contracts for the Nasdaq-100 (^IXIC) retreated 0.4% after stocks slipped from record highs on Wednesday.Markets were on edge as a global bond rout rolled on. Treasury yields remained near multidecade highs — with the 10-year yield (^TNX) at 5.29% and the 30-year yield (^TYX) at 5.67% — reflecting tightening financial conditions.At the Fed's September meeting, officials were unanimous in their decision to raise interest rates, citing persistently high inflation. Though recent economic data have changed the picture somewhat, inflation remains the key pressure point for the central bank. Federal Reserve Governor Chris Waller is speaking in Turkey today, providing his thinking on the path of monetary policy. Meanwhile, investors are gearing up for the third quarter earnings season, with PepsiCo (PEP) quarterly results serving as the appetizer. FactSet estimates that the S&P 500 earnings grew 29.5% in Q3. If that figure holds, it would represent the third consecutive quarter with earnings growth above 25%.On the economic data front, initial jobless claims ticked down for the week ending Oct. 3 to 197,000, signaling that layoffs remain low.