A global bond selloff is steadying this morning, giving U.S. stock futures relief.
The 10-year U.S. Treasury yield has retreated from a weekly intraday high of 5.224%. Borrowing costs have also mostly slipped across Europe and Asia, while the dollar is on track to break five straight days of gains.
Helping drive the moves is a retreat in oil prices, which have played a big role in how bonds have traded this week. The most actively traded Brent crude futures, for December delivery, slipped to about $99 a barrel following reports yesterday that U.S. and Iranian negotiators in New York are discussing a deal to reopen the Strait of Hormuz.
Despite the quieter mood today, yields are still ending the week far higher than where they started. The 10-year yield has climbed 16 basis points just this week and is still hovering at 19-year highs.
Both the S&P 500 and Nasdaq are headed for weekly gains, while the Dow is on track for a loss.
