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stock futures traded higher in the overnight session late Wednesday, moving against a backdrop of surging long-dated bond yields.
EDT, Dow futures were up 0.07%, S&P 500 futures had gained 0.32%, and Nasdaq-100 futures rose 0.44%. This advance occurred despite the 10-year U.S.
Treasury yield climbing to a 24-year high, surpassing 5.3% to reach levels last seen in 2002. The 30-year Treasury bond yield also crossed multi-decade highs, trading at 5.652% at the time of writing.
The rise in yields has placed significant pressure on the bond market. Economist Peter Schiff noted in a post on X that the situation illustrates how bear markets function.
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