Chinese stocks had a blockbuster day on reopening optimism but that could be double-edged sword for the US because reopening would add to inflationary pressures and could force the Fed to hike more. US 10-year yields are up 5 bps to 3.75% and at the highs of the day. There's some heavy corporate issuance today that could also be pushing up yields.
S&P 500 futures are up 2 points after yesterday's rout.
I suspect we'll test this trendline either via a further dip or some sideways trading for a few days.
