The fracas in the Treasury market has died down, at least for now.
Yields on the 10-year note are on track for a fourth daily gain. But they are up just slightly, at around 4.66% in recent trading, slowing their climb after a rapid ascent that has rattled investors.
The rise in oil markets has also paused, helping stem losses for bond prices. The front-month Brent futures contract is above $96 a barrel.
“My sense is the market is sniffing out that the 10-year Treasury is going to start to stabilize. The market is almost trying to front run that,” said Keith Lerner, co-chief investment officer at Truist Advisory Services.
Stock indexes were mixed in morning action, with the S&P 500 edging higher. Indexes were muted in Europe and fell in Asia. Meanwhile, European bond yields rose.
GameStop shares rose after the videogame retailer named Ryan Cohen as its chief executive officer, following months without a CEO.
Peloton’s stock gained after it struck a deal with Lululemon to sell co-branded apparel.
The WSJ Dollar Index fell, putting the greenback on course to snap a seven-day streak of gains fueled by rising bond yields.
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