Treasury yields edge lower while equity futures rise on Middle East ceasefire progress, though crude prices fall over 3%.
Treasury yields retreated early in the North American session, with the 2-year yield down -2.1 basis points to 3.51% and the 10-year yield off -2.2 basis points at 4.332%. The moves follow a broader risk-on shift driven by reports of a potential U.S.-Iran ceasefire framework in the Middle East.
U.S. equity futures pointed higher ahead of the open, with NASDAQ futures up 15 points and S&P futures rising roughly 6 points. The Dow, which briefly traded above 50,000 yesterday, is set to open near that psychologically key level. Oil prices fell $3.19, or 3.37%, to $91.82, remaining above yesterday’s lows near $89 but below the $100 mark.
Markets remain focused on geopolitical developments, particularly uncertainties around uranium enrichment and the Strait of Hormuz. While progress on a ceasefire memorandum fueled optimism, lingering risks could disrupt energy flows and economic stability.