The recent turmoil in the Treasury market has subsided, at least temporarily. Yields on the 10-year note are experiencing their fourth consecutive daily gain, but they have only risen by about one basis point, showing a slowdown after a rapid increase that has unnerved investors. The surge in oil markets has also paused, which has helped stabilize bond prices. The front-month Brent futures contract is currently priced above $96 a barrel.
Stock futures indicate a lackluster start on Wall Street, with indexes in Europe already under pressure and Asian markets experiencing a decline. However, GameStop shares have jumped in premarket trading after the videogame retailer appointed Ryan Cohen as its new CEO, ending a period without a chief executive. Similarly, Peloton’s stock has seen a significant increase after announcing a deal with Lululemon to sell co-branded apparel.
The WSJ Dollar Index has fallen, suggesting that the greenback’s seven-day streak of gains driven by rising bond yields may be coming to an end. Nike is set to release its earnings report after the market closes, and Federal Reserve Chair Jerome Powell is scheduled to speak at a town hall event at 4 p.m.