The good news for stocks is that the rough start to the session has abated somewhat. Here's the snapshot of the equities space currently:
- Eurostoxx -0.1%
- Germany DAX -0.1%
- France CAC 40 -0.3%
- UK FTSE +0.1%
- S&P 500 futures -0.1%
- Nasdaq futures -0.2%
- Dow futures flat
The bad news is that bond yields are continuing to hold higher, carrying over the momentum from Friday last week. It was a US holiday yesterday but with the return of Treasuries trading today, it could yet trigger some cautious tones in equities as yields hold on the higher side later.
For now, the FX market has already responded with the dollar finding bids all across the board. We'll see if stocks will also turn later or if dip buyers can somehow find the appetite to keep their cool.