US midday: equities hold gains as the ten-year yield stays elevated
US stocks are mixed at midday with S&P futures and Nasdaq futures still positive on the day, but the ten-year yield has climbed to 5.27 and the dollar index is 101.95. WTI crude is lower on the day while Brent, natural gas and silver are firmer, and gold is softer.
S&P 500 futures +0.6538% on the dayWeak jobs data supports risk, but higher yields limit follow-through
Nasdaq futures +0.994% on the dayRate-hike odds have eased after the payrolls miss
US 10-year yield 5.27Yields have resumed their rise after an earlier pullback
WTI crude -1.4967% on the dayOil is softer as crude slides on supply and reserve-release headlines
Lead: US stocks are mixed at midday, with S&P futures and Nasdaq futures positive, but the ten-year yield back at 5.27 and the dollar index at 101.95.
Session narrative: The weak jobs report is still driving risk sentiment, yet rates have reasserted themselves after an early drop in yields. Treasury futures are steady, and the VIX is lower on the day.
Cross-asset check: WTI crude is down on the day while Brent is firmer. Gold is lower, copper is a touch higher, and dollar-yen is slightly firmer.
Themes & continuing stories: The big story is the shift in Fed pricing after 29,000 payrolls versus 90,000 expected. Energy remains unsettled after reserve-release headlines and shipping-risk worries.
What’s ahead: Afternoon trade will hinge on whether equities can keep gains with the ten-year yield elevated.