Was yesterday just a blip or is the warning shot from the bond market not being heeded? I’m sympathetic to lean towards the latter but I reckon we might have to wait for confirmation from the non-farm payrolls on Friday if anything. 30-year yields in the US briefly clipped the key 5% threshold earlier but are now at 4.97%. It’ll be a question of whether US data will help push the next leg of the bond rout and steepening of the curve.
For now though, US stocks are looking poised to bounce back today at least. S&P 500 futures are up 0.5% but it is tech shares leading the way for the most part. Nasdaq futures are up 0.7% while Dow futures are actually flat as we look to the session ahead.
It’s still early in the day though as we await Wall Street to enter the fray. In terms of notable data releases, we will only have the JOLTS job openings coming up later.
