US futures slide and are trading at session lows, as bond yields surge after yesterday’s Treasury announcement, having now erased the entire post buyback-boost move; yields are 4-5bps higher as the curve bear steepens sharply with the 10Y yield now at 4.69%, above where it was before the Treasury's press release yesterday, driven by a surge in Brent above $94 after Trump vowed to unleash an "Economic D-Day" on Iran's economy. As of 8:00am ET, S&P futures are down 0.2% and Nasdaq futures slide 0.3%. Pre-mkt, Memory / Semis are leading the Tech tape after a stronger APAC Tech session; Mag7 / Software are lagging. Cyclicals are seeing broad-based strength. Defensives are lagging with HC seeing profit-taking. Momentum continuing to unwind has triggered reversals lower from pre-mkt strength, over the past few sessions. This appears to be quant / systematic rather than discretionary players with Goldman pointing to the biggest systematic one-day loss since 2023. Retail activity remains muted. USD is mixed, erasing much of its earlier weakness as yields surge. Commodities are led by Energy as Brent moves towards $95/bbl, base metals outperform precious, with Ags are mixed. US economic data calendar includes weekly jobless claims, the Philadelphia Fed business outlook and leading index. Fed speakers scheduled for the session include, San Francisco Fed President Mary Daly and St. Louis Fed President Alberto Musalem.
In premarket trading Mag 7 stocks are mostly lower (Alphabet -0.3%, Amazon -0.3%,
