Futures flat
US 10-year yields are now up just 1.2 bps to 1.578% on the day after touching 1.61% earlier. The pullback has coincided with a rebound in S&P 500 futures to unchanged.
Rates aren't the only thing to watch though. There are two equity selloffs on going at the moment. The main one is due to rising yields, the other is a tech and SPAC rout.
The pin that popped those two bubbles may have been rates but they've taken on a life if their own.
On Friday though, we saw signs of a washout and rebound in both. I suspect that marks the bottom for now but it's a delicate spot.
Moreover, for broader markets including FX, the tech/SPAC blowup isn't that big of a deal. It can continue or unwind and it's not going to drive the currency market in a big way. The moves in the Treasury market are a different story.
So at the moment, the moves in the stock market matter less than why and which markets are leading it.