The S&P 500 is working off a three-day winning streak following the reversal on non-farm payrolls but it's in jeopardy today as the moderate early gains fade. Long-dated Treasury yields continue to be pressured though, so that could ultimately help. US 10-year yields are down 9 bps to 4.56%.
Of course, the problem is that if long-dated yields fall too much then the Fed might have to hike the overnight rate again, so there's a balancing act involved.
